Recommended Price Suggestions
Prisync’s smart price suggestions help you make more informed price decisions. The smart price suggestions feature is built into your product panel. Automatically apply the price suggestions and adjust them dynamically based on your pricing goals.
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Keeping track of competitor price drops and changes is crucial for the success of your business. Reacting swiftly to these changes can have a significant impact on your results. With Prisync’s price change notifications and SmartPrice alerts, you can effortlessly stay updated on your competitors’ pricing strategies without having to monitor them manually. By automating this process, Prisync not only saves your time and effort but also optimizes your sales performance. This approach helps you maximize your conversion rates, profit margins, and overall success in the e-commerce industry. Being instantly aware of your competitors’ price changes will always work to your advantage.
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Frequently Asked Questions
How are the smart price suggestions calculated?
Suggestions are calculated after you set SmartPrice rules. To establish your own price rule for the group of products you specified, go to the “Dynamic Pricing” section on the left side of the dashboard, then simply click the “Add New Rule” button.
You can set these rules based on how you want to position your products in the market, such as being priced as the cheapest, most expensive, or average-priced relative to your competitors. You can add several rules with absolute values or percentages based on your competitors. For example, you might want to be “10% lower than the cheapest/the highest/ the average of my competitors”, or you can be “equal to the cheapest/the highest/the average competitor”. After you have specified your preferences, Prisync’s AI-based dynamic pricing engine will start calculating price suggestions specifically for your business.
Can I set a minimum profit margin for price suggestions?
Yes. You can define your costs and set a minimum price/minimum profit markup from the “As Long As I Respect” section. This way, you can specify a lowest and highest price limit for getting your smart price suggestions. Make your price changes smart, and the suggestions will always protect your profit.
Does the AI consider my current stock levels for suggestions?
Yes, Prisync’s AI-based engine automatically includes stock out product’s price while calculating SmartPrices. Even though you can exclude them from settings, we recommend you use current stock levels information for suggestions.
Can I apply these suggestions to my store automatically?
You can view all these suggestions on Prisync’s dashboard. Shopify users can automatically apply price suggestions and adjust them based on their pricing goals. These SmartPrice recommendations will be updated in accordance with your rules and competitors’ price changes. Non-Shopify users can also API to apply automated suggestions.
What happens if I set more than one SmartPrice rule?
If a product has more than one SmartPrice rule, Prisync’s engine follows the order 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 last. Rule priority follows: specific product (or selected products) first, then specific collection (or selected collections), specific brand (or selected brands), specific category (or selected categories), all brands, all categories and lastly all products.
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Our price recommendations are up to the date you give during setup.
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