How to Set up Magento 2 Advanced Pricing?

When setting up a product catalogue, you pay special attention to the pricing. You operate regular prices as well as sales, discounts, and special offers that make your items more attractive. 

As a Magento 2 user, you have many options for the effective management of the entire catalogue. However, there's also the advanced pricing option that helps you apply discounts at the product level.

If you haven't used this option yet, we've got you covered. In this guide, you'll learn what Magento 2 advanced pricing is and how you can configure it.

Let's cut to the chase!

What is Advanced Pricing in Magento 2?

Magento 2 advanced pricing is the functionality that enables you to manage prices and special offers for individual products. Using the options Magento offers, such as catalog price rules, for instance, you can handle catalogue discounts in bulk. But to highlight a particular product, you need to apply the Magento advanced pricing.

In terms of product types, you can apply advanced pricing for simple, bundle, downloadable, and virtual products. Besides, there are four types of advanced pricing you can opt for.

Thus, you can create the best offer to drive more customers and prompt them to buy more.

Types of Magento 2 Advanced Pricing

Having learned what advanced pricing in Magento 2 is, we're good to move on to its types. Magento offers you special, group, tier, and minimum advertised prices. Let's what each of them is about.

Type of Magento 2 Advanced Pricing Description
Special price Offers lower prices for items during a specified period, such as sales.
Customer group price Determines what price to set based on the customer group.
Tier price Allows to apply discounts based on the number of products customers purchase.
Minimum advertised price Makes it possible not to display the price directly if it's not allowed by the manufacturer.

Depending on what you're going for, you may need to use only one of the Magento advanced pricing types. So, next, we dive into details on how to configure each of them.

How to Set Up Advanced Pricing in Magento 2?

To find the Magento 2 advanced pricing settings, navigate to Catalog > Products and start editing the item you'd like to set advanced prices for.

Press the Advanced Pricing link under the Price input to open the form, and proceed with filling out the corresponding fields. We'll cover them one by one in the next sections.

Magento 2 advanced pricing

Special Price

Let's begin with the special price. To set it up, enter the Special Price and specify for how long it is to be valid in the Special Price From/To fields.

special price configuration magento

Hit Done and Save the product. Once you do so, the discount will be available for shoppers on the storefront.

magento special price on the storefront

Want to track price changes in your store? Get Magento 2 Price History Extension and display the lowest price over a certain period on the frontend.

Customer Group Price

As mentioned above, the group price allows you to set different prices for different customer groups. To configure this advanced pricing option, you need to move to the Customer Group Price section and fill out the following fields:

  • Website — to determine what website the group price should be displayed on.
  • Customer Group — to specify a customer group the discount is applied for.
  • Quantity — to define the number of items that have to be purchased so the customer group is eligible for a discount.
  • Price — to enter the item's cost for specific customer groups and specify its type (Fixed/Discount)

magento 2 customer group pricing settings

Having saved the changes, you'll see that different prices are now displayed for different customer groups on the storefront.

Tier Price

The main point of tier prices is to offer discounts based on the item's quantity.

Thus, to apply it, you need to fill out the same fields as in the previous section. Yet here you'll rely more on the Quantity filed to adjust prices and the number of items that correspond to them.

tier price settings in magento

After saving, the following message will be displayed on the product page. So customers can see that buying in bulk is more profitable.

Magento 2 tier prices

Minimum Advertised Price (MAP)

We already know what MAP, or the Minimum Advertised Price, is. So, if this is what you need to apply in your store, Magento advanced pricing is the perfect option. There are just 2 steps to take:

1. Enter the Minimum Advertised Price.

2. Select how you want to Display the Actual Price. The options are the following: Use config, On Gesture, In Cart, and Before Order Confirmation.

Magento 2 MAP

Don't forget to save the applied changes. Then, depending on the display mode you choose, shoppers will have to take a few extra steps to see the actual price.

Magento minimum advertised price

By using all these options of Magento 2 advanced pricing, you create appealing offers and, correspondingly, have better chances of attracting more customers. The more thought-through your pricing is, the better result it's going to bring.

To facilitate your efforts even more, you need to make your special offers stand out. One of the ways is to create the Sale category to gather all discounted items in one place and let shoppers find them faster.