French, Russian and Turkish merchants don't allow to use this feature.
What Category Competitive Price Is
Product Category Competitive Price is a feature that helps merchants determine the best competitive price and therefore increase sales of products from specific categories. This feature allows merchants to set the allowed range of price reduction (0-50%) for products from certain categories.
How It Works
- A merchant uploads a product from the category "Electronics" that costs $11 (total price of shipping fee and product price). Other merchants upload the same product from the same category, which costs $10.
- The merchant aims to increase the number of orders and so decides to activate this feature.
- The merchant sets 15% as the price reduce range for products from the "Electronics" category.
- The Joom platform checks all active products from the selected category, compares the prices for similar products, finds that the product costing $11 requires a price reduction for 15% or less in order to have the most competitive price.
- The product price is reduced by 15% or less . The final price of the product can be from $9.35 to $10 depending on similar product prices and other factors, though the price reduction cannot exceed 15%.
Benefits to usage includes more orders and product views from a certain category thanks to the new competitive price.
Here is an example of the merchant results after using Category Competitive Price feature:
Feature activation date: 20-05-2019
Conditions for Category Competitive Price
- All merchants are eligible to use.
- Category Competitive Price has no timeframe.
- Merchants may choose an unlimited number of categories simultaneously.
- Merchants may change the range of price reduction at any time.
- Range of price reduction must be a positive integer and cannot exceed 50%.
- Merchants may check updated feature reports daily on weekdays.
- Change of price reduction range requires one working day to update the final product price on Joom.
- Merchants cannot select the specific product to set a competitive price for in this feature.
How to Participate
To participate, merchants must apply by performing a few simple steps:
1. Enter Merchant ID on this page.
2. Enter Merchant Login E-mail Address.
3. Click on the "Search" button.
If you don't know your Login E-mail or Merchant ID, please read the article on How to Find Your Credentials.
How to Set an Allowed Range of Price Reduction
To set the range of price reduction for products in a certain category, carefully enter the allowed range in the corresponding field, which must range between 0% and 50%. The number of participating products directly depends on the set range.
While the final competitive price for certain products may be changed based on results from comparing similar product prices and other factors, it cannot exceed the range established by the merchant.
In the event of change to allowed ranges, it will take one working day to introduce the updates and reflect the final product prices on Joom.
Examples of Non-usage
Some products are not eligible to included due to allowed ranges, among other reasons.
1) A merchant uploads a product from the category "Electronics" that costs $11. Other merchants upload the same product from the same category, which costs $10. The merchant sets 5% as the range of allowed price reduction for products in the "Electronics" category. The Joom platform checks the product of other merchants from the selected category, compares the prices of similar products, and finds that the product price requires more than the 5% reduction to have the most competitive price. In this situation, the product price won't be reduced via this feature.
2) If the product price is competitive enough compared to the prices of similar products, the product price won't be reduced.
How to Check Current Allowed Ranges
Changes to price reduction ranges require one day to update the product price on Joom. To check the current allowed ranges, merchant must enter their credentials here.
How to Check the Feature Results
Merchants should enter their credentials here to check the Category Competitive Price feature daily and weekly reports. We strongly recommend merchants to check their weekly reports only after one-week usage.
Orders Last Week/Current Week is the total number of orders in a certain product category during the last/current week.
Change is the ratio between last week orders and current week orders, which shown in percentage (%). The positive result in this field means that orders volume increased in comparison to the last week. The negative result in this field means that orders volume decreased in comparison to the last week.
Performance is the personal rate, which calculated by comparing with other merchant's rates in a certain category. It can be from 1 (the worst) to 5 (the best). When the orders volume increased due to reasons beyond merchants control, the performance shows merchant up the real rates.
Avg. Price Reduction Last Week/Current Week: the average of price reductions during the last/current week. "0.00%" average rate shows that price for certain category wasn't reduced through this promo.
Notes:
- All orders (such as approved, fulfilled and cancelled) are included in the total number of orders.
- Daily report updates only once per day on weekdays; feature weekly report updates every week.
- Even there is no allowed range of price reduction for a certain product category, merchants could see our system calculations of the total number of orders in their reports.
How to Stop Use This Feature
To stop the usage, simply change all allowed price reduction ranges to "0". The feature will be diactivated in one day.
Links:
- Request to use：https://merchant-data.joom.com/request-edit-dynamic-win-bb/
- To check the activated price reductions：https://merchant-data.joom.com/active-now-requests-dynamic-win-bb/
- To check the reports：https://merchant-data.joom.com/results-of-dynamic-win-bb/