Blog 9: Rounding
Title: Enhanced Pricing Analyst Efficiency: Price Rounding!
Elevate your pricing strategy with our innovative feature that allows users to define guidelines for Pricing Optimization during strategy creation. Introducing a rounding function, this feature empowers you to automate pricing attributes with precision, catering to the nuances of your target segment. To make the most of this opt-in feature, simply apply it to each strategy where refinement is crucial. Customize the rounding within specified bounds, providing a tailored solution that enhances the efficiency of your pricing process.
The rounding function can be found within Step 3 of the Strategy Builder.
Create your target segment in Step 1.
Create the repricing rules you want to apply
Rounding can be found in Step 3, below bounds:
To use rounding, begin by opening to create a rounding direction by pressing + Add Rounding.
Here you can create If/Then/Else If statements based on attributes much like you can do in other steps of the strategy builder. The rounding feature is highly configurable to support your pricing nuances based on any attribute you choose.
Users can choose to round their recommended price to the Higher, Closer or Lower rounded price value. Here is an example.
How does rounding apply to price recommendations? Here is an example.
Let’s say that a SKU receives a price recommendation of $17.82, and the pricing analyst wants to finish off that recommended price with a specific digit in the hundredth’s place so that all pricing is uniform and ending in a “9”. See below:
Now, in addition that pricing analyst decides that specific products must end specifically in a “99”. If so, they can customize the rounding field to the 10 cents' place.
Rounding customized for the following whole number and decimal placements:
Tens (10) | Ones (1) | Decimal | Tenths (1/10) | Hundredths (1/100) |
Configuring rounding in conjunction with Price Bounds.
Once you have determined your rounding settings, you can choose how they will interact with your upper and lower bounds. The diagram below describes the options at this stage. If no bounds are utilized for your strategy, then selecting from these options will not be necessary.
Finally, be sure to utilize Live Preview to confirm that your price rounding selections meet your needs.