Monsoon Marketplace comes with four preset pricing strategies: Average Lowest 3, Average Lowest 5, Fixed Price, and Lowest Price. You can view these preset strategies in the Custom Strategies section of the Settings tab.
If you’d like to use different criteria for your strategies, you can create a custom pricing strategy by defining price and competitor settings to position your listings in a way that best fits your business needs.
When you create a custom strategy, you determine:
- How competitively you want to price your items against other available offers
- Which listings you want Monsoon Marketplace’s pricing logic to include
- Which competitors should be considered
…and much more. Figure 2 shows an example of a custom pricing strategy, and the options available in Monsoon Marketplace.
To help you decide which choices are best for your business, review articles on the following topics in the Pricing Inventory section of Monsoon Marketplace Help:
- Pricing–Choose if prices should be calculated against the lowest offer, at an average, or by a percentage or dollar amount.
- Item conditions to consider–Select which conditions should be considered when the software prices your inventory.
- Only consider competitive listings–Add further criteria to refine what is considered a competitive listing.
- Consider Amazon as a competitor in pricing logic–Choose whether you want to include Amazon as a competitor.
- Price ceiling–Set a relative price ceiling using this custom strategy.
- Pricing when there are NO competitive listings–Choose what the software uses to calculate pricing when there are no competitive offers available.
- Ignore Lowball–Decide how aggressively you want to ignore uncharacteristically low competitive offers.
Things to know:
We recommend that you start with one of the preset pricing strategies, and add custom pricing strategies as you become more experienced with Monsoon Marketplace and the markets.
You can assign pricing strategies at either the item level or the inventory group level. We will review inventory groups in the next topic of this lesson.
You can set price ceilings in three different areas: within a custom pricing strategy; at an inventory group level; and at an item level. For in-depth information about price ceiling options, search for “Price Ceiling” in Monsoon Marketplace Help.
I. Create a custom pricing strategy
- Click on the Settings tab.
- Click Custom Strategies.
- Click Add Strategy.
- In the Name field, type My Lowest.
- In the “Pricing” section, select Match Lowest Price.
- In the “Item conditions to consider” section, select Only consider USED Items if my item is USED, NEW items if my items are NEW.
- In the “ONLY consider competitive listings where” section, select The seller has feedback greater than and type 200 in the field.
- In the “Consider AMAZON as a competitor in pricing logic” section, select Do NOT include Amazon.
- In the “Price ceiling” section, do not make any changes.
- In the “Pricing when there are NO competitive listings” section, do not make any changes.
- Move the Ignore Lowball slider to 3.
- Click OK to save.
II. Create another custom pricing strategy
- Name this strategy Penny Undercut.
- Use the settings
- Price at $-.01 above the lowest price
- Only consider USED items if my item is USED, NEW items if my items are NEW
- Seller has feedback to greater than 200
- DO NOT include Amazon as a competitor
- Click OK to save.
III. Create your own custom pricing strategy
- Use what you’ve learned to create a custom pricing strategy you may want to use in the future, and name the strategy after yourself.