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Daily Discount of 1%
 
andreasp
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Total Posts:  3
Joined:  2009-12-18
 

I am working on a store where I would like to set the prices of products in the manner that they have a starting price and each and every day the price is going down by 1% (1% of the initial price or 1% of the price of the previous day: either way would be ok) for as long as there is stock for the product. Has anyone ever done something similar and could share his/her experience with me, please? I would very much appreciate. Thank you and Merry Christmas to all Members in the Forum.
Andreas

 
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Lain
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Joined:  2008-05-27
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I am not sure why you would want to do such a thing?

Placing myself in your customers shoes so to speak, if I wanted a better price I would simply wait to make my purchases until the stock reaches a lower number.

Now I did see an extension that displays a “timed sale” banner above the item saying something like......Sale Price ends in 3-Days...42-Minutes.. so you can add a sense of urgency for your customers. But I think your idea would only make a customer hold off on making a purchase, and rob you of your margins. However, I dont know what your selling so maybe you could enlighten us with your thinking on this.

 
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andreasp
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Joined:  2009-12-18
 

Hello Lain

Thank you for your response. I understand your second thoughts. However, the method you mention of “sale price ends ...” is something that is all around for quite some time, and from my experience prices are usually not any attractive at all. Many of the products presented in this way are overpriced.
By contrast, if you go down with the price by 1% every day, your customer gets the feeling that this is a fair deal, totally driven by offer and demand. It is a very honest approach towards the customer and I am sure, that once people have become aware of the store it can work out well. Also, it will take a limited amount of time till everything is sold. That is a big advantage in terms of costs for stock, financing, etc. Also, I don’t think that it will hold off customers from buying, because there is obviously a limited amount of stock. You can buy today, or wait for tomorrow, when there may not be any stock left. As for the products to sell, I have not decided yet.
I think it could work out, particulary if there are many visitors. I would like to give it a try and I think it is worth the stretch. However, I still have to find the way to implement it.

Well, any thought on how to do it are very welcome.
Happy New Year 2010.

 
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DavidAlan
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Joined:  2009-07-29
 

I think this can be done. I like the idea. Probably no one will buy an item within the first 5-10 days but as the price decreases demand will increase and this can be profitable.

I’m not sure that Magento is able to decrease the price in this way through the admin. You might need some coding to rewrite the new price to the database so that the admin can use it in the cart.

 
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Michael Cleef
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Joined:  2008-08-17
Latrobe Valley - Australia
 

A cronjob could be written to achieve this, I would believe.

 
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Developersinc
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Joined:  2009-07-24
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Hi guys, we’ve recently added a new Daily Deal extension with which you could schedule daily offers:
http://www.magentocommerce.com/magento-connect/Developers-inc/extension/5072/daily_deal

DAILY DEAL FEATURES:
- Fully customizable flash countdown
- Countdown is based on your store Locale settings, displaying the same time to all your customers.
- Schedule/Queue/Edit/Delete Daily deals
- View the number of views and sales the deal had while on display
- Possibility to make products disable after deal ends or product’s quantity reaches 0
- Display on homepage or other cms or store pages
- Display in left/right sidebar
- Ability to show the remaining qty of the product/deal
- Choose whether you want to be notified when a deal isn’t scheduled for the day
- On download, aside from the extension files, the package also contains the countdown fla file

 
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