Customer Group
Customer Group is an aggregation of customers that are similar in some way.
Customer groups allow you to organize your customers. Typically Customers are grouped by market segment based on the domain in which a business operates. Customer Groups are created in a hierarchical manner in iVendNext. You can create a main customer group and add sub customer groups under it.
You can define a price list which will be automatically applied to all customers belonging to that group. You can also get trend analysis for each group. Individual, Commercial and Government customer groups are created by default. You can add your own customer groups based on your requirements like retail, wholesale etc.
Steps to Create a Customer Group
Go to CRM > Masters > Customer Group.
Click on a parent customer group like 'All Customer Groups'.
Click on 'Add Child'.
Enter 'Customer Group Name'.
Tick 'Group Node' if you would like to add sub customer groups under this.
Click on 'Create New'.
If you think all this is too much effort, you can leave it at “Default Customer Group”. But all this effort will pay off when you start getting reports.
Features
The features include Optional Enhancements mentioned in the previous section.
You can assign the Credit Limit, Price List, and Payment Terms and they will be automatically applied when a customer belonging to the customer group is selected in sales transactions.
Assign Credit Limit
A Credit Limit in retail is the maximum amount a customer can spend to make purchases on credit before they need to pay back some or all of their outstanding balance before they can continue making purchases on credit. It not only helps a business manage risk but also ensures customers don’t exceed a safe spending level.
Example:
Imagine you're shopping at a retail store that lets you buy now and pay later. If they set your credit limit at USD 3000, you can make purchases up to this amount without paying immediately. Once you reach USD 3000, you’ll need to settle some of the balance or all of the balance, depending upon the store policy, before you can buy more on credit.
Pro Tip: If a customer reaches their credit limit, they must pay off part or all of their outstanding balance before they can continue making purchases on credit.
Assign Price List
A price list is a predefined set of item prices, either buying or selling or both, maintained within the retail application and is used to structure pricing based on various factors, such as currency, location, customer segments, promotional periods, or specific agreements. The default price list is the price list applied when no specific price list is designated for a transaction.
Example:
Summer Sale Price List
Item: Men's Cotton T-Shirt
- Standard Price: USD 15.99
- Summer Sale Price: USD 12.99
Item: Women's Sunglasses
- Standard Price: USD 29.99
- Summer Sale Price: USD 21.99
Item: Kids' Printed Shorts
- Standard Price: USD 14.99
- Summer Sale Price: USD 11.99
Assign Payment Terms Template
A payment terms template is a predefined set of conditions that outlines how and when payments should be made for a transaction. It helps standardize payment agreements between retailers and customers, ensuring clarity on due dates, discounts for early payments, penalties for late payments, and installment structures if applicable.
Example:
A clothing retailer purchases inventory worth USD 500. The invoice date is May 1, 2025.
- If the retailer pays by May 11, 2025, they receive a 3% discount, reducing the total to USD 485.
- If they pay on May 31, 2025, they pay the full USD 500.
- If they miss the deadline, they incur a late fee of USD 25 (5% interest), making the new payable amount USD 525.