What are Pricing Rules?
To reprice using Sellery, you create smart lists, that tell Sellery what to reprice. Then you create pricing rules, that tell Sellery how to reprice.
Pricing rules are made up of four components and we’ll go through each of them in this article.
- Competition filters
- Pricing strategies
- Buy Box rules
- Special cases
Getting Started
Pricing rules are found in settings, about halfway down.
If you have existing pricing rules, you can rename them or delete them. You can also create new pricing rules as well.
Let’s start by creating a new pricing rule. We’ll call it “example FBA.”
Competition Filters
First, we’ll start by filtering the competition. Competition filters allow you to exclude sellers, listings and offers that you don’t want to price against. For example in this case, we don’t want to compete against non-FBA offers or offers that are for items in worse condition than our item.
Now we’re going to move on to our pricing strategy.
Pricing Strategy
Under pricing strategy you will create the core strategy for this pricing rule. We need to define the price that we’re going to compete against, known as the competition price. So after filtering, we will take the lowest price (we also have the option of the using the average of the remaining offers or the average of the lowest X number of offers).
We’re simply going to take the lowest price and set our price to be 1% higher than the competition price.
And if there is no competition, we will tell Sellery to price our item 100% above our minimum price. Other options for this case include using a multiple of your cost, a fixed dollar amount above your minimum price and more.
Now we’re ready to set our Buy Box strategy.
Buy Box Strategy
For everyone who wants to get the Buy Box because it boosts sales, here is where you do it.
The Buy Box tab is very important to many sellers’ strategies. The rules you set here react specifically to the Buy Box price and override all other rules, which is very important to remember.
If Amazon (also known as Megaseller in Sellery), you may want to be very aggressive, or you may realize that you simply can’t be aggressive enough because competing with Amazon is so difficult.
If another seller (not Amazon) has the Buy Box, you can you can do the same thing, either adjust your price, use your normal strategy or not make any changes to your price.
The same goes for the cases when you have the Buy Box.
Below, you’ll see a simple Buy Box strategy. A variation of which is used by many sellers who specifically target the Buy Box. In this strategy, we are undercutting Amazon in an attempt to steal the Buy Box, matching other sellers to get into the Buy Box rotation and raising prices when we have the Buy Box, in an attempt to maximize profits and avoid a race to the bottom.
Finally, we’ll take a look at special cases.
Special Cases
Special cases describe exceptions to your pricing rules and allow you to specify alternate strategies. One common example, is a core strategy that is constrained by limits. Some sellers may have a ceiling that they don’t want to price above, or a MAP that governs how low they can price.
You can set as many special cases as you want, but be aware that special cases are a prioritized list. If more than one special case applies, the one nearest to the top will be given preference.
Before you go live with any pricing rule, it’s good idea to preview it. Click preview and see how your price will be adjusted using the strategies you’ve created.
Under the Competition tab, you’ll see that some offers are greyed out. Those are offers that have been eliminated through the competition filters that you have created.
Conclusion
And that’s everything you need to know about getting started with pricing rules in Sellery.
Remember:
- Create your pricing rule.
- Filter the competition.
- Define your core strategy.
- Compete for the Buy Box.
- Identify special cases.
- Preview
Start using Sellery and start repricing smarter.