To set up SmartPrice rules, you first need to go to the Dynamic Pricing page from the top bar. When you land on 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 "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 sections under the name of "Apply to" and "Rule". So, first, you need to pick up the product range that you want to apply a rule. There are 3 options for "Apply to". All products, brand or category. So, you can simply apply a rule to all the products, or to a specific brand or category. After choosing the product range, then you can define your SmartPrice rule for them.
To set your SmartPrice rule, you have different options. First off, you can put some thresholds for your prices according to the minimum, maximum and average prices in the market with some absolute values or some percentage values. For example, you can set up a rule like my price should be 10% lower than the cheapest of my competitors. You can also set some thresholds in terms of your costs to be sure that you're still making money. For this, you can set a rule like my price shouldn't be lower than my cost plus 5% profit. See the combination of these two rules below:
On the other hand, you can set up also simpler rules like my price should be equal to the cheapest price in the market or equal to the average price ( see it below). Then, you can be sure that the SmartPrices are calculated according to this rule.
In Dynamic Pricing page, there is also a section to see immediately the 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.
We have also a quick video about how to set up your SmartPrice rules with our Dynamic Pricing Module. See it below: