Every single year business owners spend billions of dollars trying to entice people to visit their websites and make a purchase.
Getting customers to make a purchase—or, even better, many purchases—is the ultimate objective for every owner of an ecommerce business.
Consumers are price-sensitive (source) and compare prices because of inflation and the increase in online shopping. In fact, with a feature provided by some stores, consumers may set an alarm for price drops and wait for the price decrease of the products they want to buy. In such a case, you need to be constantly monitoring the prices of your competitors. So that you can take immediate action for a product that your competitor sells below your prices.
Competitor price drop & change notifications can highly affect your business results. It is very beneficial to react quickly to these changes. With price change notifications and SmartPrice notifications of Prisync, you don’t have to follow the competitor’s price change manually. Prisync’s automation saves both time and effort by scoring your best sales. This way, just maximize your conversion, profit margin, and furthermore success in ecommerce!
It is to your advantage to be instantly aware of the price changes of your competitors.
Rather than Prisync’s price change notifications, there are also smart price suggestions designed to help you make more informed decisions about your prices. The smart price suggestions feature is built into your product dashboard. Additionally, you may automatically implement the price recommendations and dynamically modify them following your pricing decisions.
To set up SmartPrice rules to get price suggestions from our dashboard. The first step is the Dynamic Pricing page in your account. All of the rules that you have already set for your items will be visible when you click the dynamic pricing page. To establish your own price rule for the group of products you specified, simply click the “Add New Rule” button.
1. Single Rule Mode – Standard
This mode allows you to decide on your own Smart Price rule for your products based on your competitors.
You can decide the position for this dynamic pricing rule according to the minimum, maximum, and average prices in your marketplace with some absolute values or some percentage values based on your competitors.
For example, you can set up a rule such as being 10% lower/higher than the cheapest/the highest/ the average of my competitors, or without putting any margin you can directly choose to be the cheapest/the highest/the average option.
After you define your cost and min margin, you can specifically choose a particular lowest and highest price limit for getting your smart price suggestions. Make your price changes smart and increase the chance to maximize your profits!
So, when you set up a SmartPrice rule, you can easily see what your SmartPrices will be on SmartPrice Live View, and then according to these, you can save the rule or change it.
2. Multiple Rule Mode
If you choose the Multiple Rule Mode – Compare Rule and designate the minimum price, you’ll be able to add 1-5 rules (maximum 5) at the same time and the Prisync Dynamic Pricing engine will provide you price suggestions according to your choices. You can add these rules at the same time and combine them into your pricing strategies.
There are some rule modes that you may want to try:
- Comparing Rules and designating the minimum price option is for Prisync’s engine to give you the minimum price suggestion. It compares all options and gives you the minimum recommended price. This is very useful when you want to be the cheapest in your marketplace compared to your rivals.
- Comparing Rules and designating the maximum price options for Prisync’s engine to give you the maximum price suggestion. Some of your products can be in the premium category. Selling those products more expensive than your competitors might benefit you. This depends on the strategy you apply.
- Comparing Rules and designating the closer one to my original price is for Prisync’s engine to compare all the pricing rules you set. After the process, the software suggests to you the one which is closer to your original price. For example; your original price is 10$. The minimum suggested price is 8$ and the maximum suggested price is 13$. Then this rule will suggest you apply the minimum price: 8$ which is closer to your original price. This way, you can optimize your price changes in a smart way.
- Comparing Rules and jumping into the other rules until finding a solution is for Prisync’s engine to check all the rules you specified. The end goal here is to find the optimum price. SmartPrice suggestions will work on your pricing rules and provide the best option.
If a product has more than one SmartPrice rule, the order that Prisync’s engine follows is different. The rules are listed from specific to general. For example, the rule applicable to brands takes precedence over category rules. The SmartPrice rule which is applied to all products is the most general and is evaluated as the last.
For a detailed description of how to set SmartPrice rules, you can check out our video. It explains all the processes for you to make a start.
SmartPrice Live View
You can apply your rules to all of your products or also you can divide them into groups and want to apply different price rules to each. Alternatively, you can select a brand/category option to specify your pricing rules.
At the product section on Prisync’s dashboard, you can view all the recommended SmartPrice suggestions for all your products. These SmartPrice recommendations will be updated according to your rules and competitors’ price changes frequently.
You can also export these SmartPrices suggestions through our excel report option.
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You will receive daily price change notifications in your mailbox. From your preferences page, you may add an infinite number of recipients or delete them at any moment. But most crucially, you will be able to quickly identify whether a competitor is seeking a price hike or drop. That’s a good step that makes a big difference for your business to take action.
Prisync’s users can set up price change notifications. It is for checking if their closest competitors are repricing their products. Online retailers could, however, make modest pricing adjustments without requiring you to adjust your prices.
You may select the lowest amount below which you want to be informed of when your competitor changes a price. If you have a wide range of pricing, you may be informed accordingly by setting this threshold as a nominal amount or as a percentage, as needed:
As a result, if a product’s price has changed by less than 10%, you will not receive a price change report according to your preferences. Depending on your choices, you can concentrate on larger modifications. It’s up to you.
Due to the competitive ecommerce industry and inflation, instant price change notifications are increasingly becoming the norm. We have seen ecommerce companies also using these notifications to keep customers loyal and beat the strategies of outside forces.
Now you are aware of the advantages of having a competitor’s price change notification and SmartPrice suggestions. It’s time to implement a more profitable pricing plan. All you have to do is use Prisync automation and be aware of the price changes of the closest competitors from your marketplace.
You can also turn these changes in your favor by doing dynamic pricing. This way scoring your best sales and achieving your business goals will become a simpler task for you. As the Prisync team, we want ecommerce merchants to gain more profit and we are always here for that.competitor price trackingprice suggestionssmart pricing
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