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WooCommerce pricing and currency strategies

As an online store owner, you need to implement strategies that can help you maximize profits. This ensures a better place for your business in the future. This article will go through various WooCommerce pricing and currency strategies that can help you maximize profits from your online store.

For this tutorial, we’ll assume you already have a WordPress site set up with some WooCommerce products added to it. We’ll also assume you have the Booster Plus for WooCommerce plugin installed and activated.

You can navigate to WooCommerce > Settings > Booster from the admin panel to access the different modules.

#1: Let customers suggest product price

Letting customers suggest WooCommerce product prices is a great way to cater to all shoppers on your online store. This way, you can let customers offer their price for a WooCommerce product.

Here’s how you can let customers suggest product prices in WooCommerce using WooCommerce Offer Your Price:

Select the Offer Your Price module under the Prices & Currencies section and click the Save changes button.

Offer price settings

Using the drop-down slider next to Enable under the General Options section, you can select the products you want to offer your price on. You can choose either Enable of all products, Enable for all products with empty price, Enable per product, Enable per product category, or Enable per product and per product category.

Here’s how this looks on the front-end of your WooCommerce store:

#2: Offer a store-wide discount

Offering discounts on all products on your WooCommerce store is one of the best ways to incentivize customers to buy more from you. This not only increases the average order value but also helps you maximize profits.

Here’s how you can offer a store-wide discount on your WooCommerce store using WooCommerce Shop Global Discount:

Select the Global Discount module under the Prices & Currencies section and click the Save changes button.

Shop global discounts settings

You can create several discounts and offer them store-wide for specific products, specific categories, or for all products on your store. Under the discount ground heading, select the checkbox next to Enabled. You can select the type of discount from either Fixed or Percentage using the drop menu next to Type. Use the Value text field to enter and it should be a negative value.

Here’s how it will look on the front-end of your WooCommerce store:

Global discount

#3: Display different price formats for different currencies

If you use multiple currencies on your WooCommerce store, using the correct price format is important. By doing so, you not only make your online store more user-friendly but can also boost sales.

Here’s how you showcase different price formats for different currencies using WooCommerce Price Formats:

Select the Price Format Together module under the Prices & Currencies section. You can select the checkbox next to the module to enable it. Once you’re done, click the Save changes button to continue.

Price format settings

Enable the checkbox next to Price Formats by Currency (or WPML) to enable price formats for different currencies on your store. You can set the Currency, Currency Position, Additional Currency Code Position, Thousand Separator, Number of Decimals, and WPML Language Code.

Here’s how it will look on the front-end of your WooCommerce store:

Price format preview

#4: Display prices for WooCommerce products in different currencies

Displaying prices for WooCommerce products in different currencies can be a great way to cater to local customers. This way, you can use local currency for products that are more popular in your local area. As a result, this will help you maximize profits on your WooCommerce store.

Here’s how you can display prices for WooCommerce products in different currencies using WooCommerce Currency per Product:

Select the Currency per Product module under the Prices & Currencies section. You can select the checkbox next to the module to enable it. Once you’re done, click the Save changes button.

Currency per Product settings

You can use the Cart and Checkout Behavior Options for setting various messages and cart and checkout behavior for when customers add products with different currencies. Enable the checkbox next to Currency per Product under the Per Product Options. Scroll down to the Currencies Options section to enable multiple currencies for your WooCommerce store.

Enter currency

Now go to the product’s edit page and select the currency for the product using the Booster: Currency per Product meta box. Click the Update button once you’re ready.

Here’s how it will look on the front-end of your WooCommerce store:

Show currency

#5: Calculate WooCommerce product prices automatically

You can set a formula to calculate product price for all WooCommerce products. This way, you can quickly calculate product prices according to your specific requirements.

Keeping prices fair helps build trust with customers as it makes them more likely to purchase from your store. This way, you not only boost sales but also maximize profits.

