Reserve prices

Reserve Prices in Core dna: Empowering Marketers

Reserve prices are a critical tool for marketers, facilitating smarter pricing strategies and ensuring a minimum price is met before a transaction progresses. When integrated with the Core dna platform, it becomes a potent feature for e-commerce businesses looking to optimize profits while maintaining value perception among consumers. This integration allows marketers to manage and automate pricing strategies effectively, ensuring competitiveness while maximizing revenue potential.

How Reserve Prices Work with Core dna

On the Core dna platform, reserve prices can be set within the product management system. Marketers can establish a minimum acceptable price for an item. This prevents items from being sold below their determined value, which is particularly useful during auctions or when dealing with high-demand items. The system enforces this rule seamlessly, integrating across all sales channels connected to the Core dna platform.

Practical Use Case

Consider a company selling luxury watches online via the Core dna platform. By implementing reserve prices, they can ensure that their watches are not sold below a predetermined price, thus maintaining brand value. The company sets up reserve prices through the Core dna admin panel for their limited edition pieces, ensuring these items remain exclusive and desirable.

When a customer attempts to purchase a watch below the reserve price during a promotion or auction, Core dna's system will notify the customer of the minimum required bid or price, automatically ensuring that the transaction cannot occur unless the reserve price is met. This feature gives companies the advantage of automating price control while managing customer expectations effectively.