Customers love discounts and deals. Putting a product on sale or showing that this very price is less than a customer will find elsewhere is a great way to get more orders. This is how the sale price feature works. You can set a special Compare to price for your product and this price will be shown struck out to demonstrate how much the current price is better. For example, if you want to show that your prices are better if compared to your competitors, you can use this field to inform how much they charge for the same product. The other way is to represent your regular price when you want to put a product on sale or to show the suggested retail price (MRP, List price, and so on)
To see the layout and wording settings of the Compare to prices, go to the store control panel, click Settings, and then click General. Click Cart & Checkout and scroll to Compare to price.
There, you can set:
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where to display the 'Compare to' prices (Product details pages only or product listing and product details pages)
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how to name 'Compare to' price (for example, 'was', 'List price')
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how to display discount values (in percent or absolute values)