Today, ChannelUnity set out why their velocity repricing tool is a must have in a retailers arsenal to win in an increasingly competitive world:
Being price competitive in the marketplace is a key component in successful online and marketplace selling.
Working with large product catalogues can become challenging when pricing changes are frequent and updates in your ecommerce system are manual.
If you retailing products manufactured by others, ChannelUnity can automatically set prices based on your competitors’ price points. But what if you’re a brand owner and you control the market price in-house?
ChannelUnity has developed a new velocity repricing module that will automatically update prices based on sales velocity and remaining stock levels.
Velocity repricing automatically reprices products based on the momentum of sales. In practise this is designed to reduce the selling prices of products which are slow moving and raise prices of products which are selling well within given parameters.
– Matthew Ross, Technical Director, ChannelUnity
It automatically targets slow-moving inventory and reduces the price to stimulate sales. We also identify fast moving lines, raising the price gradually to achieve higher margins.
Clients can start by setting a base price, as they would normally, then take advantage of a range of pre-programmed rules that control the price point over time.
These include minimum and maximum rates of sales over time, and the current level of stock cover for a given SKU.
Once the rules are defined, it’s possible to run the system in a semi-automatic mode, where the prices can be eyeballed before being applied.
We are incredibly proud of the work our development team have produced. It’s more important than ever that retailers make the most the stock that they have available and achieve good turnover of stock. I believe that this tool is something that all eCommerce businesses will benefit from, and especially in such a fast paced and changeable world as marketplace selling – we can’t wait for more businesses to begin using Velocity Repricing.
– Matt Gardiner, CEO, ChannelUnity
When you’re confident you’ve got your logic setup as intended the updates can be automatic, working in real time with marketplaces via fast API connections.
Added value tools like velocity repricing, competitive repricing and product data enrichment have proved to be fundamental to marketplace sellers operating at scale.
If you would like to get in touch with ChannelUnity to learn how they could help you make the most of your marketplace operations, please get in touch via:
Phone: 0808 208 4230
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