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How to Drop Your Prices to Compete Better in the Wish Marketplace?

Wish is introducing a new feature called “Compete in Marketplace” that empowers merchants to compete more effectively on Wish. You have been selected as one of the first to participate in the “Compete in Marketplace” beta test. We’re excited for you to try out the new feature, and look forward to your feedback. You may directly access the “Compete in Marketplace” page here and start dropping your product prices.

The new feature compares your products with similar ones on Wish, suggests better product prices for you, and allows you to drop your prices to boost your sales. The feature not only allows you to drop the prices, but also equips you with sales insights after you do, enabling you to track the impact of price drop on your sales performance.

To participate, simply follow the steps below to drop your prices and track progress:

1. On your Merchant Dashboard, you’ll notice a new banner that introduces “Compete in Marketplace”. Click on “Drop Price Now” to start:Screen Shot 2019-03-18 at 3.17.12 PM.png

Alternatively, you can also access the new feature via Products > Compete in Marketplace and arrive at the same page: Screen Shot 2019-03-18 at 3.18.01 PM.png

2. Next, you’ll be able to access your “Compete in Marketplace” dashboard. This dashboard allows you to drop product prices, view recently updated prices and product variations, and monitor sales performance after price drop.Screen Shot 2019-08-27 at 4.39.01 PM

3. On the “Prices to Drop” tab, you’ll see a list of your product variations/SKUs that we compared with similar ones on Wish and surfaced for you to lower the prices. To help increase your competitive advantage on Wish and boost your sales, we also provide you with a suggested price to drop to for each product variation.

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In addition, you’ll be able to view an estimated weekly sales (for U.S. orders only) after price drop and compare it to your past week’s sales.

Screen Shot 2019-08-27 at 4.41.35 PM

Note that you have the option to drop one price at a time by clicking on the “Drop to $x” button under the Action column, or drop the prices for all listed products at once by clicking on the checkbox at the top of the product list, which will subsequently generate the “Drop to suggested price for all products” button. For each product variation, you have a limited number of days to take actions and drop prices; you’ll see the days you have left under the “Expires in” column.

4. Before you take any actions, you’ll see a the following tooltip:

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This tooltip is to alert you that after you lower the price, the item will become a promoted product. As a result, price and shipping are locked down and you won’t be able to change either.

5. After you click on “Drop to suggested prices for all products”, you’ll receive a success message on the dashboard. Note that you have a chance to reset prices for all products in case you decide to keep the original prices after you lower them to Wish-suggested prices. You have 30 minutes to reset the prices; once 30 minutes have passed, the lower prices are locked down: 

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6. In the “Recently Updated” tab, you can access your recent price drop activities. In particular, the tab equips you with the sales insights before and after, and allows you to track the impact of price drop on your sales performance: 

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Note that you’ll need to wait for at least a week after price drop to view your new weekly sales under the “Updated Sales” column. Once the updated sales data is generated, you can compare your weekly sales before and after price drop.

If you have any questions about the “Compete in Marketplace” feature, please reach out to your account manager. We appreciate your participation in the beta test, and look forward to your feedback!

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