You can notify customers when a product's price drops with the Price drop product catalog change type. When a product's price drops, all contacts who are interested in that product will enter this program if the price:
- drops by the specified Minimum price drop value and
- exceeds the Minimum price of the corresponding price tier.
You can use the Repeatable Block in your price drop campaign. For more information, see Adding the Repeatable Block to campaigns using Product sets.
You can define a price tier by setting the products' Minimum price and Maximum price (it is determined by the next price tier's Minimum price value) and assigning a Minimum price drop value to that range. If a product's original price (i.e. before its price has dropped) is between the Minimum price and Maximum price values defined for a tier and the discount exceeds the amount of Minimum price drop specified for that tier, then contacts will be notified about the price drop.
You can specify a single or multiple price tiers by defining the following values:
- Minimum price - The lowest original price of products belonging to a specific tier.
- Maximum price - The highest original price of products belonging to a specific tier. This value is determined by the Minimum price of the next tier. If there are no more tiers, the Maximum price will be the highest price in your product catalog.
- Minimum price drop - The amount of discount expressed as a percentage. This value should be at least 1%.
If you would like to exclude a certain price tier and avoid sending notifications related to that tier, then we recommend setting the Minimum price drop value to 100%.
- Localized price field - By default, product data in price drop campaigns is retrieved from the standard price fields in your product catalog. To change this setting, select the required field under Localized price field.
- The Localized price field is visible only if you have localized fields in your product catalog.
- Besides the calculation method, the Localized price field option changes the event data, as well. The fields included in the event data (i.e.
msrp) will also use the selected localization. Currently, this only applies to campaigns containing ESL blocks directly referring to the event payload that is coming through Interactions (External Event personalization).
- The field names in the payload will not be changed. So, you can use the same template or template blocks for localized campaigns without altering the field names used within the campaign.
- One program can only use one field (i.e. either standard or localized) for the calculation. You need to create separate programs for each market you would like to target.
- All the available localized fields in your account are listed in the drop-down.
- You can change the Localized price field setting before activating the program. To use the standard price or availability fields, click the Delete icon.
- If a program uses a localized field that is not available in the product catalog anymore, then the calculation will be based on the standard price or availability fields, and the event data will also use those.
- For example, if your business operates primarily in the United Kingdom but you would like to target your customers in France, then the Calculate based on a localized field option will work as follows:
You can perform the following actions:
In the following example, we have created 3 price tiers:
- Contacts will be notified if the product's previous price is between $10-99.99 and its price drops by a minimum of 15%.
- Contacts will be notified if the product's previous price is between $100-249.99 and its price drops by a minimum of 10%.
- Contacts will be notified if the product's previous price is at least $250 and its price drops by a minimum of 5%.