Dynamic pricing: backup actions

How to set backup actions for your pricing strategy

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

When you create a dynamic pricing strategy, you can define backup actions in case your strategy fails or is blocked by your safeguards. Backup actions ensure you have control over the live prices which are set for your products when the conditions defined in your pricing strategy cannot be met.

Follow the steps below to define the backup actions you would like to apply to your pricing strategy

  1. When creating a dynamic pricing strategy, backup actions can be found at the bottom of the Strategy settings tab. Click on Strategy settings, then click the + sign button below the setting Backup actions when conditions are impossible

  2. Choose backup actions from the list. Notice that you can add several backup actions:

    1. Change price

    2. Rounding rule(s)

    3. Set base price (to set a preferred margin %)

    4. Set to AI suggested price point (requires AI module)

    5. Set to static value (internal)

    A. Change price: choose if you wish to change the price as an absolute value or a percentage. Set desired value or percentage on the lowest row called "Filter value."

    B. Add rounding rules: set how you wish to round the price. Set desired rounding rule on row below Decimal choices." Read more about rounding rules here.

    C. Set base price: use if you wish to adjust your margin % for the items, use this and set the % value you wish to utilize on the Desired value % row.

    D. Set to AI suggested price point: This action requires an active AI module from customer. Use to set price point to AI suggested price point as the back up action.

    E. Set to static value (internal): choose if you want the price to be set on some of the options mentioned below. Please notice that using these filters will require you have added this data in Sniffie, either by product feed or by integration.

  3. After defining your pricing strategy’s backup action you can confirm your pricing strategy. Sniffie will do the rest! Carefully defined backup actions ensure that your products will never be priced incorrectly.

Follow this helpful link to learn more about pricing actions.

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