How to configure Markup for products?

In this article, we'll learn about the product markup setup within Marketcube. 

Markup is the difference between the selling price of a good and the cost. It is often expressed as a percentage of the cost. In Marketcube, the vendor is known as the owner of the product so how the operator can cover the marketplace cost?

An operator cannot make changes in the existing price of a product but he has to undergo various marketplace charges which he/she can even out by adding markup in the product's price. This markup is visible to the customers in the frontend store and is part of the operator's share at the time of payouts. 

This feature is part of our pricing management. If the operator updates the price on Shopify, it will reflect as markup in Marketcube 

As a Marketplace operator,  you have the following options available for setting up Markup, which falls under two board categories, Standard and Advanced.

• Login as Marketplace Operator >> Go to Settings >> Click Show under Products >> Select Markup. 

• The Standard markup figure is a global function so will be set for all products. In simple terms, standard markup will add a markup to each product added by each vendor. There are two standard types of Markup available within the system i.e. 
  • Flat rate is a set amount charged on all orders (i.e.$20).

• Percentage markup is a set percentage of order value charged on all orders (i.e.10 %)

• Advance Markup:- This feature will allow you to set markup per category, vendor or combination of both.
  • Category markup is set on the basis of a product category e.g. men's shoes, or furniture.
  • Vendor markup is set against a single or group of vendors.

You will have the same option to add in a flat rate or a percentage per Vendor, per product category or a combination of both Vendor and Product types. There's no limit to how many combinations you can add.

• Press "Save" to save the settings.

Key points to remember/ Warnings:

• If the operator is updating the product price on their Shopify Store then the increased price will reflect as markup in Marketcube.
• Vendor payout calculation and commission will be done on the basis of the actual price added by the vendor.
• If the product price is updated on Operator's Shopify, it will be assumed as Markup in Marketcube.

Got more questions? Use the chatbox on the right to get in touch with us or email us at support@marketcube.io.