Do you need help with pricing your products? Our historical pricing feature will provide reliable data points to help inform your pricing. Our goal is that this data will boost confidence in setting prices while creating more consistent pricing across your stores.
Historical Pricing allows you to see how a specific product has been priced across past
stores at the individual and account-level during store setup. To help set the base price & inform overall pricing strategy, you can view how each product has been priced by region or nationally so you can increase margins & drive revenue.
Here are the steps on how to set this up:
Step 1: Go to "Edit Store".
Step 2: On the "General" tab, you will see the option to customize your store location
Step 3: You can select the region you're selling to and it will highlight this area on the map. This can be changed to a specific region or you can leave it as the default.
Step 4: Click "Save" in the top right-hand corner
Note: The default region will be connected to your billing address on your account.
Step 5: Go to the "Products" tab and add a verified product to your store
Step 6: Under the pricing data, you can click on the prices shown to set the base price of the product automatically. You can choose to either use the pricing tool to set the price or you can manually enter in the base price.
- Price Analytics - Median price with a .5 and 1 standard deviation below and above
- Account Average - Average price of this product across all stores on the account
- Sales Rep Average - Average price of this product for the specific salesperson assigned to the store
Note: If we don’t have enough data to confidently display regional pricing data, national price data will be displayed. If we don’t have enough data to confidently display national pricing data, no data will be displayed.
FREQUENTLY ASKED QUESTIONS:
Q: How are the pricing data points collected?
A: OMG historical pricing data reflects the median price range of a product across all OMG dealers/distributors. In order for pricing data to be available on a product, the product must meet a few requirements. The product must be sold on a minimum of 5 different OMG accounts and is aggregated in order to protect our clients. Each product must also be sold at least 100 times in the last year as well as 25% or more of the sales cannot associate with one dealer. This prevents users from determining how another dealer/distributor prices a product. If the above cannot be met regionally, we show national data and if it cannot be met nationally we do not reveal pricing data.
Q: Does the pricing include any upcharges/decoration costs?
A: No, pricing data does not take into consideration decoration price or any other variables in pricing, such as upcharges for sizes, additional cost for customizations. It is based solely on the base price of products that have been sold through OMG.
Q: What products will this calculate on?
A: The historical pricing only applies to verified product that has the required data and will not be included on dealer products or other custom created products.
Q: Do I have to use the pricing shown?
A: No, you are able to price your products without using the informed pricing data. This information is informative but not required that you use the pricing displayed.
Note: SAFE HARBOR LAWS - In an effort to prevent collusion such as price fixing & other anti-competitive behavior, the Federal Trade Commision (FTC) & Department of Justice (DOJ) have established safe harbor guidelines that apply to the sharing of non-public information, such as pricing data. These guidelines act as a safety zone by providing guardrails around the types of data that can safely be shared, which helps protect OMG, our clients, & consumers.
We are continuously looking for feedback for this beta feature and in doing so please feel free to email us with any questions or comments you may have at email@example.com.