How to Create Custom Price Lists and Net Payment Terms for B2B Buyers on Shopify

For enterprise-level businesses operating in the B2B landscape, the ability to offer tailored pricing and flexible payment terms is not just a convenience – it's a strategic imperative. In the competitive wholesale market, providing a personalized experience can be the key differentiator that secures valuable partnerships and fuels sustainable growth.

Shopify Plus, with its robust feature set and extensibility, empowers businesses to cater specifically to their B2B clientele. Two powerful tools within this ecosystem are custom price lists and net payment terms. Mastering their implementation can significantly enhance your wholesale operations, streamline order processing, and foster stronger relationships with your buyers.

At Makro Agency, we understand the nuances of enterprise-level e-commerce on Shopify Plus. In this in-depth guide, we'll delve into how to effectively leverage custom price lists and net payment terms to optimize your B2B sales strategy.

Understanding the Power of Custom Price Lists

In the B2B world, one size rarely fits all when it comes to pricing. Factors like order volume, contract agreements, and long-term partnerships often necessitate differentiated pricing structures. Custom price lists on Shopify Plus allow you to move beyond static, universal pricing and offer tailored rates to specific customer segments or even individual buyers.

Why are Custom Price Lists Crucial for B2B?

• Cater to Volume Discounts: Reward bulk purchases with tiered pricing, incentivizing larger orders and increasing your average order value.
• Negotiated Contracts: Honor pre-agreed pricing with specific clients, ensuring transparency and maintaining strong business relationships.
• Customer Segmentation: Offer different price points based on customer tiers, loyalty programs, or industry verticals.
• Competitive Advantage: Provide more attractive pricing than competitors for key accounts, securing valuable business.
• Improved Conversion Rates: Displaying relevant pricing to B2B buyers reduces friction and increases the likelihood of a purchase.

Implementing Custom Price Lists on Shopify Plus

Shopify Plus offers several avenues for implementing custom pricing, primarily through the Shopify B2B platform(formerly known as Shopify Wholesale Channel) and potentially through integrations with specialized B2B apps.

1. Leveraging the Shopify B2B Platform:

The built-in Shopify B2B platform provides a streamlined way to create and manage custom price lists directly within your Shopify admin. Here's a breakdown of the process:

• Customer Groups: The foundation of custom pricing lies in creating customer groups. These groups allow you to segment your B2B buyers based on shared characteristics (e.g., "Gold Tier Customers," "Distributors in Region X").
• Price Lists: Once you have your customer groups, you can create specific price lists and assign them to these groups. You can adjust prices in several ways:
  
  • Fixed Prices: Set specific prices for individual products for a particular customer group.
  • Percentage Discounts: Offer a percentage discount off your base retail price for an entire collection or specific products.
  • Volume-Based Pricing: Implement tiered pricing where the price per unit decreases as the quantity ordered increases.
• Product Visibility: Control which products are visible to specific customer groups, allowing for exclusive product offerings or tailored catalogs.

2. Utilizing B2B Apps:

The Shopify App Store boasts a range of powerful B2B applications that can extend the native functionality for more complex pricing scenarios. These apps might offer features like:

• Advanced Tiered Pricing: More intricate volume-based discounting structures.
• Customer-Specific Pricing: Setting unique prices for individual customers beyond group-based pricing.
• Quoting Tools: Enabling a request-for-quote (RFQ) process for large or complex orders.
• Dynamic Pricing Rules: Automatically adjusting prices based on various factors.

Choosing the right approach depends on the complexity of your B2B pricing strategy and the volume of custom pricing you need to manage.

Streamlining Cash Flow with Net Payment Terms

In the B2B world, extending credit through net payment terms is a common practice. Offering buyers a period (e.g., Net 30, Net 60) to pay for their purchases after delivery can significantly improve cash flow for your customers and make your offerings more attractive.

Why are Net Payment Terms Essential for B2B?

• Industry Standard: Many B2B buyers expect and rely on net payment terms for their operational cash flow management.
• Increased Order Value: Buyers may be more inclined to place larger orders when they have an extended payment window.
• Stronger Customer Relationships: Offering flexible payment terms demonstrates trust and fosters long-term partnerships.
• Competitive Edge: Providing favorable payment terms can differentiate you from competitors with stricter payment policies.

Implementing Net Payment Terms on Shopify Plus

Shopify Plus provides the functionality to offer net payment terms directly through the Shopify B2B platform:

• Payment Term Profiles: Create different payment term profiles (e.g., "Net 30," "Net 60," "Due on Receipt").
• Assigning to Customer Groups: Link these payment term profiles to your B2B customer groups, ensuring the correct terms are applied at checkout.
• Order Management: Easily track payment due dates and manage invoices within your Shopify admin.

Considerations for Implementing Net Payment Terms:

• Credit Assessment: It's crucial to have a process in place for assessing the creditworthiness of your B2B customers before extending net payment terms. This can involve manual checks or integration with credit reporting agencies.
• Risk Management: Implement strategies to mitigate the risk of late or non-payment, such as clear payment policies, automated reminders, and potentially credit insurance.
• Cash Flow Management: Carefully manage your own cash flow to accommodate the extended payment cycles.

Integrating Custom Price Lists and Net Payment Terms for Optimal B2B Sales

The true power lies in combining custom price lists and net payment terms to create a truly tailored experience for your B2B buyers. By offering the right price to the right customer with flexible payment options, you can:

• Increase Conversion Rates: Reduce barriers to purchase by offering relevant pricing and convenient payment terms.
• Boost Average Order Value: Encourage larger purchases with volume discounts and extended payment windows.
• Improve Customer Loyalty: Build stronger relationships by demonstrating an understanding of your customers' needs.
• Streamline Operations: Manage pricing and payment terms efficiently within the Shopify Plus ecosystem.

Conclusion: Unlock Your B2B Potential with Strategic Pricing and Payment

Implementing custom price lists and net payment terms on Shopify Plus is a strategic investment that can significantly impact your B2B sales success. By tailoring your pricing and offering flexible payment options, you can create a more compelling value proposition for your wholesale customers, foster stronger relationships, and ultimately drive growth.

At Makro Agency, we have extensive experience helping enterprise-level businesses leverage the full potential of Shopify Plus for their B2B operations. Our team of experts can provide comprehensive support in:

• Developing your B2B pricing strategy.
• Configuring custom price lists and customer groups within the Shopify B2B platform.
• Integrating and customizing B2B apps for advanced pricing and payment functionalities.
• Establishing efficient workflows for managing net payment terms and credit assessment.
• Providing ongoing support and optimization to ensure your B2B channel is performing at its best.

Ready to elevate your B2B sales on Shopify Plus? Contact Makro Agency today for a consultation and discover how we can help you create a tailored and high-performing wholesale experience for your valued buyers.