What is this for?
Price rounding rules help with data entry, data imports and api catalog connections to set store, customer and tier prices. For example, say you enter or import a new item with a cost of 27.85 and you want a 54% Gross Margin on all your products. This would make the price 60.54348. Most stores will want their prices to be whole amounts or have fractional amounts ending in ‘99’ or ‘95’ or something like that. A rounding rule to set the Price Ending to ‘0’ would automatically make the store price 61.00 in the example above, one set to ‘99’ would make the store price 60.99.
Where is it used?
- When you first create a product – if you enter a cost and percent gross margin the price will be calculated and then rounded. This applies to both tax inclusive and exclusive pricing. You may see the percent groos margin readjust itself once the calculation and rounding is performed.
- During Catalog API imports – if you are browsing an external product catalog such as Seller’s Market, depending on the field mapping definitions – importing a product record will look at cost, MSRP, MAP and calculate the store price then apply the rounding rule.
- During product imports from csv – depending on the field mapping definitions – importing a product record will look at cost, MSRP, MAP and calculate the store price then apply the rounding rule.
- When automatically calculating the price for a customer pricing group. The pricing group rules will look at regular store price, cost, MSRP, MAP and calculate the customer pricing group price then apply the rounding rule.
How does it work?
To create a new rounding simply give it a name and set your rounding conditions. navigate to Settings>> from the Items/Inventory column, Select 'Pricing Rounding Rules, There are only 2 conditions to consider:
- Rounding Break Point – in standard math rounding generally happens at .5. When you round to whole numbers any decimal portion from .50 to .99 rounds up to the next dollar. But retailers often want to add a little extra into the initial price, knowing that coupons, discounts, promotions and special customer pricing will eat into their maintained margins. Rounding point can be set anywhere between 1 and 99 and will round up once that decimal value is reached. This way you can round up to the next whole currency amount at .25 or .40. Consider a wholesale cost of 68.52 and an initial 2.5x markup. With a rounding point of .30 the initial math of 171.30 is rounded to 172.00
- Rounded Price – price ending allows you to adjust your whole number price rounding to generate a price that fits with your current business practices. Any number can be used but the adjustment is always down from the initial rounded value – so an ending of 99, applied to a rounded value of 172.00 would yield a price of 171.99.
- Range Begin/Range End – this can be used to limit the before rounding retail value of the price. If you do not want products under 10.00 or over 10,000 rounded you can set the range, here. The default is 0-10,000 generally covering most products carried by our customers.
- Active/Archived – you can turn off the rule by disabling it.