Pricing actions are a pivotal part of any pricing workflow that you can do with Sniffie. They allow you to achieve desired results in all your pricing workflows. This article will get you started with pricing actions.

Contents:

  1. What are pricing actions

  2. What methods are available for pricing actions

  3. In-depth descriptions of all available methods and their operators

  4. How to add pricing actions to your pricing workflows when triggering a pricing workflow from your product catalog

  5. How to add pricing actions to your pricing workflows in your pricing matrix

What are pricing actions?

A pricing action is simply put the overall pricing strategy that you want to create for your product/group of products. There are different methods to do this, such as just changing the price, matching the price to competitors, setting a target value, and so on.

What methods are available for pricing actions

There are a wide variety of methods for you to choose from when deciding about your pricing actions. The availability of methods depends on your enabled modules. The availability of methods is described below.

Methods available to all pricing workflows except AI workflows:

  1. Change price

  2. Set to static value (internal)

Methods available to pricing workflows when the price monitoring module is enabled:

  1. Match competitor by rank

  2. Match competitor price

  3. Set to a target value

Methods available for all pricing workflows, including AI workflows:

  1. Make price psychologically appealing

In-depth descriptions of all available methods and their operators

  1. Change price: changes price. Available operators are "as percentage", which changes price as a percentage value, and "as absolute value", which changes price with an absolute value. In the value field, you have to enter the value of the change. For example, if the operator is "as percentage", entering -10 into the value field will decrease the price by 10%.

  2. Set to static value (internal): sets your price to a target value, which is based on your internal data. Available operators are "match margin target", "set price to RRP", "set price to internal RRP", and "set price to purchase price".

  3. Match competitor by rank: matches your price to the competitor that has the nth lowest price. This action has no operators, but a value field. In this value field, you enter the rank of the competitor. For example, entering number 7 will match your price to the 7th lowest competitor regardless of who they are. If there are fewer prices to rank than the one you define, the highest rank price is selected. For example, with only 5 prices "Match competitor by rank 7" will take the 5th lowest price.

  4. Match competitor price: matches your price to a specific competitor. In the value field, you define what competitor you want the price to be matched against. The value input field has an autocomplete feature, so it's easy for you to select your desired competitor.

    Match competitor price field

  5. Set to target value: sets your price to a target value, which is based on competitor data. Read this comprehensive article for more information about this action.

  6. Price needs to be psychologically appealing: rounds the price to the desired decimal places. Available operators include "closest valid", which selects the closest value within the safeguards, "round up", which rounds the value up regardless of safeguards (i.e. may exceed maximum safeguard), and "round down", which rounds the value down regardless of safeguards (i.e. may be lower than minimum safeguard). In the value field, you enter the desired rounding. The * character represents a wildcard (any number). For example, *.90 represents a rounding rule where all prices have to end to with 90 in the decimal place. A rounding rule of *.*5 considers all prices that end with 5 in the decimal place (.05, .15, .25, .35, etc.). You can enter multiple rounding rules in the same expression with one rule in each line and the closest one according to the operator is selected when performing rounding.

How to add pricing actions to your pricing workflows when triggering a pricing workflow from your product catalog

  1. Select one or more products from the product catalog.

  2. Trigger a pricing workflow from the top-right icon in the product catalog toolbar.

  3. Select any pricing workflow type from the selection list. Depending on the modules you have access to, only some may be available for you and some may be disabled.

    Pricing workflow menu selection
  4. The pricing workflow editor modal opens. Select "Pricing actions" from the list on the left to open it.

  5. You can now add a pricing action from the plus button. An overlay opens where you can select the method, operator, and possible value for the action. Available methods, operators, and value fields are described above.

    Pricing action overlay

    You can cancel the overlay by clicking "Cancel" at the bottom. You cannot apply any action unless all required fields are filled. If any of the fields are not present, the "Apply" button is gray.

  6. Once all the fields are filled, you can apply the pricing action when you click "Apply". In the image below, a pricing action "Change price -10%" is being applied.

    Pricing actions section has now one action
  7. When you apply, the action is visible as a chip under the pricing actions. You can edit the action by clicking on the action chip. You can remove the action by clicking "X" at the end of the action chip. You can add another action by clicking the "+" again.

    Pricing actions section with one action.
  8. Actions are performed in the order they are created. Sometimes you may have actions that are redundant (i.e. they don't do anything). For example, having two actions where you set a price to a target value means that the first action is redundant since the latter action will override the setting of value to an action. In this case, any actions that are redundant are colored red. This is illustrated below, where the price is first set to the market average and then to the market maximum. Setting the price to market average before setting it to market maximum is a redundant action since you can just set prices to market maximum from the start.

    Two actions have been set up, where the first action is redundant.
  9. When you are finished with your actions, you can continue saving your pricing workflow as normal.

How to add pricing actions to your pricing workflows in your pricing matrix

  1. Select 1 or more rows in the pricing matrix from the checkboxes.

  2. Click the "Assign a pricing action to selected" button in the top right of the pricing matrix (shown below in the image).

  3. A modal opens. Select the desired pricing workflow. Not all workflows may be available for you, as available modules depend on your enabled modules.

  4. After the desired workflow has been selected, the modal view is the same as via creating a pricing workflow via product catalog (described in the above section).

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