Price Recommendation

Objective

Price Recommendation

  • As a Venture, I want to suggest a better price for products and be able to specify the reason.
  • The Price Recommendation feature can be used when Ventures cannot collect information on competitor’s prices but want to inform Sellers that their displayed prices are too expensive.
    • In this case, lowering prices will improve sales.

Price Competitiveness

  • As a Venture, I want to encourage Sellers to price competitively by showing them the lowest prices offered on other platforms for their products.
    • This will allow the Sellers to easily reprice their products.

The objective is to have the lowest price in the market. However, this feature doesn’t cover the internal price competition between Sellers to the Venture.

Settings

By default, the feature is available only to the admin user role
# Description Image
1

Go to Administration > Price Recommendation

Click the “Import” button.
2

Download the required template (only available for Price Recommendation).

Files format is:

  1. “Product Price Recommendation”:
    1. Shop SKU
    2. Recommended price
    3. Reason (optional)
      • will be displayed to the seller
    4. Active days (optional)
      • only available for “Match as Sale Price” strategy; if used, the matched sale price will be created for the time period of the uploaded days; if left empty, the sale price will be created from current day indefinitely.
  2. “Delete Price Recommendation”:
    1. Shop SKU

Fill in the template and upload the file.

In case multiple recommendations have been made for the same Shop SKU, the most recent one will be displayed to the Seller.

Example:

The given selling price is 50.
An admin uploads 10 as the recommended price => the Seller sees 10 as a suggestion.
An admin uploads 20 as the recommended price => the Seller sees 20 as a suggestion.
An admin pushes 30 as a competitive price via API => the Seller sees 30 as a suggestion.

3 Price Recommendation and Competitive Prices can be created using API:

Recommended Price matching

“Current Price” strategy

Rules Applying to Price Matching

As a Seller, I want to accept the recommended price, thus matching my price to it. This will allow me to offer a competitive price on the market.

Several rules apply to price matching, depending on the sale price:

Scenario Product has Sale Price Sale Price running Price Sale Price Recommended Price Rule applied when Seller matches price
A NO – 100 – 70 Price changes from 100 to 70.
B YES YES 100 80 70 Sale price changes from 80 to 70 and price remains at 100.
C YES NO 100 80 70 The price is changed from 100 to 70; the sale price is removed (as the sale price cannot be higher than the price).
D YES NO 100 80 90 Sale price remains at 80 and the price changes from 100 to 90 in order to keep the time-limited “Sale” advertisement.

“Sale Price” strategy

Rules Applying to Price Matching

As a Seller, I want to accept the recommended price as a sale price, so that the product looks more appealing to the buyers.

When accepted, the Sale Price will be updated or created. Refer to the examples below:

Scenario Product has Sale Price Sale Price running Price Sale Price Recommended Price Rule applied when Seller matches price
A NO – 100 – 70 Sale Price is created from NOW indefinite; it equals 70
B YES YES 100 80 70 Sale price changes from 80 to 70 from NOW; price remains 100
C YES NO 100 80 70 Sale price becomes active from NOW indefinite; it equals 70. Price stays 100.
D YES NO 100 80 90 Sale price changes from 80 to 90; it is active from NOW indefinite. Price stays 100.

Seller Experience

Step Description Image
1

In Products > Product Overview, the additional column “Lowest Price” displays recommendations to the Seller.

 

The new “Uncompetitive” filter allows the Seller to see products with their corresponding recommended prices. On this page, the user can review the lowest prices and “Match”/”Apply” or “Reject” them.

Competitive Price 

  • Tooltip includes:
    • Competitor that is selling at this price
    • Link to the product on competitor’s website
    • Difference between standard price and lowest price

Recommended Price

  • Tooltip includes:
    • Recommended price
    • Reason

 
uncompetitive
Price Competitiveness

 

Price Recommendation
Price Recommendation
overview
Lowest Price column

 

 

“Apply as Sale Price” strategy
2 When a Seller is willing to accept the recommended price, the user clicks “Match” or “Apply”

  • This means that the current price or sale price will be updated according to a set of specific rules (see below).
  • A flash message confirms to the Seller that the price has been changed.
Screen Shot 2016-03-17 at 10.50.46
 3 When a Seller objects to a recommended price, the user can reject the price and select a reason for rejection.

  • Rejection is only possible in the “Uncompetitive” filter and not in Product Overview.
Screen Shot 2016-03-17 at 10.51.20

 

Rejections Overview

As an administrator, I want to see the rejections made by Sellers so that I can track their decisions.

Step Description Image

 1

 

Go to Administration > Promo & Pricing > Price Recommendation Rejection

For now, only Rocket Labs team can configure the rejection reasons.
In order to change the available rejection reasons, please create a TMLSD ticket.  The parameter that needs to be changed is best_price/rejection_reasons.

The rejection reasons currently available are:

  • “Incorrect product”
  • “Incorrect bundle size”
  • “Inactive link”
  • “Incorrect Variant”
  • “Competitor OOS (out of stock)”
  • “Incorrect price”
  • “Price Change in Meantime”
  • “Competitor pricing error / Competitor blow-out”
  • “Other”

The rejection reason can be entered in JSON format. An example is given below:

[ 

  {
    “id”: 1,
    “name”: “Incorrect product”
  },
  {
    “id”: 2,
    “name”: “Incorrect bundle size”
  },



…]

Screen Shot 2016-03-17 at 11.37.40

 

Screen Shot 2016-03-17 at 10.51.20