Extended Pricing: What does it mean
in B2B eCommerce?
In today’s competitive markets, you are bound to face stiff competition and B2B markets are no different. Managing a B2B eCommerce pricing strategy is one of the major problems faced by many key players in the market. The pricing strategy can differ based on customers, type and value of the purchase and so on. The key role in such cases is played by the eCommerce platforms, as these platforms must be capable of handling such complex pricing use cases.
Here are a few such strategies that most B2B players intend to use online.
- Limited Period Pricing- B2B eCommerce business has several types of customers and you need to offer different prices to different types of customers. It is quite possible that you do not want to offer all types of discounts for all types of customers. This becomes a huge problem if the eCommerce platform you use cannot automate the pricing based on time or date for you.
- Promotional Strategies- Every B2B has strong promotional strategies planned but when it comes to eCommerce they should also be easy for you to it set on your eCommerce platform and also easy for customers to view.
- Value-based pricing- For B2B business, ‘value’ is a very big word as it varies from customer to customer. Pricing needs to be different for different customer basis the value of the purchase. There are times when you even want to offer a value-off on a certain amount of purchase and that has proven to be a mess when managing at a B2B level business where you have several customers and offerings.
Therefore, to overcome all the above problems we will help you in making your jobs much easier by using Microsoft Dynamics GP Extended Pricing Integration on Magento our eCommerce platform.
Microsoft Dynamics GP offers two different pricing options namely Standard Pricing and Extended Pricing. Depending upon your business requirements you can choose the pricing option you need as both the types are beneficial if chosen and used wisely.
Extended Pricing helps you achieve the following:
- Date-specific pricing– This feature enables you to set pricing for a selected period or the pricing you want to be populated on a particular date only. So if you wish to sell a range of products at a discounted price only for a week, you can always select from and to Date. Post the period selected, the products will automatically display in their base price or you can again enter some other price.
- Promotional pricing– Extended pricing integration can be used at its best for promotions of items. Promotional pricing is the most powerful sales promotion strategy in which prices of the items to be promoted are reduced drastically for a short duration. This helps retailers and manufacturers to attract customers and spread awareness about the product.
- Value-off pricing– In cases where items are purchased in bulk quantity form manufactures they usually offer some new items free. This often has been proved one of the best sales tactics used by many retailers, manufacturers and distributors.
- Value-based pricing– This feature helps you to set the pricing of the basis of the products their current value in the market. For example, the sale of cold drinks reaches their peak in the summer season, and you usually find maximum discounts during these months as compared to the rest of the time. As the value of the product becomes high, that is the time you can make more profit. Therefore, the extended pricing integration will make your work easier to set pricing for the items for a specific season.
We at i95Dev have successfully accomplished Microsoft Dynamics GP Extended Pricing Integration for one of the world’s leading B2B companies, based in Canada that deals in the traffic safety industry. The company offers a wide range of traffic safety products and services and had a complex pricing structure.
The company faced several issues in allowing the customers to know about their offers and discounts. Customers used to call the customer relationship team every time they wanted to make a purchase just to know about any discounts. This way many potential customers never called and remained clueless about their offerings.
This was a big problem for their customer relationship team and a huge inconvenience for customers. Therefore, our Integration experts at i95dev enabled the company to go for Microsoft Dynamics GP Extended Pricing Integration on Magento as that eased out their work on setting variant pricing for different customers, different times and different packages of services and products.
Our Unique Method of Integration:
We have efficiently created an Extended Pricing Integration module for Magento and Dynamics GP that integrated all the extended pricing information from Microsoft Dynamics GP to Magento. Therefore, if the customer updates prices on Microsoft Dynamics GP, our i95dev Connector will automatically update those prices on Magento.
Benefits of Extended Pricing Integration
- Extended Pricing Integration enables you to draw more traffic to your website during a specific season. By offering various attractive discounts, you can increase the number of customers or for those matters even visitors that may even end up making a purchase on your website.
- By setting multiple pricing brackets for your loyal customers, you can offer them beneficial discounts in order to increase the lifetime value of a customer. The customer feels valued when you give some additional offerings as compared to others and thus increases his purchases with you as he gets the best customer experience with you. You can achieve this by setting Extended Pricing- customer-specific pricing.
- A customer who benefits from repeated offers and promotional discounts is most likely to come back to your website every time he wants to make a purchase and increase his average order value.
- The extended pricing makes it so easy for you to nudge a customer to buy a higher quantity of products when you want him to buy. It is most likely that a buyer is planning to purchase a certain amount of products but just when he looks at your multiple pricing offerings he ends up purchasing and paying more to you.
- It is human nature to compare with others, and astute negotiators always compare prices with their competitors. With the help of extended pricing, you can set different prices and benefits to different customers where they feel to be treated especially from others hence giving a better customer experience.
I am sure that your marketing team is working hard in practicing various marketing and promotional strategies to make you profit, so why not give their efforts a boost and make their work easier by choosing Microsoft Dynamics GP Extended Pricing Integration.
We at i95Dev have a successful history of doing so, for various leading companies in today’s market with our Microsoft Dynamics GP integrations. Want to know more about the extended pricing and how we work uniquely to make you profit? For more information on our integration products, please contact us.