Introduction

Effective pricing management is crucial for retail success. iVendNext provides a flexible pricing engine that supports regional variations, customer-specific pricing, and promotional strategies. This guide explains how to set up, manage, and optimize your pricing structure within iVendNext.

1. Understanding Pricing Components

1.1 Price Lists

Function as containers for item prices with:

• Regional pricing (e.g., New York vs. Houston)

• Customer-specific pricing (e.g., wholesale accounts)

• Tiered pricing (quantity breaks)

1.2 Item Prices

The actual selling/buying prices assigned to:

• Individual products

• Specific UOMs (unit, case, etc.)

• Defined periods (for promotions)

2. Creating Price Lists

Step-by-Step Setup

1. Navigate to: Home > Retail > Price List

2. Click Add Price List

3. Define:

• Name (e.g., "East Coast Premium")

• Currency

• Valid From/To dates (optional)

4. Save

Pro Tip: Create separate lists for:

• Standard selling prices

• Buying prices (cost)

• Seasonal promotions

3. Assigning Item Prices

Method 1: From Item Master

1. Open item record (e.g., WB-1001)

2. Under Actions, select Add/Edit Item Prices

3. Enter:

• Price List (select from dropdown)

• Rate (selling/buying price)

• UOM (unit of measure)

4. Save

Method 2: Bulk Import

Use Data Import Tool for:

• Mass price updates

• Seasonal changes

• Chain-wide adjustments

4. Advanced Pricing Scenarios

4.1 Regional Pricing

Example: Same handbag at different stores

1. Create price lists:

• "NY Retail" ($225)

• "TX Retail" ($180)

2. Assign to respective stores' POS profiles

4.2 Customer-Specific Pricing

1. Attach price list to customer record

2. System auto-selects during checkout

4.3 Time-Based Pricing

1. Set Valid From/To dates

2. System automatically:

• Activates promotional pricing

• Reverts to standard pricing

5. Pricing Rules & Discounts

5.1 Buy-1-Get-1 (BOGO)

1. Navigate to: Pricing Rule List

2. Configure:

• Trigger item

• Free item (same/different)

• Conditions

5.2 Tiered Discounts

• 5+ units: 5% off

• 10+ units: 10% off

• Configure in Pricing Rules

5.3 Manual Discounts

At POS:

• Item-level: Line Discount button

• Transaction-level: Sale Discount button

6. Price Management Best Practices

6.1 Regular Audits

• Compare system prices to shelf tags

• Verify cost vs. selling price margins

6.2 Change Control

• Implement approval workflow for price changes

• Maintain version history

6.3 Performance Analysis

Use built-in reports to:

• Identify best/worst performing price points

• Measure promotion effectiveness

• Optimize clearance pricing

7. Troubleshooting Common Issues

7.1 Price Not Updating

Check:

• Price list assignment to store/customer

• Effective dates

• UOM matches sale unit

7.2 Unexpected Discounts

Verify:

• Active pricing rules

• Customer-specific overrides

• Manual discount permissions

Conclusion

iVendNext's pricing system enables:

✅ Granular control through multiple price lists
✅ Flexible strategies with rules and discounts
✅ Accurate execution across all channels

Implementation Checklist:

• 

  Create base price lists

• 

  Import/enter item prices

• 

  Set up pricing rules

• 

  Train staff on overrides

• 

  Establish audit schedule

By mastering these tools, retailers can maximize margins while remaining competitive in dynamic markets.