SellerActive is about to release another helpful update, this time through the redesign of the Pricing Strategies feature. These improvements make it easier to set up new strategies, edit existing strategies, and/or review strategy performance.
Pricing strategies are rules set so that if something happens — such as a price change by a competitor on a marketplace — SellerActive will react to it and adjust your price according to those rules.
These help sellers stay competitive by keeping their price in line with the market prices, and by raising and lowering prices based on demand.
If you’re currently using SellerActive, but haven’t taken advantage of these strategies just yet, please reach out to your account rep to get this add-on included in your subscription plan.
Sellers will find the experience of creating a strategy to be more intuitive, and easier to use. There is also now a guided strategy setup process that includes more business-specific language, and is a good place to get an overview of how strategies are performing, and where you can dive deeper into the orders and listings related to a particular strategy.
High level statistics are now available for each of your strategies, and you can easily access information on them through provided links.
This is mostly an aesthetic update, but there have been a few functional adjustments, including the renaming of the ‘Algorithmic Buy Box Strategy’ to ‘Win the Buy Box’. The tolerance and precision sliders from the previous strategy have also been removed, as the updated algorithm no longer requires these settings.
Selecting the different strategy types is also much more straightforward, and you can easily navigate between Win the Buy Box, Target Position, Price Mirroring, and Sales Velocity.
At just a glance, users will now be able to see all of the strategies they’ve created, including:
- Which marketplace or sales channel a strategy belongs to, plus statistics
- Accessible filters to help view strategies by sales channel
- How many items a pricing strategy is assigned to
- Best practice default options
- What percentage of listings are meeting its strategies’ goal
To further illustrate the last bullet, imagine you’re trying to capture the Amazon Buy Box. If you’ve assigned this strategy to 100 listings, and 80 of those have captured the Buy Box, you will see that your strategy is 80% effective.
Now you can see the number of listings that are set at the minimum price, which is useful, because SellerActive can’t make any other price adjustments once a listing is at that level. This can signify that you should go and change the minimum price, or take those listings out of that particular pricing strategy, and use a different one.
Users can also see a detailed history of price changes for each listing by opening up the SKU Editor, going to the Listings tab, and clicking Price History. There they will find 30 days of price changes and can use that data to determine how effective a strategy is.
This is all very helpful data that can greatly improve your selling opportunities, and simplifies the pricing strategy process in the meantime.
If you already have strategies in place with SellerActive, they will continue to operate as usual, and you will not need to make any changes on your end.
To see the updated feature in action, visit the Pricing Strategies page when it launches on 8/6/2020.
And if you’d like to learn more about pricing strategies, best practices, and how to set the strategies up, join our Pricing Solutions webinar here.