In the fast-paced world of eCommerce, staying competitive means being agile and dynamic. Pricing can make or break your success, and StoreFeeder has the solution you need. Introducing StoreFeeder’s revolutionary Pricing Profiles, a game-changing tool designed to propel online retailers to the forefront of the market, offering a way to automate and refine pricing strategy with precision and ease.

Imagine effortlessly fine tuning your pricing strategy with pinpoint accuracy, all while automation runs 24/7 behind the scenes, even while you sleep.

Sound like you’re dreaming? Pricing Profiles makes your dreams reality.

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What are Pricing Profiles?

Pricing Profiles in StoreFeeder allow sellers to create flexible pricing formulas using a variety of predefined tokens. This feature is designed to dynamically adjust prices based on real-time data, ensuring that your pricing strategy adapts to market conditions and cost changes seamlessly.

Some exciting examples to show you how Pricing Profiles can maximise your profits based on outside factors are:

• Inventory-Based Pricing:

Example: Increase price based on low stock levels to maximise profits when inventory drops below a certain threshold. For example, if the inventory of an item falls below 10, the price could automatically increase by 5%, capitalising on the demand for your last few units of an item.

• Supplier Cost Adjustments:

Example: Automatically update the sale price when the supplier's cost changes. For instance, if a supplier feed updates the cost price of a product, and it's a part of your pricing formula, the sale price on your listings will adjust automatically without manual intervention, ensuring you still maintain your margin and don’t lose profit because of a supplier cost increase.

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How does it work?

The magic of Pricing Profiles lies in its ability to calculate prices dynamically. Whenever a token, such as product cost price, packaging costs, or margin % changes, the selling price is automatically recalculated and pushed to channel.

You can the link pricing profiles to individual listings, or to all listings on a channel and this ensures that your listings are always priced optimally, without the need for manual intervention.

Setting up your Pricing Profiles

Getting started with Pricing Profiles is straightforward. Firstly, you will need the feature enabled on your account, so please contact the Support Team who will assist you with this.

Sellers can then navigate to Settings > Integrations > Pricing Profiles in the StoreFeeder dashboard to create new profiles or edit existing ones. The editing page allows you to craft your formula, set price ends (.49 or .99), and even test the pricing profile with example data to see the calculated outcome.

Channel specific pricing

StoreFeeder understands that each sales channel may require a different approach to pricing. That’s why you can set up default pricing profiles for each channel, ensuring that new listings automatically align with your channel-specific strategy.

Bulk actions

For those managing a large number of listings, Pricing Profiles can be added to listings in bulk, saving precious time.

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The formula behind the feature

At the heart of Pricing Profiles are the formulas, which can include a range of mathematical functions and logical operators. This allows for complex pricing strategies that can factor in everything from supplier costs to packaging costs, and even adjust prices based on inventory levels.

Why use Pricing Profiles?

The benefits of using Pricing Profiles are clear:

• Automated price adjustments: React to market changes instantly without hundreds of manual updates.

• Customisable formulas: Tailor your pricing strategy to reflect your unique business needs.

• Time saving: Reduce the workload associated with managing prices across multiple channels.

• Increased profitability: Optimise your pricing to ensure maximum profitability.

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Conclusion

StoreFeeder’s Pricing Profiles feature empowers eCommerce businesses to take control of their pricing strategy in a way that’s both intelligent and efficient. By leveraging this powerful tool, sellers can ensure their products are always competitively priced, maximising sales and profits in the process.

For more information on how to integrate Pricing Profiles into your StoreFeeder account, visit the Knowledge Academy page

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