Automatic % Markup on Item Cost

[transusa]

Hi,

It would be great if Square had a built-in feature to apply a percentage-based markup to items automatically.

For example, if I buy an item for $10 today and want to apply a 20% markup, the sale price should be set to $12 automatically. If I buy the same item tomorrow for $12, the system should update the sale price to $14.40 — always applying the same 20% markup — instead of having to manually calculate and update prices every time.

Right now, I'm doing this manually because my item costs change frequently. This feature would save a lot of time and reduce the risk of pricing errors.

If Square doesn’t offer this, can you recommend another POS or inventory system that supports this and integrates well.

[VanKalkerFarms]

That is an interesting idea I don't think I have seen asked before.

Just thinking this out loud, would items in inventory become the new price too?  so all pricing would be based on the last entered purchase price?

There is not a way to do this currently in Square.

[frances_a · Accepted solution]

Hello @transusa 

This is a really interesting idea, as @VanKalkerFarms pointed out. 

I would recommend posting your feature request on our Ideate board. 

It would definitely be helpful to clarify there what would happen to the price of existing inventory. 

Most of our sellers establish one price and don't change it every time their cost changes, but this could be really useful to specific industries that have varying prices depending on the season (I'm thinking flowers... but please share with us why this is important for your business on your post!)

Thank you.

[Candlestore]

@transusa ;

Only way I know to do this would be using Formulas in Excel.   Export your catalog, then have a formula that uses your Cost column + your specific margin and place the Answer in the Price column for that Item.  You can set this up using Excel and Power Query to do this.  Just after updating the Cost in Square you would need to Export your Catalog, open the file in Excel apply the Power Query then Upload back to Square.