The Edge provides five ways to price items:
- Fine-item pricing, which allows you to track individual pieces from purchase to sale to a retail customer.
- Bulk item pricing, of which there are four types, whereby we are tracking quantities of the same style of item until retail sale to a customer and an individual sold instance of that item is created.
In The Edge, all items are assigned a pricing method. The most common pricing method in The Edge is fine jewelry, individual item pricing. This method assigns each item its own unique inventory SKU even if the style has previously been in inventory. By individually tracking items, The Edge is able to report very precisely.
Single-item pricing is not appropriate for all types of inventory, particularly those merchandise lines that are low cost and carried in great quantity. Always use a bulk category when the merchandise cannot be physically tagged. These types of items should be entered as bulk inventory. Bulk inventory allows you to create a single inventory SKU and have it carry a quantity that can be replenished. Like single items, bulk items can also fulfill special orders, be placed on a purchase order, managed as fast sellers, etc.
In The Edge, bulk item pricing is the exception rather than the rule. But the good news is that The Edge manages all these types of records for you, ensuring accurate transaction records.
Types of Bulk Inventory
There are four types of bulk inventory pricing methods:
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General Merchandise,
UPC/SKU
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Appropriate when an item is carried in quantity and carries the same cost and price each, e.g., charms, batteries, and bead lines.
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Buy and Sell Item by Unit of Measure, IUOM
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Appropriate when an item is carried in quantity that includes a physical count and a measure and sold per measure, e.g., melee diamond parcels, especially larger stones (.05 ct. and larger) that would be sold individually.
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Buy and Sell by Measure Only, UOM
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Appropriate when an item is carried in measure and sold per measure, e.g., gold stock or smaller diamond melee that is sold as several stones.
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Mixed Retail Pricing,
PRE
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Appropriate when an item represents a group of like-items of differing costs and prices but consistent markup, e.g., watchbands.
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Here is a decision tree to help you decide how to price an item in The Edge.
