Pricing strategy / Repricing
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Pricing strategy / Repricing

Defining your pricing strategy / Repricing

 

Did you ever wonder if some important pricing decisions can be formulated in a kind of mathematical / algorithmic way? Price2Spy will try to help you make a step into this direction with this functionality – in a very easy and simple way.
The Repricing module helps you define your own pricing strategies, which can be segmented either per product category, brand or supplier (or – for all the products in your Price2Spy account).
Further, this module will help you make concrete repricing decisions, and keep track of decisions you’ve done in the past.

Dynamic pricing is just one step away – by automating repricing actions. This way Price2Spy becomes dynamic pricing engine for your online store.

 

Repricing opportunities

 

 

We have identified 3 default types of repricing opportunities that Price2Spy can help you with

  • Clever drop – typically these are overpriced products where your purchase price and profit margin allow somewhat lower price
  • Clever raise – typically these are the products where your price is already the lowest on the market, but way too underpriced compared to your next cheaper competitor
  • Stock opportunities – these are products your competitors do have in stock, and you don’t

For each of your pricing Strategies you can define a set of rules to identify the products which meet the above-mentioned criteria.

What you’ll get in return is an up-to-date list of products fulfilling those criteria, together with the current prices and the prices Price2Spy will suggest (based on your rules).

Now it’s your turn to accept / reject repricing suggestions, and then to apply them in your own store. This is where repricing methods come in.

Custom repricing opportunities

In case the default repricing opportunities are not meeting your requirements you’re welcome to define your own custom repricing rules and send them over to us. This means that you can create a completely custom logic using any sort of parameters that we’re capturing for you or that you provide. Depending on the complexity of the repricing rules you wish to implement we’ll get back to you with an assessment and a one off setup quote.

 

Repricing methods

 

As already mentioned, Price2Spy is there to help you perform repricing actions in a centralized way.

Depending on the way your store is integrated with Price2Spy – there are 2 ways repricing can work with your store

  • Indirect repricing – if your store is not integrated with your Price2Spy account (Price2Spy will prepare the repricing information, but you’ll have to apply it in your store)
  • Direct repricing – applicable if your store is integrated with your Price2Spy account (Price2Spy will execute repricing changes directly within your store)

Parameters for repricing calculation

 

In general, the factors involved in this complex equation are

  • your own product price
  • competitors’ product prices
  • products stock availability
  • products’ purchase price
  • desired profit margin
  • targeted price (also known as MAP or RRP) (if used)
  • desired pricing position (whether you’d like to be the cheapest, or cheaper / more expensive than a particular competitor)

Repricing video tutorial

 

How to reprice your own products from Price2Spy?
How to setup your pricing strategy, what is Clever Raise, and what is Clever Drop?
Who should use Indirect Repricing, and who should go for Direct one?
All the answers are in our brand new repricing tutorial