What is Jet Repricing?
Jet Repricing is a functionality which automatically changes your prices based on market prices. For example, you can set up that a price for your products that can fluctuate between $8 and $10 dollars. The repricing software checks what the lowest price is of your products on the market, and changes a price of your product to be the lowest one, while not going lower than your minimum. It also works in the other direction, if your competition offer is much more expensive than yours (or there is no competition), repricing will increase your prices, while still keep them below what other merchants offer.
Repricing is a very popular concept, especially among Amazon sellers, however on the Jet platform, repricing seems even more important. On Amazon, buyers select merchants themselves, so if your product is 10 cents cheaper than a competition, this is still up to the user to make the final decision on where to purchase a product from, and this decision could be determined either randomly or based on a ranking/reviews. With Jet, on the other hand, the algorithm is selecting a winner, so if your offer is even 1c better than your competition, you are chosen as a winner.
How our repricing works
Please keep in mind that we DO NOT overwrite your product price, and we keep the new price submitted to Jet after the adjustment as a separate variable. This means that after turning off repricing and clicking “Save and Export” to Jet, your product price will go back to the original price value specified for this SKU.
Activating the repricer on an individual product page
First, you need to activate it for a selected product by checking a checkmark. Then you need to specify your minimum, maximum and bid. Be careful to do not specify too high Maximum Price, since products prices too high can be Excluded by Jet catalog team. Our script will correct it automatically by lowering the price, but you should avoid even a temporary exclusion of your products.
When a checkbox is selected, our system will check the Jet market prices once a day, and adjust your pricing and submit the new value to Jet.
The buttons in this section are there for you to manually trigger a functionality which finds the best price and a functionality which submits your new price to Jet.
How to test it (example)
1. I went to Insights section to find which of my products would need some price adjustment. For example, I found this SKU which is $4.00 more expensive from the best retail price:
2. I edited this product and adjusted repricing values:
3. Then after clicking “Find Best Price” a repricing script calculated how a price would be adjusted based on provided input:
Which is exactly what I was expecting. My price was 25.99, best market price is 21.99. After adjusting it by $1.00 bid, the script wants to submit my new price to be 20.99, which will make it to be the best price on the market, and still above my minimum of $20.00.
Now if I activate the auto-repricing, the script will perform the same calculation, once a day and submit the new calculated price to Jet.