Here’s how you can calculate product prices automatically using WooCommerce Product Price by Formula:

Select the Product Price by Formula module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Product price by formula settings

Using the Formula text field under the Default Settings section you can enter the formula you want to use to calculate product prices of all products on your store. Select the Enable Price Calculation By Formula For All Products checkbox and set the Total Params and p1. You can also enable rounding using the drop-down menu next to Rounding.

Here’s how it will look on the front-end of your WooCommerce store:

Product price by formula preview

#6: Set different WooCommerce product prices for different user roles

By setting different WooCommerce product prices for different user roles, you can offer specific user roles exclusive discounts.

Here’s how you can offer different user roles different product prices using WooCommerce Price based on User Role:

Select the Price based on User Role module under the Prices & Currencies section. You can select the checkbox next to the module to enable it. Once you’re done, click the Save changes button at the bottom of your screen to continue.

Price based on user role settings

Enable the checkbox next to Enable per Product Settings to set prices per product for each user role on your site. You can select the user roles using the text field next to Show Roles on per Product Settings.

Set price by user role

Now go to the product’s edit page and enable the meta box Booster: Price by User Role and click Update. Now you can set the regular price and sale price for each user role that you have enabled for the product. Once you’re done with the changes, click the Update button one last time to save changes.

Here’s how this will look like for regular customers on the front-end of your WooCommerce store:

Price by user role preview

Here’s how Wholesale Customers will see a different product price:

Price by user role preview

#7: Automatically update currency exchange rates

By quickly and automatically updating currency exchange rates, you decrease the chances of any incorrect exchange rates influencing purchases.

Customers will be more likely to purchase from your store if your exchange rates are accurate and up-to-date. This way you can boost sales and maximize profits on your online store.

Here’s how you can set up frequently bought together suggestions using WooCommerce Currency Exchange Rates:

Select the Currency Exchange Rates module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Currency exchange rate settings

After enabling the module, you can select how often to update the currency rates using the drop-down menu next to Exchange Rates Updates. You can choose to either Update Daily, Update Hourly, Update Twice Daily, Update Every Minute, or Update Weekly. You can also select from a wide range of exchange rates servers using the drop-down menu next to Exchange Rates Server. Click the Save changes button once you’re done.

#8: Set WooCommerce product prices in different currencies

Setting product prices in different currencies is great for setting WooCommerce base product prices in your preferred currency.

Here’s how you set the product base price in different currencies using WooCommerce Multicurrency Product Base Price:

Select the Multicurrency Product Base Price module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Price in different currencies settings

Using the text field next to Total Currencies, you can add multiple currencies for setting WooCommerce product base prices. Select the currency using the drop-down menu and click the Save changes button once you’re done.

Here’s how you can select the currency you want to set product base price in using the Booster: Multicurrency Product Base Price meta box:

Set price in different currencies

#9: Let customers enter a price for a WooCommerce product

If you let customers enter a price for a WooCommerce product, you’re essentially offering them the WooCommerce product at a price that’s more suitable for their budget.

Here’s how you can allow customers to enter a price for a product using WooCommerce Product Open Pricing (Name Your Price):

Select the Product Open Pricing (Name Your Price) module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Produce Open Price settings

You can set the title using the text field next to Frontend Label. Similarly, you can also set the messages for when customers enter a price too small and select where to display the label on the front end. Once you’re done setting various options, click the Save changes button to continue.

Now, you can enable the offer your price deal for WooCommerce products by going to the product’s edit page and enable the Booster: Product Open Pricing (Name Your Price) meta box:

Set open price

Here, you can set the Default Price, the Min Price, and the Max Price. Click the Update button once you’re done.

Here’s how it will look on the front-end of your WooCommerce store:

Product open price preview

This is what customers who enter a too low of a price will see on their screen:

Open price too low

#10: Add a currency switcher to your WooCommerce store

A currency switcher lets you offer multi-currency options for shoppers from all around the globe. This is a simple and easy way to select and view WooCommerce products in various currencies.

