I think you should have realized that something is changing at Prisync if you land on this page. You’re totally right and we’re really thrilled about the new Prisync feature that turned Prisync into a dynamic pricing engine.
You heard correct, DYNAMIC PRICING ENGINE! I can also make you sure that it is the easiest one to use it for such a complicated process and purpose. In this post, I’ll explain the details of this new feature set for the ones who would be interested in these.
One of the important changes is that you are able to put your costs into your Prisync dashboard thanks to our dynamic pricing module. This is one of the most-awaited features among our customers according to the feedback we collect and it’s ready to use now! As you can guess, having your own prices, your competitors’ prices and also your costs at the same point, gives you a chance to make a deeper and smarter analysis for your pricing strategy. You can easily see the differences in the new look of product view compared to the previous version and there are 2 big changes compared to the previous version: Product Cost and SmartPrice!
Let’s take a look at how you can use this new Prisync feature.
You can set the cost of a product while adding it into your dashboard. All you need to do is, to click the ‘Add Single Product’ button and then filling in the Product Cost field. If a product already has a cost associated with itself, you can simply edit that cost too. To do that, click the icon at the top left corner of the product card, click Edit Product and simply edit your Product Cost information.
Let me explain also what SmartPrice stands for! It’s time to go to the new page in your Prisync account under the name of Dynamic Pricing! The image below shows how that page looks like:
The magic will start from this page. As you can also guess, you are able to set some pricing rules from this page to find your SmartPrices that keep you competitive and profitable in the market. The pricing rules that you are able to set up from this page will be based on;
- your costs
- your competitors’ prices in the way that min, max, and average prices
- your profit margins as absolute values or percentages
- category or brand information that you want to apply these rules to
As I mentioned above, it is the easiest one to use. 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 dynamic pricing rule for them.
To set your pricing 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. See it below:
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 this below:
As you can see from the rules above, you can combine these and apply to a specific product range that you choose. Then, the system will give you a SmartPrice based on these rules and you’ll see it under product view. Here it is:
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 dynamic pricing rule, you can easily see what your SmartPrices will be and then according to these, you can save the rule or change it.
Apart from the web dashboard, you are able to see this data also in your Excel exports under the column names of cost and SmartPrice. These are also included in our API.
Lastly, this new Prisync feature is included in our premium and platinum plan.
To sum up, as I mentioned before, we’re super excited to announce these new features and they’re ready to use now.
I can also make you sure that such exciting the next new Prisync feature will be also on the way after this one. So, just stay tuned to hear more about them!