The following video discusses setting up cascading pricing rules effectively in order to match competitors' prices, ensure profitability, and prioritize pricing rules.
Cascading Pricing Rules Implementation
Key Steps
Open Menu and Navigate to Pricing Section:
Open the menu, go to price tags and pricing, and select paper.
Add Filters (if needed):
If necessary, add filters to focus on specific products affected by the pricing rules.
Access Bulk Pricing Change:
Click on bulk pricing change to open a drop-down list of saved pricing rules or create a new one.
Set Up Pricing Rules:
Choose the type of pricing rule (e.g., match specific competitor, cascading lowest competitor, match lowest competitor).
Configure the rule by selecting competitors, setting thresholds, minimum prices, rounding options, and adjustments.
Name and Describe the Rule:
Provide a name for the pricing rule (e.g., price rule demo).
Select the column for the pricing figures (sale price column or regular price column).
Add a description detailing the rules applied (e.g., match lowest competitor, cascading lowest competitor).
Utilize Promotion Box (Optional):
Specify the date range for the pricing rule to take effect by adding a promotion.
Consider using the match future map option to align with upcoming pricing changes.
Save and Apply the Rule:
Choose between saving the rule for future use or saving and applying the rule to both existing and new products.
Cautionary Notes
Ensure that pricing rules are set up accurately to avoid discrepancies in pricing.
Double-check thresholds, minimum prices, and adjustments to align with business goals and competitor pricing.
Tips for Efficiency
Use filters to narrow down the products affected by pricing rules for better organization.
Clearly name and describe pricing rules for easy reference and understanding.
Utilize the promotion box for time-sensitive pricing changes.
Save and apply rules to both old and new products for consistent pricing across the board.