Channels: Repricer

// Contents

Introduction
Prerequisites
Managing reprice rules
Repricer rule settings
Target Buy Box
Target fee reductions
Scenarios
The result of changes
Choose your competition
Check out the competition

// Introduction

ChannelEngine has the option to ‘reprice’ your products on several marketplaces based on competitor prices. At this moment these reprice rules are only available for Amazon, bol.com, and all Mirakl marketplaces (Blokker, VidaXL, fonQ, etc) but more will follow in the future (but the marketplace has to be able to share competition prices). When using the repricer, you can set variable price rules for your products that are based on the prices other vendors use – if those prices change, so will yours (depending on your settings).

You will have 2 (or 3 in case of bol) options to 'target' your repricing on:

  • Target lowest competitor
  • Target Buy Box
  • Target fee reductions

The repricer can be managed via the  Channel details > Pricing > Reprice Rules.

Please note:  Reprice rules will always override any “Price rules” you might have set for your products, however, price overrides will trump the reprice rules. Currency conversion will still apply if configured.

// Prerequisites:

  • A bol.com OpenAPI key (only for bol.com repricing).
    To use the repricer on your bol.com listings you need your own sales number and an OpenAPI key. Your sales number can be found under settings > account in your bol.com account. Find out here how to get an OpenAPI key. This key is required in order to get competitor prices. 

    Please note: for each open API key, bol.com allows requesting price and competitor information up to 2000 unique products per hour. If you have tens of thousands of products in your listing, it will take quite a while before price updates are retrieved and products repriced (if applicable). To improve this, you can request multiple open API keys (it does require a different email address for every request). 

    You can enter multiple open API keys in ChannelEngine by separating them with a comma.

  • A product listing.
    Think about the products you want to reprice. Is this your complete offer or a subset (for example a specific brand or product group)?
  • Purchase prices.
    While not mandatory, it is recommended to offer purchase prices in your product feed, shop or ERP system. Without purchase prices, it’s hard to reprice on low margin products without risking to sell below the purchase price.
  • A top 20 product listing (only for Amazon repricing).
    To use the repricer on Amazon you need to be in the top 20 for the products you add to the repricer.

// Managing reprice rules

/ Add a new rule

  1. To add a new price rule, press the blue “+Add” button in the reprice rules overview. 

  2. This leads you to a new page with all possible settings for the repricer. When seeing all these settings for the first time, these might be a little overwhelming. Please be aware that properly configuring the repricer is not an easy task. 
  3. As settings are automatically on preview, this gives you the opportunity to see what will happen with your prices before activating them. Please check the previewed repricing outcome for several products before continuing and saving the price rule.

  4. If you are happy with the newly configured price rule you can select ' Save' on the bottom of the screen. By checking 'Preview' you can see the projected changes, by checking 'Active' the actual outcome of the price rule will be exported to the marketplace (if the outcome is a repriced price and there is no price override active).

/ Editing and deleting a price rule

You can always edit an existing price rule by selecting the pencil icon on the desired listing row in the Reprice rule overview. After selecting this Edit button, you will be taken to the price rule settings page again.

For deleting a price rule, select the trashcan icon on the desired listing row in the  Reprice rule overview. 

// Repricer rule settings

At the top of the reprice rule page, you will see the main settings which are applied to your repriced products. 

/ Individual settings and what they do

  • Marketplace: While you can not change this for an existing reprice rule, this shows to which channel / marketplace this rule applies to.
  • Name: This is the name of your reprice rule. Please use a descriptive name if you have several listings and individual reprice rules (so you can easily see to which listing this applies)
  • Listing: This is the product selection listing for which you want to apply the repricing to. If you have multiple product selection listings and want to reprice all your included products, you need to set up multiple reprice rules.
  • Filter by: If you only want repricing applied to the last number of products, you can set a minimum stock amount from which the rule will be applied.

    This is an optional setting that can be left empty. Example: If you enter a value of 3, only products with a stock of 3 or lower will be included for repricing.

  • Min. price: First you select the price attribute that is used as the base value for the minimum price that is used by the repricer.If you have price rules for this listing, you can use the output from this price rule as the input for the minimum price. Next to the regular Price attribute, you can also use the Purchase Price or Catalog Price for products if they are available.

