Do you want to expand your WooCommerce store by catering to the needs of wholesale and retail customers? Fulfilling the needs of wholesale and retail target customers is easier than you think.
Still, you must practically know how to implement wholesale and retail price strategies in your online store.
This blog post will help you understand the advantages or benefits of wholesale prices vs retail prices in WooCommerce. By doing so, you can smartly retain and expand your customer base considerably, improving conversions, sales, and revenues in the future.
What Do You Mean By Wholesale Pricing?
Wholesale pricing is a result-oriented tactic that helps wholesale businesses sell various products at discounted prices. This strategy motivates retailers to buy multiple products in bulk quantities, allowing businesses of different sizes to differentiate between wholesale prices vs retail prices easily.
What Do You Mean By Retail Pricing?
Retail pricing is a tactic that allows businesses to sell products to customers at a final or retail price. This price is usually higher than wholesale because retailers include their desired product markup.
By doing so, they can manage their operational costs and profit rates. Moreover, retail prices heavily depend on competition, consumers’ demands, and other factors.
Why Should You Display Wholesale Price and Retail Price?
Small, medium-sized, and large businesses should display wholesale and retail prices in their e-commerce stores, depending on their target audiences’ demands or preferences.
Here are a few decisive edges businesses can obtain over competitors by displaying wholesale and retail prices:
- Transparency: Businesses can improve customer trust and credibility by being transparent about pricing.
- Retain and Increase Customer Bases: Businesses can retain and expand their existing customer bases by offering both wholesale and retail pricing.
- Bulk Ordering: Businesses can get bulk orders from current and potential customers through wholesale pricing.
- Competition: Businesses can outperform competitors by simultaneously displaying wholesale and retail prices in their online stores.
- Marketing Tactics: Displaying wholesale and retail pricing is an excellent strategy for converting potential customers into actual customers. This strategy will offer businesses advantages in terms of conversions, sales, and revenues in the long run.
How to Display Wholesale Prices vs Retail Prices in WooCommerce?
When displaying Wholesale and retail prices in WooCommerce sites and stores, you can benefit from multiple WordPress add-ons and plugins.
For instance, you can integrate Wholesale for WooCommerce, a reliable WooCommerce addon that lets you show wholesale and retail prices in your online store.
For users’ sake, we describe this impactful plugin in detail.
Wholesale for WooCommerce
Wholesale for WooCommerce is an impressive addon that lets wholesale businesses display wholesale and retail prices appropriately.
Through Wholesale for WooCommerce, businesses can smartly manage bulk pricing and wholesale product issues under one roof. The good thing about this powerful add-on is that you do not need coding experience to configure it for your WooCommerce store.
If you want to display wholesale and retail prices with this plugin, here is what you should do:
- Through the WordPress Dashboard, go to Plugins > Add New Plugins.
- Search for Wholesale for WooCommerce plugin, and install and activate the plugin accordingly.
- Using the settings menu, click the wholesale price global tab and update the required fields, including ‘Enable Wholesale Prices,’ ‘Wholesale Discount Type,’ ‘Enter Wholesale Amount,’ and ‘Minimum Quantity.’
- In the screenshot above, we have selected Percentage as the Wholesale Discount Type and 25 as the Enter Wholesale Amount.
- This means the retail price or actual price per product is $50. Hence, customers will receive a 75% discount if they buy three products simultaneously. The front-end impact would look like:
- After activating the wholesale discount, the new wholesale price will be $12.50. As a result, customers can easily save $37.50 by buying three products.
This is how businesses dealing with B2B customers can display wholesale and retail prices in WooCommerce stores and sites.
Wholesale Pricing in WooCommerce (Innovative Strategies)
Here are a few results-driven tactics you can follow as an owner of a small or large B2B business:
- Coding
- CRM Integration
- B2B Plugins
Coding
It is beneficial for you to acquire the services of a seasoned web development firm to create customized codes according to your business needs. However, you will need to spend a lot on monthly maintenance costs.
ERP/CRM Integration
You can integrate your online store with ERP (Enterprise Resource Planning) or CRM (Customer Relationship Management) software and simplify routine tasks like order management.
B2B Plugins
As mentioned, small, medium-sized, and large businesses can benefit from innovative B2B plugins, enabling them to supercharge their multiple tasks and operations, including custom pricing forms, quote requests, and more.
Maintaining and Improving Wholesale Relationships (Best Practices)
If you want to develop strategic yet fruitful wholesale relationships with current and potential customers, follow these below-mentioned powerful practices:
- Develop a Good Reputation.
- Clear Terms and Conditions.
- Communicate Effectively with Customers.
– Develop a Good Reputation
Deliver out-of-the-box customer service and resolve customer queries promptly. This way, you can make your wholesale relationships with new and current customers successful and results-oriented customer retention, conversions, and revenue-wise.
– Clear Terms and Conditions
Explain payment terms, order quantities (minimum), and return policies in detail to wholesale and retail customers.
– Communicate Effectively with Customers
Clear communication is vital for achieving long-term success. Therefore, small and large businesses must communicate clearly with wholesale and retail customers when explaining payment terms, pricing, and order quantities (minimum).
Advantages of Wholesale Prices
Here are a few crucial advantages businesses can obtain through wholesale prices:
Increased Sales
Wholesale prices allow businesses of various sizes to increase their sales significantly. They can sell their products in bulk quantities to retailers at discounted prices.
Regular Revenue
Through wholesale pricing, businesses can regularly earn massive profits by selling products to wholesale customers.
Reduced Customer Acquisition Costs
Wholesale prices enable businesses to develop impactful marketing strategies, reducing customer acquisition costs. When businesses sell products to retailers at wholesale prices, retailers can promote products bought from businesses directly to their customers.
Hence, wholesale businesses can grab the attention of large numbers of potential customers.
Advantages of Retail Prices
Here are a few crucial advantages businesses can get via retail prices:
Improved Profit Ratios
Retail prices help businesses sell products at higher prices, resulting in greater profitability or revenue. More importantly, retail businesses can maximize their revenues by selling products directly to customers.
Greater Pricing Management
Businesses can smartly control and manage the retail pricing of their products, depending on various factors like target customers’ preferences, brand image and positioning, and more.
Receive Customer Response Directly
With retail prices, businesses can quickly get helpful feedback from customers, allowing them to redefine their existing pricing strategy appropriately.
Wholesale Prices vs Retail Prices in WooCommerce (Prominent Examples)
- Office Supply Companies
- Clothing Manufacturers
- Pharmaceuticals
- Grocery Stores
- Bookstores
- Beauty and Cosmetic Companies
Wrapping Up
We hope you liked our blog post explaining the advantages of wholesale vs. retail prices. Businesses of different sizes can benefit from wholesale and retail prices, provided they know how to display them in their online stores.
As you know, Wholesale pricing benefits businesses that purchase products in bulk, enabling them to earn profits by reselling such products. On the other hand, retail pricing benefits businesses that sell products to customers who want to buy them in small quantities.
Therefore, understanding powerful concepts like wholesale prices and retail prices is essential. You can enhance the productivity of your existing and potential e-commerce online store.
Moreover, the use of desired e-commerce plugins significantly affects the performance of any online store.
Hence, choose your preferred plugins wisely when boosting your online store’s productivity.
