To set up SmartPrice rules, you first need to go to the Dynamic Pricing page from the top bar. When you land on the Dynamic Pricing page, you'll see all the rules that you have already set up for your products. Then, all you need to do is to click the "Add New Rule" button and define your own rule for the group of products that you want to apply this rule.
When you click Add New Rule button, you'll see two different modes: Single Rule Mode and Multiple Rule Mode* (This mode has four different choices).
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.
So, first, by using Position and Landscape you need to decide the position for this Dynamic Pricing rule according to the minimum, maximum, and average prices in the market with some absolute values or some percentage values and based on your competitors. For example, you can set up a rule such as I would like to be 10% lower/higher than the cheapest/the highest/ the average of my competitors or without putting any margin you can directly choose "I would like to be the cheapest/the highest/the average"option.
In the Landscape, you can include or exclude your selection of competitors:
After you decided your thresholds, you need to choose the product range that you want to apply this rule from the Apply To section. Rules can be created for All Products or a specific Product/Brand/Category or for a collection of Products/Brands/Categories.
After you choose the product range for this Dynamic Pricing Rule, you can decide the min margin in the Margin/Markup section. By defining your cost and min Margin/Markup, you are able to choose the lowest and highest price for getting the SmartPrice suggestions.
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 and Custom Decimal choice before saving the Dynamic Pricing rule.
On the Dynamic Pricing page, there is also a section to see the immediate effects of the rules you set up, SmartPrice Live View. So, when you set up a SmartPrice rule, you can easily see what your SmartPrices will be, and then according to these, you can save the rule or change it.
2. Multiple Rule Mode
Multiple Rule Mode has 4 different choices.
If you choose the Multiple Rule Mode - Compare Rule and designate the minimum price, you'll be able to add more than 1 rule (up to 5 rules) and the Prisync Dynamic Pricing engine will give you the minimum price as SmartPrice within these rules.
If you choose the Multiple Rule Mode - Compare Rules and designate the maximum price Prisync Dynamic Pricing engine will compare your rules and will give you the maximum price as SmartPrice suggestion. You can add up to 5 rules for this choice.
If you choose the Multiple Rule Mode - Compare Rules and designate the closer one to my original price, the Prisync Dynamic Pricing engine will compare your rules and will give you the price which is close to your original price as SmartPrice suggestion. You can add up to 5 rules for this choice
Lastly, you can choose Multiple Rule Mode - Jump into the next rule until finding a solution. If you choose this one, the Prisync Dynamic Pricing engine will check all of your rules one by one to give you an optimum price. With this choice, you will have a chance to get a SmartPrice suggestion even if your Margin/Markup will block one of your rules to form a SmartPrice.
Please keep in mind:
- Cost price is not essential to add a rule, but we suggest you enter your cost correctly for the best results.
- If more than one rule affects a product the priority order will be as follows: Specific Product rule or Rule for a specified selection of products>Specific Brand rule or Rule for a specified selection of Brands> Specific Category Rule or Rule for a specified selection of Categories>Rule for all Brands>Rule for all Categories>Rule for All Products
- You can see and update the rule that affects a certain product from the products page.
*Special Note: Multiple Rule Mode is a Platinum Plan feature but it is available for Premium accounts for a limited time period.
We have also a quick video about how to set up your SmartPrice rules with our Dynamic Pricing Module. See it below: