A Percent Markup is used to set product pricing based on inventory cost of items in your management console. Rather than setting the price for each product, you can input a markup percentage for each product and the system will automatically calculate the price based on the cost times the markup percentage. This functionality must be activated by a Revel Support agent, so please contact us to assist.
How to Update Inventory Settings
First, you need to determine where you want your pricing to pull from - either from the value entered under the Product Cost or the value entered under Inventory Cost. To check and update this:
- Navigate to Settings and search for Use Inventory Cost.
- Check the box on the left to display the setting on the right.
- If you want to use fixed cost for pricing (pulled from the cost entered on the Products tab), uncheck the box; if you want to use dynamic cost (pulled from the cost entered on the Inventory tab), check the box:
- Press Save.
Setting a Percent Markup Per Product
To the set the percentage markup amount that you want to use for calculating product prices:
- Navigate to the Products tab.
- Use the icon next to the product to access the product details:
- Clear selections and in the search box, type Percent Markup. Check the box on the left to make the setting appear on the right, then input the percent markup that you want to use for this product:
- Press Save.
Adding Item Costs
- Finally, you need to enter the cost in the appropriate location to calculate the product price.
- To use fixed cost for pricing, simply make sure you have the cost entered for the product under the products tab:
- To use the dynamic cost for pricing, this is entered each time you receive a shipment of a product and can be edited under the Inventory tab. Choose Products (or Ingredients) and then select the Receive option; input the quantity and cost of the item for this delivery:
- Next, navigate to the Products tab and choose +Add at the top and select Percent Markup. This will calculate the price of your products based on the cost entered on the Product or Inventory pages, depending on your account settings:
NOTE: If you are using the option to calculate price based on Dynamic Cost, it's important to repeat step #2 above to update the percent markup price after each delivery.