Price Updates

How to Update Retail Prices

  • Login to Retail 365

  • Press the Price Updates button
    StaffRoleConfig.png StaffRoleConfig.png

  • If you wish to only display products of a certain supplier, add the supplier(s) to the following: StaffRoleConfig.png

  • If you wish to only display products with a retail price less than the expected threshold tick the following: StaffRoleConfig.png

  • Add the threshold - the difference between the retail price and the expected retail price ( e.g 0.05 will display differences greater than 0.05 ) StaffRoleConfig.png

  • Press Load Products

  • This will display the product list StaffRoleConfig.png

  • Select the products you wish to update to the expected retail price (To select all products tick the box left to Product )

  • Press Update Retail Prices

  • If the update is successful you will get a message informing you.

StaffRoleConfig.png

  • You will also get a prompt asking if you wish to print labels for the updated items.

StaffRoleConfig.png

Price Changes

  • Select price changes from the left menu.

StaffRoleConfig.png

  • Within Price Change you can Apply a price change, Delete a price change, Add a new price change and Edit a price change.

StaffRoleConfig.png

  • To apply a price change click apply next to the required change
  • this will open the following screen

StaffRoleConfig.png

  • Here you select which products to apply the change too.
  • Once you have selected all necessary products select "Update Selected Prices" StaffRoleConfig.png
  • A message will appear displaying if the update was successful StaffRoleConfig.png

  • Once the price changes have been applied can click finish StaffRoleConfig.png

  • You see the following screen where it will display how many changes were made and allow you to print changes and create new shelf labels StaffRoleConfig.png

  • Clicking "I'm done!" will mark the price change as completed and remove it from the list of price changes.

  • To delete a price change click StaffRoleConfig.png next to the change you wish to delete

  • A screen will appear prompting if you are sure you want to delete this change. StaffRoleConfig.png

  • If the changes have already gone live you will get the following message StaffRoleConfig.png

  • To add a new price change click StaffRoleConfig.png

  • This will bring up the following screen StaffRoleConfig.png

  • You are required to enter a description and a start date(start date must be a minimum 1 day in the future) before you can save a price change.

  • Cost Price Type allows you to select A cost price from a list StaffRoleConfig.png
  • You can create a new cost price type by clicking StaffRoleConfig.png you can also edit a cost price type by clicking StaffRoleConfig.png
  • Once all the details have been entered Click save At this point the price change has been created.
  • The following screen will appear that allows you to add Products to the price change
  • StaffRoleConfig.png
  • Once you select a product a screen will appear prompting you to enter Cost price, Retail price, and Supplier ref
  • StaffRoleConfig.png
  • You can Edit a price change by clicking StaffRoleConfig.png this will bring up the following screen which works the same as Add price change.
  • StaffRoleConfig.png

History

  • Select History from the left menu.

StaffRoleConfig.png

  • Within History you can view All price changes that have been applied and finished

StaffRoleConfig.png

  • By clicking StaffRoleConfig.png the following screen will display, showing a breakdown of the products in the price change and their status.

    StaffRoleConfig.png

  • From here you can click StaffRoleConfig.png this will display the rollout of the price change across all your stores.

    StaffRoleConfig.png

  • By clicking StaffRoleConfig.png a break down of the price change for that store will display telling you the status of the price change in that specific store.

How the Price Updates module works

The Price Updates module maintains Retail Prices for products where the Retail Price is based on an Expected Mark-Up

The retail price of these products should be increased each time the cost price is increased. For instance, once the IPU update is run – and many cost prices have been changed - then the retail prices of these should be changed based on the new cost price and the set mark-up percentage.

The Touchstore system manages the Retail Price maintenance of these products with the use of a value called the Expected Mark-up Percentage. An Expected Mark-up % greater then zero is assigned to all such products.

  • The system works as follows:

    • Cost price and Expected Mark-up % - together produce an Expected Retail Price.

    • Change the Cost Price of a product. This change together with the Expected Mark-up % - now produces a new Expected Retail Price.

    • The system compares the Actual Retail Price with the new Expected Retail Price

    • You change to the new Actual Retail Price if there is a significant difference.

The Expected Mark-up % can be quickly set for ranges of products the “Product Update” menu option



IPU Monthly Updates

In practice, in Irish pharmacies, the main method by which list cost prices are updated on a continuous basis is with the use of the IPU file. Therefore an Expected Mark-up % greater than zero should be assigned to all products which are updated by the IPU file.

It is equally important to emphasize that an Expected Mark-up % greater than zero should not be assigned to products unless the retail price is maintained as a result of cost price changes. In general, that means that, in most cases, the Expected Mark-up % should be set to zero for all products not updated by the IPU file.

A number of important things to know about updating your system with the IPU file.

  • The IPU file is a very useful tool for updating the COST prices of ethical products and products purchased from the wholesalers. By default, new Ethical products are automatically imported onto your system when an IPU update is processed.

  • The Retail 365 system limits the effect of the IPU file on your Touchstore system in two ways.

    • Products assigned to certain suppliers can be blocked from being updated by the IPU file. This is done in the Supplier Setup screen. When a supplier is selected, just click on the button labeled “No IPU update”. When clicked this box will then read “IPU updates”. Click on “Thumbs Up” to save. When this is done the supplier setup screen for that particular supplier will then read “IPU updates”

    • Certain product ranges within the IPU file can be ignored, if required. This is done in the menu option “Setup >>> IPU Import Profile”. In this screen, you can highlight the product categories within the IPU file which you wish to use for updating your system.

  • There is no requirement to revisit these two settings when doing the monthly IPU update.

  • The IPU file DOES NOT contain any retail prices. It is not used, therefore, for products for which your supplier gives you a Recommended Retail Price List. These products would include most of the cosmetic agencies as well as many other ranges of products.

  • The IPU update process updates the cost prices and supplier references (the barcode which is used for ordering) of the products updated on your system. It also adds any new barcodes added to these products in the IPU file.

  • It is not recommended that all of the products in the IPU file are imported onto the Touchstore system. Otherwise, your product file will include many products that you do not intend to stock. It could run into tens of thousands and make the maintenance of your product file more difficult and time-consuming than necessary.