Koongo has launched an innovative repricing solution specifically designed for Bol users. The solution fetches essential data from Bol.com's dedicated endpoints and features advanced functionalities such as Price Stars rating and Buy Box support.
This service empowers Bol sellers to adjust their product prices dynamically to remain competitive in the marketplace, ensuring maximum visibility and sales potential.
How the Repricer Works
A repricer is a software tool that ensures you always offer the best price on a marketplace by automatically monitoring competitor prices and dynamically updating your product prices. This constant adjustment helps you maintain the optimal price to win the Buy Box.
Repricers automate two crucial tasks: conducting market research on current pricing and monitoring competitor price changes. By dynamically updating your prices, these tools save you significant manual effort while optimizing results for each product.
When a competitor runs out of stock or increases their prices, your repricer automatically adjusts your price. This allows you to maintain the best possible margins without missing any sales. In essence, a repricer ensures your prices are always competitive.
Koongo's Repricer is based on predefined rules and strategies to be defined within the Bol Offer feed-specific settings (General tab). The Repricer can be active, inactive, or operate in dry mode, monitoring prices without applying price changes to Bol.
Price star boundaries
The Price star boundaries provide an indication of the price performance levels for your products, which is essential for businesses. Its competitive pricing approach aims to select the price range for your products by evaluating the competitor’s pricing outside Bol and the market trends, thus enabling you to set your offer price in line with the competitor's prices.
This approach provides you with a list of all price star boundaries for a specific EAN, enabling you to analyze your product pricing at a glance through the price star scores. It also enables you to evaluate the prices of your offers and strategically adjust your product pricing.
It enriches the quality of your offers by not only supporting your assortment to rank higher in the search results but also increasing your sales targets and helping to maintain your profit margins.
Price star boundaries apply to all offers in the Netherlands and Belgium that offer new products. Price star boundaries are currently available for 60% of the bol assortment.
Price star scores
Bol.com assigns a price star score to your offer to help you determine the relevance of your product price. Price stars scores allow you to measure the effectiveness of your product prices. Based on the recommended retail price, they indicate if your product prices equate with market prices and persuade you to perform a price evaluation of your products.
This score ranges from 1 to 5 and is depicted by a number of stars that specify whether your current product price is competitive.
An offer is assigned the price star scores based on the following:
5 stars - If the product price is below or equal to boundary level 5.
4 stars - If the product price is higher than the boundary level 5 and below or equal to the boundary level 4.
3 stars - If the product price is higher than the boundary level 4 and below or equal to the boundary level 3.
2 stars - If the product price is higher than the boundary level 3 and below or equal to the boundary level 2.
1 star - If the product price exceeds the boundary level 2.
For example, the price star scores of a product having the buy block price of 39.99 are mentioned in the table below:
Table 1. Price stars and their price ranges |
|
Price star(s) | Prices in Euro |
***** | Lower than or equal to 39.94 |
Boundary level 5: boundary price = 39.94 |
|
**** | Higher than 39.94 and lower than or equal to 40.00 |
Boundary level 4: boundary price = 40.00 |
|
*** | Higher than 40.00 and lower than or equal to 44.00 |
Boundary level 3: boundary price = 44.00 |
|
** | Higher than 44.00 and lower than or equal to 47.00 |
Boundary level 2: boundary price = 47.00 |
|
* | Higher than 47.00 |
In this example, since the buy block price of 39.99 is higher than 39.00 and lower than 40.00, this offer will have a price star score of 4, implying that it has a competitive price.
Repricing Strategies
Koongo offers several Repricer Strategies to help you determine your objectives, whether selling at minimal or maximal prices, prioritizing Price Stars, or winning the Buy Box.
Target Buy Box or Optimal Price
Merchants target BuyBox if it is impossible to reach the best offer using the optimal price.
Target Buy Box or Minimal Price
With this strategy, merchants target BuyBox if they cannot reach the best offer at a minimal price.
Best Position at Optimal Price
With this strategy, merchants want to reach the best position level at the highest Price Star level, which is higher than the defined minimal price.
Best Position at Minimal Price
This strategy allows merchants to reach the best position within the Price Star level.
No Competitors Strategies
With Koongo Repricer, you can choose your course of action when no competitors are in sight.
Go to Standard Price
This strategy allows you to keep the price steady. Your primary reference is the Price.
Go to Minimum Price
With this strategy, you stay competitive. Your primary reference is the Minimal Price set.
Go to Maximum Price
You can aim high. Your primary reference is the Maximum Price defined in your Bol integration.
Configuring the Repricer
To activate the Koongo Repricer, please set the repricer to active mode in your Bol integration.
And also, define the essential parameters:
Standard Price refers to the regular Bol product price usually exported.
Minimum and Maximum Prices serve as boundaries for pricing adjustments.
Price Undercut determines the amount by which the price should be adjusted, either increased or decreased, from the boundary price.
You can map all the BOL Repricer attributes detailed above with store attributes or use standard price attributes adjusted through the Koongo Macro Editor system.
Please note shipping costs are automatically added on top of any BOL price value
Repricer reports Insights
The updated Bol submission report now includes additional Repricer information,
allowing you to determine whether you've successfully secured the Buy Box, attained a certain Price Stars level, or need to adjust pricing to reach the next Price Star tier.
While the Bol Buy Box algorithm remains undisclosed, factors such as product price (inclusive of shipping costs), delivery times, and partner score are known to be crucial, therefore, increase your chances of securing the Buy Box by adjusting your product pricing, improving your seller rating, and offering faster delivery options.
