Minimum and Maximum prices are utilized to set pricing guards that tell Wiser your pricing limits.
Wiser will never price below your minimum price or above your maximum price!
Minimum Price – Required
Minimum price should be the lowest price you are willing to sell an item for. For example, if you sell on Amazon, the minimum price should include your cost, Amazon fees, and your minimal desired margin.
We recommend using a bulk CSV upload to setup your minimum and maximum prices for the first time.
You can either
- upload Minimum Price (and Maximum Price) via a CSV or FTP Upload, or
- Set Min/Max from within the Wiseboard by "Selecting All Products":
From there, you can quickly set a Minimum Price as a % below Current Price and Maximum Price as a % above Current Price:
Another way to calculate a minimum price barrier is to enable a price guard above your cost. This will ensure that Wiser will never price below a certain percentage or dollar amount above your cost (if your cost changes, the minimum price will change dynamically).
You can do this on the Repricing Rule level in the Settings section:
Here you can configure, on a Rule by Rule basis, a $ amount or % above Cost you wish your items to be.
Maximum Price – Recommended
Maximum price is not mandatory but it is recommended as a precaution. Some competitors, when they notice that repricing software is being used on their products, will try to drive your price up.
For example, competitor A is out of stock on a certain product that you sell. Instead of pulling it off, or marking it as out of stock, they will increase their price significantly to avoid any sales.
Since you are tracking their price changes, you will increase your price accordingly to adjust to the market conditions, thereby pricing too high for the product and losing sales.
The solution is to set a Maximum Price, which is the highest price that Wiser will ever price your product.
We recommend using a bulk CSV or FTP upload to set up your minimum and maximum prices for the first time.
Another way to set Maximum Prices is through the 'Set Min/Max' guide as listed above in the Minimum Price overview section.
For Amazon Stores
Due to a recent change in Amazon Seller Central's architecture, sellers are required to provide Minimum and Maximum Prices. Because of this, and in order to prevent errors and alerts in updating your price on Amazon, Wiser has a feature that allows you to send Min/Max Prices in addition to the newly recommended Price directly to Amazon Seller Central.
To do this, navigate to the Wiseboard Store Settings, and click on Amazon Marketplace Settings:
From here, you can choose to push either Min or Max (or both) to Amazon along with Wiser's recommended New Price at your specified repricing interval.
Additionally, if you decide to "manually" push prices directly to Amazon from the Wiseboard itself AND you have the above setting turned ON, Wiser's system will push the recommended price and the min/max prices as well.
To learn more about the Amazon Seller Central requirements, please visit here