    Next to the attribute input, you have 2 fields to increase or decrease the price: a percentage-based input and a fixed value input. If you enter 15 % like in the example, the input price value will be increased by 15 %. If you enter 2 in the fixed value input field, the input price will be increased by 2 euro. If you want to lower the output price, you can add a minus to decrease prices with that percentage or fixed value.

    / Examples:
    (Input) Price = 10 |  + 10 % | - 0.50 €
    Result = 10 + (0.1 * 10 - 0.50) = 10.50

    (Input) Purchase Price = 25 | + 100 % | + 2.50 €
    Result = 25 + (1 * 25 + 2.50) =  52.50

  • Max. price: First you select the price attribute that is used as the base value for the maximum price that is used by the repricer. If you have price rules for this listing, you can use the output from this price rule as the input for the maximum price. Next to the regular Price attribute, you can also use the Catalog Price for products if they are available.

    Next to the attribute input, you have 2 fields to increase or decrease the price just like with the minimum price: a percentage-based input and a fixed value input. If you enter 15 % like in the example, the input price value will be increased by 15 %. If you enter 2 in the fixed value input field, the input price will be increased by 2 euro. If you want to lower the output price, you can add a minus to decrease prices with that percentage or fixed value.

    / Examples:
    (Input) Price = 19.95 |  - 2 % | - 1.26 €
    Result = 19.95 - (- 0.02 * 19.95 - 1.26) = 18.29

    (Input) Catalog Price = 50 | + 33 % | + 0 €
    Result = 50 + (0.5 * 50 + 0) =  75.00

  • Use relevant market price: this option is only available for bol.com and is currently in an experimental / testing phase. By enabling this option, we will use the known 'relevant market price' (if available for your product) as the maximum price for a product.This is useful to prevent 'Price too high' errors that block offers from being created. These errors can be returned by bol if your reprice rules use a maximum price that is 'x' percentage above the relevant market price, so this option is a way to prevent this.

  • Repricing: This is the actual input where you set how much (both percentage as fixed value) you want your price to be below or above the competitor with the lowest price (or Target lowest). Please be aware that this setting is NOT compatible with 'Target Buy Box' or 'Target fee reduction' and you can only use 1 of these 3 options for repricing.As with the minimum and maximum price, you can add or subtract a specific percentage or fixed amount to the price of the lowest competitor. If you enter - 5 % like in the example above, your price will be lowered by 5% in comparison with the lowest competitor. By entering a fixed value of + 5 euro, the repriced price will be increased by 5 euro (based on the lowest competitor).

    / Example:Lowest competitor = 82.14
    Repricing = - 5 % + 5 € 
    Result = 82.14 + (- 0.05 * 82.14 + 5) = 83.03

    Because this price of 83.03 is lower than the set minimum price (a scenario which will be handled later), the minimum price of 87.81 is exported. If the minimum price would have been 82, the repricer would have exported a price of 83.03.

// Target Buy Box

Besides repricing in relation to (some) of your competitors, you can also set the reprice rule to target the Buy Box on the marketplace. This option is only available if the marketplace can supply us with information about the Buy Box winner and you can not use this simultaneously with either target lowest ('Repricing') or target fee reductions. Please note that all Mirakl marketplaces (with the exception of Blokker) do not share their own prices and buy box information, so this option can not be used.

Warning:  Targetting the Buy Box is a complex repricing mechanism and is not the best repricing option in a lot of situations. We recommend only using this option for products with a lot of competitors and frequent price changes. In most other scenarios targeting the lowest seller (repricing) will give better and faster results.

/ Decrease price to get Buy Box

This will apply your regular repricing rule first (see above), but if this does not give you the Buy Box, the price will be decreased in steps until you've taken to the Buy Box or your minimum price is reached. 

The timing of the decreasing steps depends on the update speed of the price and Buy box change by the marketplace, this can vary between an hour and a day. Please be aware that these are external triggers which can not be sped up - the repricer is always dependant on the information that we get from the marketplace when we get it.

