Create Inventory Groups

Document created by noahs Employee on May 1, 2017Last modified by noahs Employee on May 1, 2017
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Overview:

Inventory Groups allow you to add pricing rules to sections of inventory, rather than at the individual item (SKU) level.

You can create an inventory group and apply price settings on the Settings tab, under Inventory Pricing.

Inventory Pricing section of the Settings tab

FIGURE 1: Create groups of inventory items on the Settings tab under Inventory Pricing

Select the criteria to define your inventory group from options such as Market, Condition, Classification, Weight, or Quantity.

Once you’ve created an inventory group, specify the Pricing Strategy you want to apply, and then determine additional pricing criteria, such as:

  • Cost Of Goods – Cost that you associate for item acquisition and maintenance
  • Profit – The percentage or dollar amount you want to capture above associated costs
  • Floor Modifier – A value you can use to account for additional cost if needed
  • Price Ceiling – The upper limit at which you want your item to price
  • Default Price – A price Monsoon Marketplace can use when dynamically pricing an item the first time if no other pricing information is available

Read more about these additional pricing criteria, and how each is calculated in Monsoon Marketplace, in the Pricing inventory section of Monsoon Marketplace Help.

Things to know:

We recommend that you keep things simple at first. It’s easier to manage just a few inventory groups while you are learning Monsoon Marketplace.

Item-level price settings (applied directly to a SKU from the My Inventory tab, or during receiving) override group-level price settings.

If you delete an inventory group using the Remove Inventory Group option, it can’t be undone. The price settings you associated with that group are permanently deleted. Any inventory that was priced using that inventory group will be re-evaluated using the next available inventory group settings.

Inventory pricing applies to items in priority order starting at the top of the Inventory Groups list and ending with the Default – All Inventory group.

  • Rules intended for very specific sections of your inventory should be at the top, and each rule following should apply to broader sections of inventory.
  • If you have at least three inventory groups (the default group plus two more), you can change the order of your created groups by right-clicking a group, then selecting Raise Priority or Lower Priority.
  • The priority of the Default – All Inventory group can’t be changed.
Inventory groups list

FIGURE 2: Monsoon Marketplace applies pricing rules starting at the top of the Inventory Groups list

Exercise

 

I. Create an inventory group using a classification

  1. Click on the Settings tab.
  2. Click Inventory Pricing.
  3. Click Add Inventory Group to open the Pricing Criteria Editor.
  4. Click the expand button next to Classification.
  5. Select Yes for the classification VendorX.
  6. Click OK to close the Pricing Criteria Editor.
  7. Under Pricing Strategy, select My Lowest.
  8. In the Cost of Goods field, type 5.00.
  9. In the Profit field, type 3.
  10. In the Floor Modifier field, type 4.00.
  11. In the Default Price field, type 17.99.
  12. Click OK to save your changes.

II. Create an inventory group using a classification and a specific market

  1. From the Inventory Pricing section of the Settings tab, click Add Inventory Group.
  2. Click the expand button next to Market, and select Amazon US.
  3. Click the expand button next to Classification.
  4. Select Yes for the classification VendorX.
  5. Click OK to close the Pricing Criteria Editor.
  6. Under Pricing Strategy, select Penny Undercut.
  7. In the Cost of Goods field, type 4.44.
  8. In the Profit field, type 25.
  9. In the Floor Modifier field, type 3.99.
  10. In the Default Price field, type 47.77.
  11. Click OK to save your changes.

III. Create another inventory group

  • Following the steps outlined above, create another inventory group using criteria that could apply to your own inventory.

 

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