Here’s how you can enable a multicurrency selector using WooCommerce Multicurrency (Currency Switcher):

Select the Multicurrency (Currency Switcher) module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Currency switcher settings

Under the Currencies Options section, you can select the number of Total Currencies. You can later specify which currency is which using the drop-down menu and selecting your preferred currency, and the exchange rates below.

Now go to your shop’s edit page and add the

shortcode to the page and click the Update button to save changes. This will display a drop-down menu currency selector on your shop’s front page.

Currency switcher front-end

#11: Offer WooCommerce wholesale pricing

Wholesale pricing is a great option for stores looking to offer the “buy more pay less” discount on WooCommerce products.

Here’s how you can set up frequently bought together suggestions using WooCommerce Wholesale Price:

Select the Wholesale Price module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Wholesale pricing settings

The Options section can be used to set various options such as Quantity Calculation, Discount Type, Products to Include, Products to Exclude, Enable per Product. You can also set various discount levels using the Wholesale Levels Options. Once you’re done, click the Save changes button to continue.

Here’s how it will look on the front-end of your WooCommerce store:

Wholesale pricing preview

#12: Use a WooCommerce bulk price converter

Using a WooCommerce bulk price converter is a great way to increase or decrease prices for all products on your online store by a set value.

Here’s how you can use WooCommerce Bulk Price Converter to modify product prices in bulk:

Select the Bulk Price Converter module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Bulk price converter settings

Simply click on the Bulk Price Converter link to open the module tool. Here, you can set the value to Multiply all product prices by, the Price type to modify, Products category, and “Pretty prices” threshold.

Once you’re done, click on the Preview Prices button to see the results. Here’s how this looks:

Bulk price converter

#13: Set a different currency for external WooCommerce products

If you sell external WooCommerce products, you need to set a different currency for all external products.

Here’s how you can easily set a different currency using WooCommerce Currency for External Products:

Select the Currency for External Products module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

External products settings

After enabling the module, you can select the currency for all external WooCommerce products. Just use the drop-down menu next to Currency under the Currency for External Products Options to select your preferred currency. Click the Save changes button to continue.

Now all external WooCommerce products will be displayed in a different currency, your selected currency.

#14: Automatically change the price and currency for WooCommerce products by country

Automatically changing the price and currency for WooCommerce products based on the customer’s country is a great way to offer a seamless shopping experience.

Here’s how you can automatically change the price and currency using WooCommerce Prices and Currencies by Country:

Select the Prices and Currencies by Country module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

Prices and Currencies by Country settings

Using the Price by Country Options, you can set whether to change a product’s price and currency by customer’s country. You can also choose how the customer’s country is detected automatically. Scroll down to the Country Groups section to select eligible countries and the currency that should be changed into. Once you’re ready, click the Save changes button to continue.

Here’s how customers from the selected countries will see prices in their own currency automatically when they land on the store page:

Prices and Currencies by Country preview

Here’s how regular customers on your store will see product prices:

Prices and Currencies by Country preview regular

#15: Add all world currencies to your WooCommerce store

Ideally, you want to add all world currencies to your WooCommerce store and change the currency symbol or currency on the front-end of your online store.

Here’s how you add all world currencies to your WooCommerce store using WooCommerce All Currencies:

Select the Currencies module under the Prices & Currencies section. You can select the checkbox next to the module to enable it.

World currencies settings

Enabling the module, you will add over 150+ additional currencies to your WooCommerce store. Additionally, you can also create custom currencies to use on your online store.

Conclusion

We’ve shown you different pricing and currency strategies that can help you maximize profits for your WooCommerce store using Booster Plus’s various modules. Hopefully, you’re now in a better place to take the next steps and maximize profits.

Booster Plus lets users choose from over 100+ modules that let you customize the look and feel of your WooCommerce store in ways that can help boost sales and attract new customers.

Ready to start maximizing profits with these pricing and currency strategies? Get Booster Plus today!

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