You can only ever get the Buy box if your offer is considered ' Buy box eligible' by the change. The marketplaces are secretive about the exact rules determining who gains the Buy box. The product's price is not the only factor (but does have a large impact), so make sure your delivery times and ratings are good as well. If you are 1 euro cheaper than your competitor, but your customer rating is 50% and your competitor's rating is 95% with a faster delivery time, you can be certain that competitor will have the buy box.

/ Try to increase the price while maintaining Buy Box

You can also enable the option to increase the price again, once you have gained the buy box. If you set the step value higher than 0, the increase will be enabled.

Set the value to increase the price with each step. As there is a good chance you'll lose the buy box once the price increases, you must set a threshold to trigger the increase. The threshold is the change between your current reprice by the regular repricing (before the buy box targeting) and the previous reprice by regular repricing (before the buy box targeting) as a percentage. As your regular reprice by regular repricing (before the buy box targeting) will change depending on your competitor's prices, this will trigger the increase when they have raised their prices or have fallen away. 

/ Examples:

Threshold: 10%
Previous regular reprice (before buy box targeting): €100
Current regular reprice (before buy box targeting): €105
Increase price? 100 * 110% = 110. Is 110 < 105? No, hence: no increase price.

Threshold: 10%
Previous regular reprice (before buy box targeting): €100
Current regular reprice (before buy box targeting): €115
Increase price? 100 * 110% = 110. Is 110 < 115? Yes, hence: increase price.

Note: increasing the price will only happen if the price was previously lowered to target the Buy box. If you achieve the Buy box directly with the regular reprice rule, ChannelEngine will not try to increase it. 

If you lose the Buy box due to the increased price, the price will be decreased again until you gain the Buy box.

Below the threshold: other triggers

If the threshold is not met, other changes (then the price) will trigger an increase in your price. These changes are:
  • Fulfillment status (not any more or vice versa)
  • Buybox winner status (not any more or vice versa)
  • Shipping time status (shorter, longer, out of stock)
  • 10% in-/decrease in price incl. shipping
  • 10% in-/decrease in seller rating

/ Target Buy Box output example

Please be aware that if you enable ' Target Buy Box', the preview will change as well and will contain a lot more information. The repricing flow describes step by step what changes (or not) and why, so please take a close look if you do not immediately understand why a certain price is outputted by the repricer.

// Target fee reduction

If enabled, the repriced price will be lowered to the channel's maximum price for a fee reduction, if available and if this price is not below your minimum price. This option is only available if the marketplace offers fee reductions. More information on fee reductions (for bol.com) can be found here.

This option cannot be combined with targeting the Buy Box or with targeting the lowest competitor. 

// Scenarios

It might happen that the lowest competitors price is lower than your minimum price or higher than your maximum price. In that case, you can set rules what will happen to your price in those situations. You can choose to not change anything at all, and leaving the price the way it was. You can also choose to use the minimum price when the price is lower and the maximum price when the price is higher. When there is no competition at all, you can also choose not to reprice or use the maximum price. The last scenario is for when the price of the buy box is below your own minimum price, do you still want to go to your minimum or forget about repricing.

/ Possible scenarios

  • if lowest below min. price - if, for regular repricing, the current cheapest competitor is offering a price lower than your minimum, you can select what to do. Options are to either set your minimum price or do no repricing.
  • if lowest above max. price - this is an unlikely scenario but can occur. If your lowest competitor is offering a price that's actually higher than your maximum price, you can select what to do. Options are to either set your maximum price or do no repricing.
  • if no competition - if there is no competition and you are the only seller for a product, there isn't really a competitor price to reprice on. There are 3 possible options for this scenario:
    - Max. price (so export your max price as the price for this product).
    - No repricing (so your regular price with price rules applied if applicable, will be exported)
    - No repricing unless below min. price (so export your minimum price if your regular price is below that - this is to prevent selling items with a very low price if your base prices are very low).
  • if buy box below min. price / if buy box winner - the label and the options change depending on if you selected 'Target buy box' or not. 

