Overview
Wiser Price Optimization's Calculations 1.0 feature gives you unprecedented flexibility to craft pricing strategies tailored to your needs.
You can now easily create custom formulas to calculate recommended prices using attributes like Cost, Profit margin, Competitor pricing, Market demand, and Internal sales data.
How to Use Calculations 1.0 in Strategy Builder
Step 1 - Select Products
Choose the specific SKUs for which you want to create a formula-based pricing strategy.
Step 2 - Set Repricing Rules (Build Calculation)
In the repricing options dropdown, select "build calculation". Then you are ready to create your custom formulas using available attributes like Number of competitors, Price variance percentage, and Internal data (e.g. cost, sales history, margin).
Here are some tips for building calculations:To use attributes in your formula, type "#" to trigger the attributes list. Keep typing to search for attributes, and select an attribute from the list.
Complex formulas are supported. Feel free to use a combination of addition, subtraction, multiplication, division, and parentheses to tailor your formulas to specific needs!
Always ensure your formula is valid before saving the strategy. Errors will be highlighted in red in the Formula Validation.
Step 3 - Configure Bounds & Rounding
Establish upper and lower limits (bounds) for your calculated prices and set rounding rules to ensure realistic, usable results.
Step 4 - Schedule Your Strategy
Determine how often you want your formula-based pricing strategy to be automatically applied to your products.
Why Calculations 1.0 is Useful
Tailored Strategies
Build pricing formulas designed specifically for your business goals.
Enhanced Accuracy
Consider a wider range of data points for more precise pricing recommendations.
Examples of Calculations 1.0 Formulas
Not sure where to start? Here are some examples that you can use to establish your pricing strategy.
Basic Pricing: This formula calculates the recommended price based on the cost price and desired profit margin.
Recommended Price = Cost Price + (Cost Price * Desired Profit Margin)
Competitor-Aware Pricing: This formula integrates the lowest competitor price into your strategy.
Recommended Price = (Cost Price + (Cost Price * Desired Profit Margin) + Lowest Price Competitor) / 2
Market-Adaptive Pricing: This formula factors in cost, profit margin, competitor pricing, and market demand.
Recommended Price = ((Cost Price + (Cost Price Desired Profit Margin) + Lowest Price Competitor) / 2) Predicted Market Demand
Sales Data-Driven Pricing: This formula adjusts your pricing strategy based on historical sales performance and elasticity.
Recommended Price = (Cost Price + (Cost Price Desired Profit Margin)) (1 + ((Revenue Target - Previous Period Revenue) / Previous Period Revenue) * Demand Elasticity)
The possibilities are endless! You can get as sophisticated as needed to accomplish your unique pricing strategies and objectives. Have fun building calculations!
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