{"id":6814,"date":"2020-01-16T12:35:35","date_gmt":"2020-01-16T12:35:35","guid":{"rendered":"https:\/\/www.price2spy.com\/blog\/?p=6814"},"modified":"2020-01-16T12:35:37","modified_gmt":"2020-01-16T12:35:37","slug":"price2spy-is-introducing-a-new-feature-regarding-the-purchase-price","status":"publish","type":"post","link":"https:\/\/www.price2spy.com\/blog\/price2spy-is-introducing-a-new-feature-regarding-the-purchase-price\/","title":{"rendered":"Price2Spy is introducing a new feature regarding the purchase price"},"content":{"rendered":"\n

Whether you are a beginner or an experienced seller, setting the right purchase price is always challenging. If you define your prices too high, customers will turn their back to you, and if your prices are too low, you are not going to see much profit. Things get even more complicated in today’s competitive market, where you can’t think only of setting the price, but also of doing constant repricing (price changes that can happen very dynamically). <\/p>\n\n\n\n

So, how do you create a repricing (dynamic pricing) strategy that suits your business needs in the best possible way?<\/p>\n\n\n\n

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What is repricing (dynamic pricing)?<\/strong><\/p>\n\n\n\n

In order to know what steps are required\u00a0for a solid repricing strategy, first, you need to get a better understanding of what repricing actually is and how it works. Repricing is maybe one of the most used pricing strategies because it means that you are setting\u00a0your prices according to your competitors. The idea seems pretty simple – you are constantly following the actions of your competitors and accordingly, you decide on lowering, increasing or having the same prices as they do. This means that repricing is a never-ending\u00a0process – you need to constantly change your prices in order to stay ahead in the market. Repricing can be performed either manually or automatically, but there are many tools available on the market whose help you could use – one of them being\u00a0Price2Spy.
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How does Price2Spy’s Repricing Module work?<\/strong>
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The Repricing module<\/a> is meant to help you define your own pricing strategies, which can be segmented either per product category, brand or supplier (or it can be used for all the products in your Price2Spy account).
Further, this module will help you make concrete repricing decisions, and keep track of decisions you\u2019ve done in the past. That way you will have a clear insight into the pricing decisions that you’ve made, and according to the accomplished results, you will be able to decide on the further steps.\u00a0<\/strong><\/p>\n\n\n\n

Repricing strategies that Price2Spy offers
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As we have already\u00a0mentioned, repricing might not seem so difficult, but when you actually need to perform it, you’ll see that it is not so easy at all. There are a few possible strategies that can be used, but here in Price2Spy <\/a>we have identified 3 default types:<\/p>\n\n\n\n