Pricing Strategies Lab is a powerful feature designed to help you proactively manage your product pricing based on seasonal promotions, market fluctuations, or special events.
Why Use Pricing Strategies Lab?
Pricing Strategies Lab offers significant advantages, allowing you to:
Align Pricing with Seasonal and Market Trends: Proactively plan and adjust prices for upcoming promotions, seasonal changes, or regional market conditions.
Increase Revenue: Optimize your prices dynamically to align with demand, potentially increasing revenue and profitability.
Efficient Management: Handle multiple Pricing Strategies Lab effortlessly with real-time updates and an intuitive user interface.
Key Benefits
Smarter Pricing Decisions: Align your prices more accurately with demand fluctuations to maximize sales and profits.
Data-Driven Optimization: Use insights from pricing experiments to continuously refine your strategies.
Improved Flexibility: Automatically activate and deactivate strategies according to your scheduling, eliminating manual efforts and reducing the potential for errors.
How It Works
Setting up Pricing Strategies Lab is straightforward:
Create a New Strategy: Start by giving your strategy a unique and descriptive name to avoid confusion.
Define Pricing Settings: Choose the specific price adjustments you wish to apply.
Select Pricing Zones: Specify the regions (Pricing Zones) your strategy applies to.
Schedule Your Strategy: Set a clear date range (start and end dates) and select the applicable timezone for accurate timing.
Your selected Pricing Zones will automatically adopt the new pricing at midnight on the start date. When your strategy ends at midnight on the end date, prices will automatically revert to the previous settings.
Available Pricing Settings
You can customize and control pricing for each Pricing Zone using a variety of pricing settings. These adjustments can include discounts, regional pricing, or specific promotional offers.
Timezones
You have the flexibility to specify timezones, ensuring your Pricing Strategies Lab activate precisely when you need them to. The timezone setting you choose will clearly be shown wherever the date range is visible.
Restrictions and Considerations
Unique Names Required: Each Pricing Strategy must have a unique name for easy tracking and management.
Single Active Strategy per Zone: Only one Pricing Strategy can be active for a Pricing Zone at any given time. Strategies with overlapping dates in the same zone are not permitted.
Pricing Strategy Statuses
Pricing Strategies Lab has several statuses depending on their state:
Upcoming: Scheduled but not yet active.
If you activate a strategy immediately, its status becomes "Active."
Active: Strategies currently running, with applied pricing.
You can update an active strategy, but significant changes to pricing settings will archive the current strategy and automatically create a new one.
Completed: A strategy reaches this status when it concludes naturally at the set end date. At this point, only the strategy's name can be updated.
Archived: If an active strategy needs to be ended early, it can be archived. Archived strategies remain accessible and visible for historical data analysis.
Deleted: Deletion permanently removes a strategy, meaning it is no longer accessible. Choose this option if a strategy was created in error or skews your pricing data. Otherwise, consider archiving for future reference.