There are currently two ways to set a minimum price: Let SmartPrice calculate a minimum price, or specify a User-Defined Minimum Price.
For either way you choose to setup your listing for repricing, you’ll need to enter data, which you can do either by entering Editing Mode (grid icon), or by using Mass Edit (pencil icon).
To calculate pricing, SmartPrice needs you to enter your Supplier Cost, and your Minimum Profit Margin. Optionally, at higher plan levels you can include costs that you have defined in the User-Defined Costs tab.
Calculated pricing takes your supply cost, adds the desired margin, adds all costs you’ve indicated in SmartPrice, and adds all Amazon’s fees to determine the minimum profitable price for your listing.
This option has the additional bonus of ensuring that Amazon’s changing fees are double checked by SmartPrice whenever it submits a new price for your product, to make sure that you’re always making at least your Desired Margin on every sale.
The quickest solution is to enter Editing Mode (grid icon) and add the following inputs:
- Supplier Cost: Enter the supplier cost of your listed item in your supplier cost column in dollars and cents.
- Minimum Profit Margin (Absolute): Enter the desired profit margin of your listed item in the Minimum Profit Margin column in dollars and cents.
- Minimum Profit Margin (Percentage): Enter the desired profit margin of your listed item in the Minimum Profit Margin column as a percentage.
NOTE: The Calculated Minimum Price will be ignored if you specify a User Defined Minimum Price.
Another option is to upload a CSV file with the Supplier Cost and Minimum Profit Margin (Absolute) for multiple listings in a single file, and SmartPrice will calculate a Calculated Minimum Price for each listing in the file.
2. User Defined Minimum Price
This option is a quicker way to get up and running if you aren’t ready to enter all your cost data . Simply enter your desired minimum price in the User Defined Minimum Price field, and save your changes. SmartPrice will immediately use this value as the minimum price for that listing when checking for opportunities for you to take the Buy Box.
The User Defined Minimum Price takes precedence over the calculated pricing, so you can also use it if you want to sell your product at less than your desired margin, or even at a loss, without having to change your cost data or your desired margin.
NOTE: Listings with a User Defined Minimum Price are not subject to Amazon Fee Monitoring and profit protection, even if the necessary inputs for calculated pricing have been entered.
You can upload a CSV with the User-Defined Minimum Price for multiple listings in a single file, and SmartPrice will update those listings immediately.