You can find this section under Advanced Pricing > Automated Pricing Rules in the IRP Admin left navigation menu.
You can use this section to create currency and country level Automated Pricing Rules that makes it easier for Merchants to apply pricing rules without the need for bulk updates. Add a price markup percentage and the level of rounding in the selected currency.
Beware of pricing bias that may exist for specific countries. Both 0.99 and 0.95 are forms of "charm pricing". Countries heavily influenced by the US and Canada see higher conversion rates with 0.99, whereas European markets (like Germany and the UK) often prefer 0.95 or rounded numbers. This difference stems from varying levels of "individualism" and cultural trust. In China and some Asian countries prices ending in 8 are seen as lucky and 4 unlucky). In Japan, there is a strong preference for whole, rounded numbers (like ¥1,000), as they signify higher quality and trust.
The Automated Pricing Rules screen appears as follows:
You can use the Search Filter to find any pricing rule in the system by:
- Active: All. Active, Inactive.
The main grid contains the following fields:
- Currency: The currency of the rule
- Country: The country of the rule, can be applied to Any Country
- Price Markup: The Price Markup as a percentage
- Then Rounded: The psychological rounding rule applied and should be used with knowledge of pricing bias for the country
- Active: The active status of the rule
- Last Executed: The date when the pricing rule was last run and may need to be rerun when new products are added to the catelogue
- Last Updated: The last updated date for the rule
- Run Now: Action to run the rule across the product catalogue
- Edit: Action all the rule to be edited
Add / Edit a Pricing Rule
You can use this section to add and maintain rules and view the Execution Log.
- Active: The active status of the pricing rule
- Currency: The active currency of the rule
- Country: The country associated to the rule, can be assigned to 'Any Country'
- Price Markup: The percentage markup from the default country price
- Psychological Rounding: The rounding rule to apply from None, Nearest Whole Number, 0.09, 0.90, 0.95, 0.99
