The FarApp repricing module allows you to selectively set competitive pricing on your Amazon listings. Repricing rules determine how item-prices should be set. You can have one or more sets of repricing rules (called “rulesets”).
Once activated, the Repricer gathers information on competitive pricing for each item, and then adjusts your listing price based on the competitive data and the rules in the applicable ruleset. Your items will have a “starting price,” a “floor price”, and a competitve target. The Repricer will continually adjust your price to the target, within the limits of the starting and floor prices.
To enable Amazon repricing, you will need to set up a custom field in NetSuite that directs FarApp how to apply repricing rules.
The custom field should be either a checkbox or a select/list field, depending on your repricing requirements. The deciding factor is whether the same repricing rules will be applied to all of your items subject to repricing, or whether you’ll need different repricing rules for different groups of items. Repricing rules are grouped within FarApp into what we call “rulesets.” If you only require one ruleset (i.e., all of your “reprice items” are following the same repricing rules), then you only need a checkbox that simply indicates whether an item should be repriced or not.
You should leave the initial setup in FarApp to us, but we’ll need to know how you want the rules set for each “ruleset” that we create. Below is a list of the available repricing rules. For each ruleset, please review the list and let us know how to set up your rules.
Rules and Rulesets
One ruleset is required for each set repricing rules. To use multiple rulesets, the repricing custom field in NetSuite must be a select/list field; each selection from the list corresponds to a ruleset. If only one ruleset is required (i.e., all of your reprice-items will follow the same rules), then a checkbox will suffice.
Rulesets contains the following rules:
Initial Price Settings:
- Base Price: This is the field to use as the reference price for relative floor and ceiling prices. Will also be used if the Initial Price is not set.
- Initial Price: (optional) This field will be used as the “first price” in absence of any competitive repricing data.
- Initial Price Adder: (optional) A field can be designated to mark-up the initial price.
- Initial Price Mark-Up: (optional) A fixed percentage or amount to use as the initial price mark-up. (Will override Initial Price Adder if both set.)
- Adjustment Amount: The amount (or percentage) below the competitive price to adjust to.
- Max Adjustment: (optional) The maximum amount to adjust by on a single repricing pass.
- Minimum Relative Price: Minimum price BELOW Base Price value (amount or percentage).
- Minimum-Price Field: Field to use to determine minimum price.
- The following fields set the “Floor Price” for items.
- The following fields set the “Ceiling Price” for items. (optional)
- Maximum Relative Price: Maximum price above Base Price value (amount or percentage).
- Maximum-Price Field: Field to use to determine maximum price.
Shipping Charges (optional):
- Shipping-Charge Field: Select the field that specifies your shipping charge.
- Fixed Shipping-Charge: Enter your flat-rate shipping charge.
- Include Shipping in Repricing: Include shipping charges in repricing calculations (both yours and other sellers – you MUST select a Shipping-Charge Field or Use Retrieved Shipping Charge for this to calculate correctly).
- Use Retrieved Shipping Charge: Retrieve shipping charge for YOUR items from Amazon, and use that charge in calculations. (NOTE: Will assume you have free shipping if unable to retrieve data from Amazon!)
- Reprice if Equal: Trigger reprice if competitive price same as your price (otherwise only triggers if competitive price below – or above if repricing above)
- Buy-Box: Do NOT reprice if already own the Buy Box.
- Limit to Buy Box Winner: Only reprice against data from Buy Box Winner.
- No-Win Floor Price: Alternative Floor Price if Floor Price will not beat competitive price. Blank means use Floor Price. A number or percentage indicates how far BELOW base price to set the No-Win Floor. Can only raise Floor price, not lower it.
Cost-Based Settings (optional – can only raise Floor price, not lower it):
- Cost Field: If using cost-based repricing, enter cost-field name here.
- Profit Point: If using cost-based repricing, enter the margin above cost (amount or percent) to set minimum price.
- Minimum Profit: If using cost-based repricing, enter the amount or percentage above Cost Field and Profit Point to set minimum price (if blank, Profit Point is used).
- If we wanted to do a select/list field, what should it be called and what should the features be called?
- Do we need to create a field with our min and max pricing?
- The name of the list/features don't matter as long as you let us know how you'd like us to map it. You can name them however you'd like that will make them easy to identify.
- You don't have to create min and max pricing fields, but if you do, we can certainly utilize them. We can also set up a rule to make the minimum a certain amount or percent above cost.
- Is there a way we can change the min and max pricing ourselves on a selected item? such as we either mark up/down $$ a price of an item can we revise the min/max for that item?
- Yes, if you create min/max fields, you would control them on a per-item basis.
- If we are in competition with another seller and their listing goes inactive, does our amount changed based on the next seller amount on the listing?
- Yes, if the seller goes inactive, we can reprice up again against the next seller (this is what we recommend).