To set up SmartPrice rules, follow these steps:

1. Navigate to the Dynamic Pricing page.
2. On this page, you'll see all the rules you've previously created for your products.
3. Click the "Add New Rule" button.
4. Define your rule for the group of products you want to apply it to.

 

 

When you click the "Add New Rule" button, you'll be presented with two modes:

1. Single Rule Mode
2. Multiple Rule Mode (which offers four different options)

 

 

1. Single Rule Mode - Standard

 

The first mode is Singe Rule Mode - Standard. In this mode, you'll be able to create your SmartPrice rule based on your competitors for your products. Here is a layout on how to create a basic Dynamic Pricing rule to get SmartPrice suggestions:

 

You have four sections: Position, Landscape, Apply to, and Margin/Markup.

 

Position and Landscape: Determine the position of your pricing rule relative to market prices. You can set this based on minimum, maximum, and average market prices, using absolute values or percentages, and adjust according to your competitors.

 

 

 

For example, you can set up a rule to:

• Be 10% lower or higher than the cheapest, highest, or average price among your competitors.
• Choose to be directly the cheapest, highest, or average price without applying any margin.

If you're on a Channel-Based Plan and have activated the total price in Preferences, you can also set your pricing position based on either the Total Price or the standard Price.

In the Landscape, you can include or exclude your selection of competitors:

 

 

 

 

 

 

For the Minimum Level, you need to have the cost value. For the Maximum Level, you can also define it directly. 

 

Lastly, you can make a Forced Fallback,  Custom Decimal choice, and Price Change Limits before saving the Dynamic Pricing rule. 

 

 

2. Multiple Rule Mode

 

Multiple Rule Mode has 4 different choices.

 

 

In Multiple Rule Mode, you have several options for setting up your Dynamic Pricing rules:

1. Compare Rule - Minimum Price: You can create up to 5 rules, and the Prisync Dynamic Pricing engine will provide the lowest SmartPrice from these rules.

2. Compare Rule - Maximum Price: You can create up to 5 rules, and the Prisync Dynamic Pricing engine will provide the highest SmartPrice from these rules.

3. Compare Rule - Closest to Original Price: You can create up to 5 rules, and the Prisync Dynamic Pricing engine will offer the SmartPrice that is closest to your original price.

4. Jump to Next Rule: The Prisync Dynamic Pricing engine will evaluate each rule in sequence and provide an optimal SmartPrice suggestion, even if some rules might be blocked by your Margin/Markup settings.

    

   Please note the following:

   • Cost Price: While adding a rule does not require a cost price, we recommend entering your cost accurately for optimal results. Use the Additional Cost section for extra expenses (e.g., shipping) as this will help in creating more effective Dynamic Pricing Rules.

   • Rule Priority: If multiple rules apply to a product, the priority order is as follows:

     • Specific Product rule or Rule for a specific selection of products
     • Specific Collection rule or Rule for a specific selection of Collections
     • Specific Brand rule or Rule for a specific selection of Brands
     • Specific Category rule or Rule for a specific selection of Categories
     • Rule for all Brands
     • Rule for all Categories
     • Rule for All Products

   • Rule Management: You can view and update the rules affecting a particular product directly from the products page.

    

 

We have also a quick video about how to set up your SmartPrice rules with our Dynamic Pricing Module. See it below: