Timing Your Price Changes
When updating a product price, any changes you make will affect all orders in all uncompleted events, including closed orders. Only by completing an event are prices fixed.
With this in mind, it is best to change prices after you have completed an event and before you close the next round of orders. This ensures that the price changes do not retroactively impact existing orders, preventing potential customer dissatisfaction.
Steps for Changing Prices
Complete the Event: Ensure all events are completed. This locks in the prices for any orders within that event.
Change Prices: Update the prices for your products.
Best Practices for Implementing Price Changes
Transparency: Communicate clearly with your customers about why prices are changing. Transparency builds trust and helps customers understand the reasons behind the increase or decrease.
Notify Customers of Significant Price Changes: Inform your customers about significant price changes, especially to core items and regularly subscribed items.
Send Order Confirmation Emails: Send order confirmation emails after closing orders so customers can clearly see the product prices they have ordered.
Conclusion
Making product price changes requires careful consideration and strategic timing. By reviewing prices regularly, completing events before making changes, and being transparent with your customers, you can ensure that your pricing remains competitive and fair.