In this video, you‚Äôll learn how to review rule-based repricing strategies that we offer for every marketplace and cart integration in Marketplace Management.
In this video
- How to Create a Rule Based Strategy
- Review Price Mirror and Velocity Strategies
If you'd like to view our tutorial on Target Rank or Buy Box strategies, please click here.
How to Create a Price Mirror Strategy
Our Price Mirror strategy offers a great solution to keeping your multi-channel listings in price synchronization, especially if you are selling on Walmart due to their price party requirements. Using Price Mirror, you can pick a target marketplace to duplicate the price from another marketplace of your choice.
To create a Price Mirror strategy:
- Navigate to Tools -> Pricing Strategies and select ‚ÄúCreate Pricing Strategy‚Äù. From here, pick the marketplace that you would like the price to be mirrored to. In this case, we are going to use Walmart as the example, as it is the most common.
- Next, select the strategy type dropdown and choose Price mirroring and click Next. This will bring you to your price mirror settings. We‚Äôll be selecting Amazon.com as the marketplace to mirror my prices from. You then have the option to include a modifier, whether that be an increase or decrease in price from the offer you have on Amazon. This can be a dollar or a percentage amount. The last option we give you is a Currency Conversion setting in case you are mirroring to a marketplace such as Amazon UK. This setting will take into consideration the currency exchange rate for the target marketplace and will make sure your prices are adjusted appropriately.
- After making your preferred selections, click next and you will be brought to your Profit Protection settings. These settings are covered in depth in a separate tutorial so click here if you‚Äôd like more information.
- The last step as always is to give your new strategy a name, review your settings and save everything you‚Äôve just worked on. It is important to note that SellerActive is a SKU based system. If your SKUs do not match between marketplaces our Price Mirror will not be able to synchronize prices for those SKUs.
How to Create a Velocity Repricing Strategy
The second strategy to cover is our Velocity Repricing. This strategy is commonly used for private label items that do not have competition but can most certainly be used with any product you deem fit. Our Velocity Repricing is built on sales velocity* and will change your price based on a specified number of products sold within a specified period of time. (*Sales velocity is calculated based off the orders for the specified marketplace the strategy is assigned to. It will not factor in sales from the other marketplaces your product is listed on when determining a price change.)
To Create a Velocity Repricing Strategy:
- Again, click ‚ÄúCreate Price Strategy‚Äù and choose the marketplace and strategy type. Click ‚ÄúNext‚Äù and move onto the Velocity price settings. Your first choice is a length of time in stock before repricing occurs. This can be as short as one hour and as long as one month. In this example I will opt for every 1 day.
- You will then choose a minimum sales threshold. I‚Äôd like to sell 4 units minimum every day. If the specified minimum number of units sold is not met within a day, I‚Äôd like to reduce my price by $1.
- I will then specify a maximum sales threshold of 10 units and would like to raise my price by $.50 if my maximum threshold is exceeded. In summary, the Velocity pricing settings you choose will determine how our repricer reacts to your sales velocity in finding an optimal price that will meet your sales goals.
- After choosing your Velocity settings, you will then be given the opportunity to structure your profit protection settings before saving the strategy and assigning to your selected listings.