Price Recommendation Tour
Step 2: Set Repricing Rules for Chosen SKUs : This step allows you to create custom logic and rules that give you control over how the SKUs in your catalog are priced.
Creating Filters using IF: You can further segment the group of SKUs targeted in Step 1 to apply specific pricing rules by pressing the “Add Condition” button. These conditions function the same way as those in Step 1. If you don’t create any additional IF filters, then your pricing actions will apply to all SKUs in the group of SKUs targeted in Step 1. NOTE: Any additional conditions you set will draw from what you set in Step 1.
Using ELSE IF: You can create multiple price rules with different conditions by pressing the ELSE-IF button. There is no limit on the number of ELSE-IF’s you can have.
Using ELSE: Use ELSE to dictate what happens to any SKUs that slip through the conditions set. Some will match conditions set in Step 1, but not match any of the conditions in Step 2. By default, the strategy will keep the current price but you can also set another pricing action under the ELSE.
But what if you need to build a truly complex and detailed repricing strategy? Here is where that “If” condition becomes integral to a repricing rule. When you add a condition, then the system is triggered to keep prodding you for more detail.
First, you need to create your “Then” response for the pricing recommendation. You can do this by choosing from an action template provided in the dropdown. Select the one that most suitably meets your business needs.
Create Pricing Actions Using THEN: Specify the way you want your SKUs to be priced by selecting a pricing template and filling it out. You can hit margins, match competition, or price by your custom product attributes. You can also choose to keep a SKU’s current price or pass it to the next strategy in your strategy list.
Adding More Pricing Actions: If you’d like to have multiple possible pricing actions, the plus button to add more. This lets you choose between the lowest or the highest of any of the pricing actions.
Deleting Pricing Rules: If you want to delete a price rule and all “ELSE IFs” underneath that rule, press the trash can button next to the rule you want to remove. If you want to remove a single price rule without affecting rules underneath that, press the ellipses (...) button on the right side of the rule and choose “Remove Block”.
Next you will get an “Else If” prompt. This is where you have the opportunity to layer multiple “If/Then” parameters. Here is where your strategy can get very complex, very quickly.
For example, to craft a head/core/tail strategy, there are 9 possible elements that you may capture. In this picture below, the “else if” statement shows HeadCoreTail as a custom attribute with rules applied according to attribute and conversion rate. Each “Else if” Action block, is another layer of complexity you can build for HeadCoreTail.
As you can see, by simply setting a condition, there are no limits to how many rules you can create that will be applied to your target segment in this strategy. Here is where the power of the strategy builder really shines. The only limits are the parameters that you set for yourself.