    / If Target buy box is checked: 
    - Min. price (so your minimum price is exported, even though the buy box winner has a lower price than you).
    - No repricing (so your regular price with price rules applied if applicable, will be exported)

    / If Target buy box is not checked:
    - Reprice (so based on external triggers, the exported price will go up or down with the configured increments)
    - Keep current price unless below min. price (so the price will remain the same unless your product is currently offered for a price lower than the set minimum price).
Please note: These scenarios only work if there is actual reprice information available. If there is no competitor information available (yet), the result will always be that there is no repricing and the regular price (with price rules applied if applicable) is exported.

// Choose your competition

You choose your competition. Compete with the marketplace itself, people using the fulfilment services, buy box eligibles and winners or choose your own, based on the seller rating or shipping times. You can also include or exclude specific shops by adding shop name or SellerID.

  • Seller groups: This is where you select with what seller groups you wish to compete. By default, all groups will be selected, but if you would like to exclude certain groups like the marketplace itself, you can uncheck this. 
  • Max. shipping time / out of stock: You can exclude sellers that have a very long shipping time by setting a maximum amount of days for the delivery time you wish to compete with. You can also enable competing with sellers currently having a listing on your product but no available stock.
  • Min. seller rating: You can exclude sellers below a set rating threshold. If there is a seller with a lower price but a bad rating, you might not want to directly compete with that seller and lower your price to their level.
  • Min. seller rating count: You can exclude sellers that only have a few rating. If a seller is new and he just got two 100% / 5-star ratings, this will result in a seller rating of 100%. However, on products with a lot of sellers, you might want to exclude these new sellers.
  • Sellers: You can also include or exclude specific sellers if you know their shop name or specific seller id.

// The results of changes

All changes you make in any of the previously mentioned options and setting will be shown in a preview on the right. With every change you make, the preview will change as well. On top, you’ll see the product you’re repricing. In case you’re repricing an entire listing, it will show one product as an example. If you want to preview a different product in that listing, just type in the SKU, the EAN or the name in the search bar.

Below the product example, you’ll see the repricer in action. To show an example:

Price: 39
Catalog Price: 65
Purchase Price: 20.90
Min price: Price  - 10 % + 0
Max price: Catalog Price + 20 % + 0
Repricing: - 1 % + 0
Target Buy Box / Fee Reductions: off

/ Min. price:

Min. price = 39 (Price) + (- 0.1 * 39 + 0) = 35.10

/ Max. price:

Max. price = 65 (Catalog Price) + (0.2 * 65 + 0) = 78.00

/ Repricing

There is one competitor, whos price is currently 44.95.
44.95 + (- 0.01 *44.95 + 0) = 44.50.

No scenario is triggered, so this price of 44.50 is now exported to the marketplace until something changes. This change can be both internal (one of your prices changes, causing the minimum to become 45 for example) or external (a new competitor appears and has a price of 40)

/ Scenario triggered / No repricing

There are scenarios / situations where no repricing is applied. Some you have direct control over (as listed in the 'Scenarios' section of the repricer setting), but some, unfortunately, are caused by external systems.

Next to the 4 scenarios which you can set to 'no repricing', repricing can also not be applied when there is no competition information available from the marketplace. This might be caused because it is a new product, or because there is a technical issue with fetching this data from the marketplace. If you are the only competitor on a product, no repricing is done either.

// Check out the competition

You can see where these prices come from this list of the competition. The one in orange is your own shop/the preview. (In this case, the preview differs from the actual shop price because there is a listing active that repriced the bag.) The one with the ‘x’ is the shop that’s excluded. As you can see, this is because the rating is only 57% while we’ve set to only compete with 75% and higher.

Warning: It is important that you correctly fill in your seller id in the channel settings. If this is wrong, the repricer will consider you a competitor and you may automatically continuously lower your prices based on your own price.

Be aware that in case of using the Mirakl repricer you might also be competing with the marketplace itself, but that data is not available so there is no guarantee you will have the absolute lowest price or the buy box. The channels where this applies will show a warning at the top of the screen 

When you’re happy with the results you can change the preview mode to active, press ‘ Save’ and ChannelEngine will do the rest. When the competitors’ prices change, yours will change along according to your settings. You can change these settings whenever you want, they will automatically be forwarded to the marketplaces, just like the normal price rules.