What are Min and Max prices?
Your min price is used to define the lowest total price you are willing to sell your item. Informed will not reprice a listing without a min price set. Your max price is the highest total price you are willing to sell an item. Unlike a min price, max prices are not required but can help maximize profit.
What are the different methods of setting Min and Max prices in Informed?
Calculated: You can use an ROI, Profit Margin, or Fixed Profit calculation to have us calculate your Min and Max prices. This is the recommended method for Amazon as we automatically pull in your Amazon fees when calculating. These options are available for Amazon only.
Manual: If you know the Min and Max price you want to set for your item, you can input those values manually. Manual min/max prices are the total price for the product, including both Item Price and Shipping. If you charge shipping on a product it is important to include this in your manual min/max price.
Formula-Based: This is similar to calculated, but the biggest difference is that we do not automatically pull in fees when using formula-based. Formula-Based will allow you to calculate your Min/ Max based on cost price, % of the cost, fixed amount, and/ or shipping cost.
How to set calculated Min and Max prices?
You can choose from the three calculated Min and Max methods within your strategy settings. Once selected, as long as your items have a cost price set, we will calculate your items' Min and Max price.
How to set and update manual Min and Max prices?
Manually: You can set a manual Min and Max price on the listings page by clicking the pencil (edit) icon under the Actions column.
From there, you will be able to add the Min and Max prices within the listing control panel.
Uploads: Our templates allow you to edit information in bulk through spreadsheets rather than individually. We offer various types of templates that can be downloaded within the Uploads page of your account.
To set your Min and Max prices via our templates, you can use either the All Available Fields or the Set or Update Min/Max Prices template. If you already know your min and max prices, you can enter them in bulk.
Bulk Edit: On the listings page, you can start to take bulk actions on items by selecting either a single checkbox on the left side of a given listing or by selecting the empty checkbox at the top of the listings table to select all items on that page.
After doing this, you can select the option at the top to bulk edit Min / Max prices.
You will then have three options to choose from:
Set a new absolute value - If this option is chosen, you can enter the manual Min and Max price for your item, then click save.
Remove manually set prices - If you want to remove a manual Min and Max price set on your item, you can choose this option, then click save.
Don't update - This option is best used if you're only updating one of either the Min or Max. Whichever you are not updating should have this applied.
How to create a formula-based Min and Max price?
Within your strategy settings, you can create a formula-based Min and Max price using your item's cost price, OR you can set a fixed price that will assign identical min/max prices to all listings associated with the strategy.
Cost Price: Using the cost of your item will allow each listing to have different min/max prices based on the cost and formula created.
Fixed Price: Creating a fixed price will apply the SAME min/max price for every listing assigned to the strategy.
To create your formula:
Select "Formula Based Min/ Max" from your strategy's Min/ Max Price section.
Click "+ New Formula" to begin.
Name your formula, something you can easily identify it by.
Select either a fixed amount or cost as a starting point within your formula options.
You have the choice to include a percentage of cost, an additional fixed amount, or your shipping costs (MFN Only). You can add these values to your formula by selecting the "Add More" option.
Percentage: The percentage you indicate will be applied to the total value. If you have identified the cost price + fixed amount first, the percentage will be calculated based on their sum. This is helpful when incorporating marketplace fees into your calculation.
Fixed amount: A fixed amount is a specific value-added to your formula.
Shipping cost: for Merchant Fulfilled sellers, this value MUST be added to your formula if your items have shipping prices. Shipping prices cannot be edited within the formula.
Example: If the cost price of an item is $20, the shipping is $5, and you want your min price to add 30%. Here is how we would calculate your min price:
$20 (cost price) + $2 (Fixed + $3 (Shipping Cost) + 30% = $32.50
After you've confirmed your formula is correct, hit save and finish the strategy.
Using a formula is recommended for Walmart items to calculate your min and max prices based on cost. For Amazon items that you want to calculate a Min and Max price for, we recommend profit or ROI-based.