Configure your strategy
The next main segment is to define your strategy to have a competitive pricing model that best fits the business needs such as increasing sales or improvising profit margins.
myPricing v3 provides two strategies, namely reference and cost strategy.
To help us optimize your offers automatically by scanning your competition, we need to know your average margin price and the limit to create a global strategy.
I. Reference strategy
A reference strategy is a benchmark or comparison point used to evaluate and develop pricing strategies in an SaaS application, such as a pre-defined pricing strategy based on competitor prices or other market factors.
When you connect a new marketplace to your Boostmyshop account, we will import your entire catalogue from the connect channel with the price you currently have online. This current online price will then be saved as a reference price and fixed in our database. Without your intervention, it will never change.
To set up a reference strategy : You will need a reference price along with minimum and maximum prices for each product listing will be calculated dynamically based on the minimum and maximum percentage set.
Minimum price : Enter the min percentage above a certain minimum threshold to ensure that it is profitable
Maximum price : Enter the max percentage that sets a limit on how high the price of a product or service can be set.
Adjustment value : Choose the desired fixed adjustment value in respective currency zone.
By clicking on "Submit" button, the reference prices will be automatically calculated for the entire catalog.
II. Cost strategy
A cost strategy is an effective repricing strategy for which you need to set extended product data for each product through the interface or external file that will fetch the data for calculation every day. You'll have to set user defined cost, minimum margin value, max margin value, adjustment value, platform commission, tax rate, additional cost if needed to calculate the optimal price for cost strategy.
Minimum margin : Enter the min percentage above a certain minimum threshold to ensure that it is profitable
Maximum margin : Enter the max percentage that sets a limit on how high the price of a product or service can be set.
Adjustment value : Choose the desired fixed adjustment value in respective currency zone.
Platform commission rate : Default commission rate for the channel (can also be imported via File data importation)
Tax rate : Default tax rate applied to all products (can also be imported via File data importation)
Setting costs in bulk via the Imports
In order to set your costs in bulk across all your products at once, you can use Enrichment of your product data by File Data enrichment. You can go to Settings > Applications > Explore Apps > File Data Enrichment
An import module has been added to myPricing to allow the mass import of enriched product information.
Just as you can save data within the interface, you can now perform mass imports by file to enrich your product data. For the implementation of a margin driven strategy, this tool will be a great help to indicate your purchase prices.
How does it work?
- Export your catalog from the application
- You fill in the necessary data in this file
- Import the file from the application
- Your data is filled in for all the products you want!
Which product data can be imported?
- Reference price
- Purchase price
- Additional cost
- Shipping cost
- Tax rate
- Sales platform commission rate
Which import modes are available?
- Manual file import
- Import via URL (The file will be processed automatically every day)
- Import via FTP (The file will be processed automatically every day)
Once you have imported the file, the next step is to map the fields according to the file import.
Finally, click on "Validate and import" to ensure that the format and structure of the data is complete and accurate which can be used for pricing calculation.
The next step will be to Preview your strategy by verifing the calcualted min & max prices in the product grid.
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