This may be what you are looking for:
SET @SKU = CASE @SKU WHEN '' THEN NULL ELSE @SKU END
EDIT
For all your variables ...
SELECT @ID = CASE @ID WHEN '' THEN NULL ELSE @ID END, @Name = CASE @Name WHEN '' THEN NULL ELSE @Name END, @PhoneNumber = CASE @PhoneNumber WHEN '' THEN NULL ELSE @PhoneNumber END, @Price = CASE @Price WHEN '' THEN NULL ELSE @Price END, @NewPrice = CASE @NewPrice WHEN '' THEN NULL ELSE @NewPrice END, @ModelNumber = CASE @ModelNumber WHEN '' THEN NULL ELSE @ModelNumber END, @SKU = CASE @SKU WHEN '' THEN NULL ELSE @SKU ENDΒΈ
EDIT2
If someone uses the code that I suggested, forget it and use NULLIF (), as the other guys suggested. I completely forgot that it exists.
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