Channels: Repricer

Repricing

ChannelEngine has the option to ‘reprice’ your products on several marketplaces based on competitor prices. At this moment the repricer is only available for Amazon, Blokker and bol.com, but more will follow in the future. 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.)

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

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

Prerequisites:

  • A bol.com OpenAPI key.
    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 the 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 resolve 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 departing 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 on Amazon.
    To use the repricer on Amazon you need to be in the top 20 for the products you add to the repricer.

Add a new repricer

To add new rules, press the “+Add” button. This leads you to a new page with all the settings. These settings are automatically on preview, which gives you the opportunity to see what will happen with your prices before activating them.

You can select a list or just one product from a list and adjust the settings in any way you like. You can filter on stock, allowing you to set different prices for, for example, your last few products. Set the minimum price on purchase price, current price or catalog price and set the maximum on your current price or the catalog price. The maximum price can be set on the current price and the catalog price. Both prices can be adjusted right here, by adding or subtracting a percentage or amount.

For example, when your current price is €50 and you want it to be between €45 and €60, you subtract 10% (or €5) of your minimum current price and add 20% (or €10) to your maximum current price. In addition, you add or subtract a percentage on the lowest competitive price. In this example we set the price at -2%, making the product slightly cheaper. When the lowest competitive price is €55 the new price will be €53,90 which means the price increases but is still cheaper than the rest.

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. (So €50 in this example.) 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.

Target Buy box

Besides repricing in relation to (some) of your competitions, 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. 

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.

You can only ever get the Buy box if your offer is considered 'Buy box eligble' by the change. Check the channel's tab on the product details page to see if this is the case.

The marketplaces are secretive about the exact rules determining who gains the Buy box. The product's price is not the only factor, so make sure your delivery times and ratings are good as well.

Try to increase 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 percentage. As your regular reprice by regular repricing (before the buy box targeting) will change depending on your competitors 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.

Target fee reduction

If enabled, the repriced price will to 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.

This option cannot be combined with targeting the Buy box.

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 shopname or SellerID.

The results of changes

All results will be shown 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 your whole list, it will show one product as an example.

Next you’ll see the repricer in action. In this example, the settings are the same as the previous example – current price -10% as a minimum, current price +20% as a maximum and -2% as a repricer. (Only the price is different than the €50 we took earlier.) You’ll automatically see what the new minimum and maximum prices are. This bag is compared to 12 other suppliers of which one is excluded. The lowest price is €62,75 which is lower than the minimum price we set. The new price would be €61,50 but we’ve said it has to adjust to the new minimum when the competition price is lower than our minimum so it adjusts to €76,41. In the previous example this would mean the new price is €45.

Check out the competition

You can see where these prices come from in this list of competition. The one in red 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.

When you’re happy with the results you can change the preview mode to active, press ‘Add’ 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.