Retail Factor and Tariffs
You can apply a Retail Factor to automatically calculate the Retail Price when creating a new item. You can also add a Tariff to an Item, which will automatically be added to the Item’s Price.
Retail Factors, Retail Factor Plus, and Tariffs can be added to the Vendor’s Information page:
A Vendor Information Page showing the Retail Factor, Retail Factor Plus, and Tariff fields. This Vendor has a Retail Factor of 3X.
Tariffs can also be added to the individual Item by updating the Tariff field on the Item’s Information Page:
An Item Information Page showing a Tariff of $300.00.
Definitions:
- Retail Factor: automatically calculates a Retail Price based on the Order Cost when a new item is added to your inventory. The Retail Factor can be calculated by increasing the Order Cost by a set amount, increasing the Order Cost by a percentage, or multiplying the Order Cost to obtain the Retail Price.
- $: will add this amount to the Order Cost of an Item. If the Order Cost is $500, and the Retail Factor is $300, the Price will be $800.
- $500 + $300 = $800
- %: will add this percentage to the Order Cost of the Item. If the Order Cost is $500, and the Retail Factor is 250%, the Price will be $1,250.
- $500 x 250% = $1,250
- X: will multiply the Order Cost of the Item. If the Order Cost is $500, and the Retail Factor is 3X, the Price will be $1,500.
- $500 x 3 = $1,500
- $: will add this amount to the Order Cost of an Item. If the Order Cost is $500, and the Retail Factor is $300, the Price will be $800.
- Retail Factor Plus: The Retail Factor Plus is added to the Retail Price after the Retail Factor is used. For example, if your Retail Factor is set to increase the Order Cost by 3x and your Retail Factor Plus is set to $100, an item with an Order Cost of $500 would have a Retail Price of $1,600 because (($500 x 3) + $100) = $1,600.
- Tariff: The Tariff is added to the Retail Price after the Retail Factor and Retail Factor Plus are used to compute the Retail Price. The Tariff is typically used to increase the selling price of an item to offset tariff charges from the vendor. Items with tariffs can be reviewed via the Items with Tariff Smart Filter. For example, if your Item Cost is $500, with the Retail Factor of 3X, a Retail Factor Plus of $100, and a Tariff of $150, the Item will have a Price of $1,750 because (($500 x 3) + $100) + $150 = $1,750.
Please Note:
- Changing Retail Factor, Retail Factor Plus, or Tariff does not retroactively update existing items. Retail Prices must be updated manually.
- Any changes to Retail Factor, Retail Factor Plus, or Tariffs will not apply to Items that already exist in your BridalLive. These will need to be updated manually.