Please note: You must upgrade in order to access the Dynamic Pricing Module. To enjoy its features, contact your Customer Care specialist or Account representative.
The Strategy Editor area is where you set all the rules that need to be considered within your repricing strategy.
There are 3 types of rules within this view:
- Default Strategy: These are the global rules of your repricing strategy.
- Manual Override Actions: These are rules that apply to specific products.
- Discard Products: These are rules that you use to discard rules that should not apply to specific products.
1. Default Strategy
These are the first rules you need to define when you start building your repricing strategy in netRivals.
These are the general settings that the system will consider when calculating and suggesting new prices for your catalog. You need to understand these as the rules you’d like the platform to apply if there aren’t any other particular conditions that need to be put in application given specific attributes (categories, brands, tags and specified product lists). That is to say, unless there are Manual Override Actions that disregard rules set in the Default Strategy, the system will always take into account general settings to calculate and suggest new prices.
If there are no other rules that apply to specific brands, categories, tags or products lists within netRivals, Default Strategy will execute the general or default conditions you’ve established at this point in the rest of your catalog.
Rivals included in your Dynamic Pricing
At this point, you need to enter the rivals or competitors that need to be taken into consideration by the system globally. You can choose to include All competitors, Include only specific rivals or Exclude particular ones.
Which one of these options works better in your case?All competitors
Choose all competitors when you’d like the system to take into account all the rivals you’re currently tracking via netRivals.Include only
Pick this option if you only want the system to consider specific competitors when calculating and suggesting new prices. By clicking on the bar, a dropdown menu will appear where you can get to select all the sellers you want to be taken into consideration by the netRivals’ repricing system.Exclude
Use exclude if you want to take into account all the competitors you are currently tracking, leaving aside only one or a few of them which need special consideration. For instance, let’s say that you want the system to consider all your rivals except for Amazon, then you’d only need to pick the option exclude from the dropdown menu and choose Amazon. This is only an example, by using the dropdown menu you can pick up any of the sellers you monitor in order to exclude them from your repricing rules.
Set a price minimum margin for your brands
At this point, you can get to set the minimum margin by default. Imagine that, on the whole, you want to keep a minimum margin of 25% for all your products, unless stated differently. Then you would need to enter such percentage in the box that you will find right next to the Default min margin option.
If there are other specific brands for which different margins apply, we strongly advise you to specify so at this point, since this action will save you time in the future and you won’t have to create extra Manual Override Actions. So let’s say that the general minimum margin you want to protect for your products is that of 25%, but there are certain brands for which you can apply a lower margin. You can define such exceptions at this stage and the system will take those criteria into account when calculating the repricing from the very beginning.
Note: The Force min margin when no action applied feature is not active by default and if you want it activated, you’ll need to contact your Customer Care Representative. What is this feature used for? If this feature is deactivated, products without connections will not be taken into account when doing the repricing calculations based on the minimum margin. If the feature is activated, minimum margins will also apply to those products without connections.
You can choose from the dropdown menu which is the default that you want to be applied for your catalog as a whole:
- Don’t apply the default action: Does not perform any price calculation.
- Equal to cheapest competitor: Match the price to the cheapest competitor.
- Equal to specific competitor: Match the price to a specific competitor.
- Cheaper than any competitor by: Lower prices by a specific amount or percentage.
- Cheaper than specific competitors: Lower prices concerning a specific competitor.
By default, you will see general ranges at this stage. If you want to work with different/custom ranges, please contact your Customer Care representative so that they can have this set up for you. Products within these ranges won’t be taken into account in the recalculation process. Therefore, no repricing suggestions will be made.
Important! It is important that you always save these settings by using the Save and Recalculate or the Save Settings option. Otherwise your initial settings will be lost and the system won’t be able to perform the recalculation. The Save and Recalculate option saves the settings and recalculates new prices, the Save Settings option only saves new criteria without going through the recalculation process.
2. Manual Override Actions
Manual Override Actions can be filtered by all the existing attributes in netRivals:
- Products list
Manual override actions allow you to establish more specific rules that may affect specific brands, categories, tags and product list.
