What is dynamic repricing?
Online merchants are artists. price artists. Because finding the right selling price is an art. Correct pricing is important: The “right” product price can accelerate sales or increase margins. A “wrong” price, on the other hand, leaves you stuck with the goods or let you sell at a loss. Dynamic Repricing can help you determine the perfect selling price for your products.
Price fluctuations in online trading
Prices are always on the move. Just like demand. Did you recognized that on Sunday some prices are higher than on other days? In Germany, people prefer to shop online on Sunday. That is also repricing, some product groups fluctuate more than others. Electronic goods, for example, are subject to strong price fluctuations. And in extreme examples, retailers even adjust their prices several times a day.
What is Dynamic Repricing?
Dynamic pricing is a pricing strategy where your product prices are automatically adjusted based on predefined rules. For example, you can incorporate competition, time and demand into your pricing. Or you can use a dynamic pricing strategy to ensure that your products are always one euro cheaper than those of your competitors. At the same time, the minimum margin is maintained in order to remain competitive and increase your sales.
Dynamic Pricing is a pricing strategy where the price of your products is automatically adjusted based on pre-defined rules. With a dynamic pricing strategy, for example, you can ensure that products are always €1 cheaper than those of your competitors, as long as the minimum margins are still maintained. Dynamic Pricing helps you stay competitive and increase your sales while maintaining your minimum margins.
emarketing’s Dynamic Repricing
emarketing’s Dynamic Repricing calculates the optimal sales price for each product and sets it in the shop backend. The sales prices of competitors on Google Shopping and Amazon are used for the price calculation. In addition, the performance data of the products from Google Ads are included in the calculation. The profit per sold product is optimized by continuously monitoring the results of the repricing and ongoing adjustments.
Unlike most repricing tools, emarketing’s Dynamic Repricing offers different strategies that can be chosen per product. The goal is not always to offer a product at the lowest price, the main focus is on maximizing the profit to be made.
To get the most out of Dynamic Repricing, we recommend creating a base of product groups on which to run Repricing. In combination with Product Groups, which can be used in the emarketing account for product selection for Google Shopping, Dynamic Repricing and Facebook/Instagram campaigns, Dynamic Repricing is the perfect solution for any online retailer who wants to stay ahead of the competition automatically. The unique combination of these performance tools ensures sustainable success and high margins in online retailing, especially in highly competitive industries.
emarketing offers a number of default filters that are particularly promising after extensive analysis of our online merchants. Some are for example best price products, only products with conversions, new products or top performers. Of course you can also select products manually.
NOTE: A separate plugin exists for repricing, it cannot be used via the emarketing datafeed plugin.
Availability of the Repricing plugin
The Dynamic Repricing Plugin will be provided for the following shop systems and will be available towards the end of the 2nd quarter of 2020:
- Magento (M1 & M2)
- Shopware 5 (not yet available in the Community Store, if you are interested in repricing please contact our support via the chat function)
- Fully automated, continuous repricing based on price comparison data and product-related performance data
- Intelligent algorithms for different requirements maximize the profit per sold product instead of just setting the lowest price
- Synergy effects when using additional performance tools from emarketing: campaigns on Google and Facebook/Instagram only advertise promising and competitive products
- Full transparency: Dynamic Remarketing offers numerous charts and statistics to assess success
- Individual selection of products to be covered by repricing
- Undo function: The initial price that was used in the shop before the repricing was activated is saved and can be restored at any time.