Dynamic Pricing strategy

A step by step guide to dynamic pricing with Sniffie

Lia Strandberg avatar
Written by Lia Strandberg
Updated over a week ago

What is a dynamic pricing strategy?

Dynamic pricing is a pricing strategy which utilizes variable prices, instead of fixed ones. This allows businesses to adjust their price offerings to account for changing demand and market trends.

A dynamic pricing strategy is beneficial for you when you have highly price-sensitive products, and it's crucial to react fast to changes in competitor prices. Utilizing a dynamic pricing strategy allows you more control over how and when you react to competitor pricing. Please notice that competitor availability information is available only for specific modules.

How to make a dynamic pricing strategy?

  1. Start by going to the Product Catalog. From the Product Catalog you can use Global Filters to find the products for which you wish to create a dynamic pricing strategy. Select the products you wish to include in the strategy with the check boxes on the left side of each product row. Alternatively, you can select all filtered products with the top most checkbox.

    Once you have selected your desired products, click Assign pricing action to selected at the top right of your toolbar (represented with a dollar sign icon)

2. Select Create dynamic pricing strategy from the pricing actions menu. This opens the pricing workflow editor modal where you will name your pricing strategy and give it a description. This is also where you will define the pricing actions, safeguards, settings, and backup actions that you wish to execute.

If you are unsure how to define and execute pricing actions, please check this helpful Pricing Actions guide.

3. The following view will open, from where you can define the pricing actions, safeguards, settings, and backup actions.

Once you have defined the price strategy actions, safeguards, settings and backup actions you can activate the strategy by clicking on the on the Next button at the bottom right of the popup menu.

4. After you have created and confirmed your dynamic pricing strategy, Sniffie will do the rest. Using dynamic pricing makes keeping your prices up to date easier than ever before!

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