Like many rental businesses, the prices of your rental products may increase over time in the same pricing structure, such offering a 20% discount on the day rate of a week-long order.
Thankfully, Booqable has created pricing template structures, so you can avoid spending hours repetitively creating the same structure for each product, and create just one template to automate the pricing structures of your inventory.
How it works
Pricing template structures allow you to create a template of pricing to apply to all of your products, or a select group of products, to save time will setting up product pricing in Booqable.
💡Example:
Dining chair pricing template structure.
Base price: $20
1 Day Rental: 100% of the base price.
2 Day Rental: 150% of the base price
3 Day Rental: 250% of the base price.
The base price will change for each product, but the structure will remain the same, which you can apply to your products in bulk.
Pricing template structures allow you to set the percentage increases of a price based on the duration of the order.
1. Open a new pricing template
The first step is to open up a new pricing template in your Booqable settings.
In your Booqable account, go to Settings > Pricing > Template structures and click ‘Add a new template structure’.
2. Name your template with the group of products it will apply to, like ‘Wedding Decor Template’.
2. Enter your placeholder price
In the Price Tiers box, under the field ‘Enter your example price’, enter in the starting price for one of your products that this template will apply to.
While this price only acts as an example and won’t apply to every product, it allows you to first create this template using prices rather than percentages.
3. Edit your first price tier
You will see from the image below that you can change your starting prices duration from per hour, day, week, or month.
Add in the correct duration, and make sure the multiply base price by field is set correctly so the Resulting price matches the Example price.
4. Add in your remaining price tiers
You will see from the image below that as you press the Add price tier button, you can input the rest of your structure.
The easiest way to do this is to start by adding as many price tiers as this structure has, for example 1 day all the way up to 2 weeks.
Then, you can edit the Multiple base price by field to customize how these prices increase.
In the image example, I have added the two day rental price at 1.5x the base price per day, so the customer receives a 25% discount should they book two days instead of one.
The resulting price will update automatically so you can see if the structure is being created correctly.
5. Add in automated increments
Now it is time to add in the rate for every duration (hour, day, week, or month) that is added after this structure.
For example, this structure ends at a 3 day price at $100, however customers can add on as many extra days as they wish for $25 per day (or 0.5x the base price).
💡Note: You can enter your desired price in the Resulting price field to automatically bring up the correct multiplier.*
6. Apply your template structure to products
Finally, you will need to apply your template to the products that this pricing structure applies to.
Every time you add a new product, you repeat this process to automate its pricing with this structure.
Click the Products page from the sidebar menu, click into a product, and go to the Pricing panel.
In the Pricing method box, choose the Pricing structure option.
Choose the Pricing structure template option. Set the base price to the starting price for this product, and select your new template from the drop down menu.
You're all set!
You have now successfully learnt how to create pricing template structures in Booqable.