Click on the Add Strategy Tab, Create New Strategy, Enter a Strategy Name and select Strategy Type from the drop down. now click ‘Add Min Price Formula’ and a pop-up menu will appear.
When you get to the Min/Max option select Formula Based.
Click ‘Add Min Price Formula’ and a pop-up menu will appear.
On this Menu, click ‘Add New Formula’ at the top, followed by ‘Base Price’ in the ‘Formula Options’ field.
You then have the option to create a formula based rule for the minimum price. The rule you create will be deducted from your Base Price, which is something you will set for each listing under the listings section.
The base price is the ideal or average selling price you would like to set for a listing. The formula you create then work around this, so you can set a rule to set the minimum price as, for example, 10% below the base price. This will automatically generate a minimum sale price for all your listings. The formula can be calculated by percentage, a fixed value or based on shipping costs and once you have set a formula for the minimum selling price, you will need to do the same for the maximum price, which is exactly the same process.
An example of the rule in action is below. If the Base Price (ideal selling price) for a product is Cost+10% then there is room for a repricer to compete against other businesses. Therefore, if you are willing to drop to Cost+2% to secure a sale, you would select the ‘Formula Based’, followed by the ‘Percentage’ option and enter a percentage value of 8% in the minimum pricing option. EReprice will then know not to drop below 8% when calculating the minimum price automatically.
You can also add additional fields, such as shipping costs shown in the screen shot above. Once you click save, the rule will be added to the Strategy and the same process should be repeated for the Maximum Price formula.
As stated before, the formula can also be created based on a fixed sum as a pose to a percentage. So if you want EReprice to not deduct more than £5.01 below the Base Price, then select ‘Fixed Sum’ and enter £5.01.