How to Enter Price Discounts

The Enter Price Discounts feature enables retailers to apply a dollar or percentage discount to a group of items within a store based on supplier, class, etc. for a period of time.

This document is a resource for retailers to understand how to:
Create a Price Discount
End a Price Discount Batch

 


CREATE A PRICE DISCOUNT
Follow the steps below to create a price discount.

PRICING TAB

1. In the RICS Back Office, go to Inventory :: Stock Maintenance :: Enter Price Discounts

2. Enter Batch Name
In the Batch Name field, enter the name (e.g., Swim 30% - 2024).

  • For multiple batches with different "SKU Created on Start and End Dates," append the year to match the date range (e.g., Swim 30% - 2024, then Swim 30% - 2023).
  • See Step 1 under the "CRITERIA TAB" section for more details

3. Enter the discount description in the Description field (Example – All swimwear on sale)

4. Enter the date in which to begin the discount in the Start Date field

Note: The start date must be the current date or a future date.

5. Enter the date in which to end the discount in the Last Date of Sale field (Through midnight)

6. If necessary, enter a perk dollar amount in the Set Perk To field

Note: If a perk currently exists, this will override all perks for the items within the discount batch during the discount period.


7. Select to calculate the discount by Percentage or Amount in the Price Change Method and Amount field

Percentage:

Decrease prices by field – Enter the percentage off. If entering a negative number, the price will be increased by this percentage.

Force new price to end in field – If necessary, enter a value between .00-.99 to force a specific cent value.

Rounding Method Field – Select the rounding method to determine how a price will end if the percentage off creates a fraction amount.

Amount:

Decrease prices by field – Enter the dollar amount off. If entering a negative number, the price will be increased by this dollar amount.

8. Select the price from which to calculate the discount in the Calculate From field

Options:

Today’s Price – The discount will be calculated from the current price of an item including markdowns.

The Price on the Start Date of the New Discount – If an item has a future price change, the discount will be calculated from the price at the start date for the discount batch.

9. Select the Retail Price or Markdown option in the Place Discount In field, to determine where the discounted price will be displayed on the Manage SKU screen

Options:

Retail Price – During the period a discount batch is active, the discounted price will be displayed in the Manage SKU Retail Price field for an item.

Current Markdown Price – During the period a discount batch is active, the discounted price will be displayed in the Manage SKU Markdown field for an item.

Note: By default, RICS will calculate a discount based on a markdown price if one is present. To force the discount to calculate from an item’s retail price, select the Compute from retail (not markdown) checkbox.

CRITERIA TAB

1. Select and enter the necessary criteria to determine what items a discount batch will impact. Multiple criteria options can be entered for a single batch.

Required Criteria:

  • SKU Created on Start: The starting date for the range of SKUs created in RICS.
  • SKU Created on End: The ending date for the range of SKUs created in RICS.

NOTE: The time period must be 1 year or less. To apply discounts to all inventory, repeat these steps and create batches for each 1-year range.

Example:
For SKUs created between 1/1/2024 and 12/31/2024, create one batch. For SKUs from 1/1/2023 to 12/31/2023, create another batch. Repeat as needed to cover all desired SKUs.

Finding SKU Created on Dates:
Use the Export SKUs report to locate SKU creation dates:

  1. Navigate to Reporting :: Report Creator :: File Printouts and select Export SKUs.
  2. Apply the same criteria filters used for the discount batch, if applicable.
  3. Sort the "AvailableOn" column (Column AR) from oldest to newest.

Example:
If the oldest date is 5/5/2020 and the newest is 12/1/2024, create multiple batches to cover the full range.

Options:

By Supplier – Enter or search for a supplier code(s) to determine which supplier(s) to discount.

By Class – From the dropdown menu, select the class or classes to determine which class to discount.

By Color – Enter a color(s) to determine which color(s) to discount.

By SKU – Enter or search for an item(s) to determine which item(s) to discount.

Product Custom Entries – If product custom entries are utilized within the store, enter a custom entry or entries to determine which custom entry to discount.

Note: If selecting multiple Suppliers, Colors, SKUs or Product Custom Entries, separate the values by commas. To exclude the selected value(s), select the checkbox next to Exc.

 

 

2. Use the Options dropdown menu to determine which items to discount based on price:

Options:

Include all SKUs regardless of price – The discount batch will be applied to all SKUs matching the criteria set in Step 1 ignoring any retail or markdown prices.

Include only SKUs at the original retail price – The discount batch will be applied to all SKUs matching the criteria set in Step 1 for SKUs without a markdown on the Setup :: Manage SKUs screen.

Include only SKUs at markdown prices – The discount batch will be applied to all SKUs matching the criteria set in Step 1 for SKUs with a markdown on the Setup :: Manage SKUs screen.

Include on SKUs with Perks – The discount batch will be applied to all SKUs matching the criteria set in Step 1 for SKUs with a perk listed on the Setup :: Manage SKUs screen.

FINALIZE PRICE DISCOUNT BATCH

1. After the criteria is set for the discount batch, click Preview to review a .PDF report of the products that will be discounted.

Note: If the preview is accurate, close the preview to apply the discount batch

2. Click Save

 


END A PRICE DISCOUNT BATCH
Follow the steps below to delete an existing price discount.

1. In the RICS Back Office, go to Inventory :: Stock Maintenance :: Enter Price Discounts

2. To select an existing price discount, enter or search for the batch name in the Batch Name Quick Lookup field

Note: After the discount batch is selected, use the criteria fields to verify the correct batch is selected.

3. Change Last Date of Sale (Through midnight) field to today.

Note: If the Save button is grey when attempting to save, click on the 'Compute from Retail' checkbox located in 'Place Discount In' to activate then uncheck the box to enable the Save button.

Screenshot_2022-06-10_115704.png

Note: To make edits to an existing batch, end the batch and create a new batch.

 

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