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 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.
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 price for getting the SmartPrice suggestions.
Lastly, you can make a Custom Decimal choice before saving the Dynamic Pricing. Let say you get 25,55 USD for a SmartPrice suggestion. You can round up this price to 25,99 by making this choice here:
In 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.
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.
- In the Custom Decimal section, the decimal choice works always round up.
We have also a quick video about how to set up your SmartPrice rules with our Dynamic Pricing Module. See it below: