How to Manage Product Prices in Magento? [Complete Guide]

As one of the best eCommerce platforms, Magento has a very elaborate functionality for managing product prices. While you can set the base price and special prices, they can vary depending on different conditions. Customer group, purchased quantity and cart total are just a tiny part of the calculation logic. 

Today we'll break down the Magento 2 product pricing for you. From the basics and currencies to the advanced cart price rules and more. 

We've got a lot to cover. So let's get right to it.

The Basics

By default, prices are shared globally on your Magento instance. It means that if you have multiple stores (websites) the same price is displayed in all of them. To change that navigate to Stores > Configuration > Catalog > Catalog > Price and change the Catalog Price Scope to Website.

catalog price scope in magento

Then, you need to go to the General section > Currency Setup > Currency Options. Switch the store and set the Default Display Currency for each website.

default display currency magento

Note: switching to a Website doesn't mean you can set different prices per store view. To show prices in various currencies on the frontend, you need to configure multi-currency and set up the auto currency switcher.

Difference between price and base price

When working with Magento, you might often come across the price and base_price concepts. So, to unveil an doubts:

  • Product Price — is the price customers see on the product page, regardless of the currency.
  • Product Base Price — is the price you set for a product on the backend, a value in the default store currency, which customers will be charged with at checkout.

The price per unit

Then there is also the price per unit concept which is not that common in Magento. Nonetheless, if your business is in the EU, you need to follow the unit price regulations. They require you to add a price per unit in your Magento 2 store. That's what it looks like on the frontend:

base price in magento

Set product price in Magento

You set and change product prices in Magento 2 by going to Catalog > Products. Then just go to a product you want to set a price for and edit the Price field.

product price in magento

Note: the pricing logic is linked directly to the product types in Magento. For instance, configurable and grouped products don't have prices since their child products define them. 

Advanced Pricing

Working with basic Magento product pricing is simple till you get to the advanced pricing options. That's when the calculation logic starts to apply under different conditions.

Magento 2 advanced pricing

Special Price

If you want to provide a discount for any particular product, just go to the Advanced Pricing option under Price. There you set a special price and define how long to show a discount for a product.

You can do that for multiple products at once. But we'll get to that later.

special price configuration magento

The special price replaces the regular price on the frontend with the regular price displayed alongside it.

magento special price on the storefront

Customer group pricing

Customer group pricing, as the name suggests, allows you to set different prices for different customer groups. Simply select a Customer Group, choose the Price type and set a specific price.

e.g. you can set higher prices for retailers and smaller for wholesalers that tend to buy more.

magento 2 customer group pricing settings

Tier prices

Tier prices are based on quantity. They allow you to define different prices for the same product based on the quantity of the same product purchased.

tier price settings in magento

Customers can see the offer on the frontend:

Magento 2 tier prices

Other Pricing Options

Except for the advanced product pricing options, there are other things that influence the product price on the frontend.

Customizable product options

If you provide some additional services or guarantees and want customers to be able to choose those, you configure the customizable product options

Magento 2 Products Customizable Options

These options can be optional or required. Either way, the product price changes, once customers select an option. 

Magento 2 Product Customizable Options on Storefront

Catalog price rules

The next option is Magento catalog price rules. It's one of the best ways to apply discounts massively to the entire catalog for a certain period e.g. sale season, holidays, etc.

You can apply a fixed or percentage discount to products based on their category, SKU, material and any other product attribute. 

Magento Catalog Price Rule Conditions

Catalog price rules are displayed on catalog pages in the same way as special prices. And that's what makes them different from the last product pricing option in Magento. 

Special Price in Magento 2

Cart price rules

The main difference between the catalog price rules and cart price rules is that customers can't see the latter while shopping. They are based on automatic discounts or coupons applied to the shopping cart or at the checkout page. 

Magento 2 cart price rules discount

Discounts apply to products under conditions similar to those of the catalog price rule. You can set what products to apply a discount to based on the product attributes. 

However, customers' cart and cart subtotal also have to match certain conditions for the discount to work. So, that's where you can use the cart attributes like subtotal, total, etc. 

cart price rules conditions magento

Once the conditions are met you can either apply coupon codes automatically or let customers do that manually. 

How to Track Price Changes?

With all the Magento product pricing options, it's hard to keep track of each product you apply any special price to. Nonetheless, you can enable price tracking for all price changes made in the admin panel. 

It means you'll monitor every price change triggered by special, customer group, or tier price changes, and product import.

Price History Magento

How to Edit Product Prices?

Now we come to the point where you need to change product prices. You can apply discounts in bulk using the catalog and cart price rules. However, it doesn't work the same way for prices you need to change directly in the admin panel. 

Edit product price via mass action

Magento allows you to change product prices and special prices in bulk. For that navigate to Catalog > Products and tick all the products you want to edit the price for. Then choose the Update attributes option in the Actions dropdown. 

Find the price fields and set your preferred values. 

mass actions price update magento

Note: default functionality allows you to make only fixed price changes. You can't change them by percentage this way.

Edit product price via extended product grid

In case you want to raise your prices by 20% or set a special price 10% lower than the original price you need the extended product grid. All the same, tick the products you want to edit the price for and choose the Mass Change Price option from the Actions dropdown. 

Then simply set the required percentage to raise or reduce prices and hit Save.

update product price in bulk magento

While it might seem too much to grasp, it gets easier once you start working with Magento product prices and discounts. 

With all the options at hand, you hardly need any more pricing features. However, you can still use any of the Magento 2 Extensions to meet some specific needs of your store.