How it works¶
How does SmartPrice’s repricing system work?
SmartPrice works as saas, which means that all calculations, comparisons etc. are performed on the SmartPrice server in order to avoid overburdening the server hosting Prestashop. Nevertheless, SmartPrice does use a Prestashop module in order to display and configure its content directly into the backoffice rather than connecting to another website.
The catalogue must therefore be exported to the SmartPrice servers to list the necessary information. This can be done at any time from the SmartPrice configuration page in Prestashop and is also updated automatically everyday by a cron task.
Configuration takes place in the Prestashop module and is then saved to the SmartPrice infrastructure.
The products from your catalogue are put onto online market places/ distribution channels by SmartPrice using their connections APIs or barcode associations (ean, upc, gtin)
Set up mainly consists of creating some repricing rules.
These rules principally allow you to:
- Exclude products from repricing.
- Integrate your costs: this can include simply the buying cost of your product or you can include all other costs using the additional costs settings, such as transportation costs and commission charges in order to manage very closely your profit margins.
- Determine your minimum margins and your price adjustment criteria: what adjustments should be made on, by how much, what should be left out etc.
- Determine sale prices when there are no competitors for the product.
- Eventually set maximum and minimum price limits.
For all rules, product specific conditions can be applied, meaning that a rule can be applied uniquely to products which meet one, or several, different criteria. These conditions can include the product’s field value (weight, category, provider, brand, size, etc.) or can depend on the various offers for a product (a setting which works when certain sellers have a better price, or if the sale price of your competitors is within a certain price window, etc.)
SmartPrice analyses offers on different selling channels and, in relation to your settings, determines the best selling price for you throughout the day.
All this information is then displayed in the Prestashop back office in real time and a cron task saves the final prices to Prestashop every 10 minutes.