How to create a Manual Override Action?
In order to add or create a manual override action, you simply need to click on the ‘Add new’ action button you’ll find at the right.
You’ll be able to see all actions you’ve created throughout time at a glance in the strategy editor.
This view provides you with valuable information on the state and conditions on which each action is based.
The toggle at the right will indicate whether the state is active or not:
The platform will allow you to see straight away which of the filters each action is based on.
Next to the title of the action, you can get to see which sort of filters have been used. Those will be remarked in bold:
Steps to create a manual override action
Let’s move on to the steps you need to follow when adding an action of this type.
1. Add an Action name/ Title that is representative of the action itself and indicate whether it will be active or not.
2. Specify which criteria will this action take into account. You can select filters based on brand, category or tags (you can use them all or just some or only one of them):
Or you can also create an action around a product list. The system will allow you to find the products you’d like to add to the list by title, references and other attributes available:
You simply need to enter the products you want to be taken into account for such action and the list will appear on the right box:
3. Once you have selected filters or specific products you want to use in the given action, the next step consists in specifying the actions that will happen for such products.
Actions available at this point include:
- Equal to cheapest competitor
- Equal to specific competitor
- Cheaper than any competitor by
- Cheaper than specific competitors
You can also get to specify whether you want to include or exclude all competitors or specific ones.
4. Next thing to do is to specify the Min margin you want to apply for the actions created. You can set such margins by using a % or a given amount (€/currency type)
5. The last, but not the least. You need to determine the order of priority of actions by using the arrows you’ll find on the right. Again, from here, you’ll be able to see which criteria is being taken into account in actions created.
6. Finally, you just need to save the action.
3. Discard Products
These are rules that you use to discard rules that should not apply to specific products.
Any other rules that were set in the Manual Override actions will not be taken into account with products included here.
So, for instance, let’s imagine that you are a sporting goods seller and you previously set a rule stating that you want to equal to the cheapest competitor in all products of the brand Nike, but you do not want that to happen in the category of ‘men running shoes’ of the Nike brand. Then you’d be entering this rule right here in the discard products step, and all products nike (except for those ones within the category of ‘men running shoes’) would be set at the same price as the competitor with the lowest price.
This is how the logic works:
How to add a discard action
The logic behind the creation of ‘Discard actions’ is pretty much the same as the one used for override actions. You basically need to hit the discard action button in order to create a new action and once you have a few of them created, you’ll be able to see the titles of those actions, criteria taken into account and state of the action.
Steps to create a discard action
Add an action name/ title which is explanatory enough and establish the status of the action.
Specify which criteria will this action take into account. You can select filters based on brand, category or tags (you can use them all or just some or only one of them):
You can also create an action around a product list. The system will allow you to find the products you’d like to add to the list by title, references and other attributes available.
Finally, you just need to save the action by clicking the Save button at the right bottom of the screen.
Recalculating and applying repricing suggestions
You need to recalculate suggestions (image below) every time you apply changes to your current strategy or when you enter any new rules in the system. You can do so from the Pricing Suggestions page or the Strategy Editor.
It is important that you complete this step if you want the system to recalculate prices based on new actions added or re-edited ones.
Once you’ve done so, you can download suggestions via CSV or API from the Products page in order to apply changes on your store platform.
You can check suggestions in general or suggestions on a specific product by clicking on top of Suggestions or using the search bar on the right:
This will redirect you to the Pricing Suggestion page where you’ll be able to see into much more detail suggestions provided by the system.
The Pricing Suggestion area, on the other hand, is where you assess the results (suggestions) of the strategy and rules implemented through the Strategy Editor view.
From the Pricing Suggestion page you can filter by several criteria:
- All products
- Suggestions provided by the system
- Price increases suggested
- Price reductions suggested
- Products that are being limited by the minimum margin
- Products that have been discarded from the suggestions
The dark column on the left shows your current margin and the column in green the suggested margin after recalculating prices from actions created.
You can get a more global view of brands and suggestions within those.
And you can also get to see the full list and specific products.