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What Are You Going to Learn in This Lesson?
When running a drop shipping business, sometimes you notice that products that recently performed well no longer do so. This might affect your sales and total revenue.
In this lesson, we will learn the basics of store optimization for your dropshipping store using the smart filters of the DSM Tool Price Monitor, the Dashboard alerts, and the Product Search feature.
Simple Steps to Easily Optimize Your Drop Shipping Store with DSM Price Monitor
Ok, you’ve already posted your first products in the e-commerce store, what’s next? Optimization is a crucial part of your dropshipping daily routine. It’s a process of making improvements and syncing the changes from the supplier, removing items that sell poorly, and branded products that will prevent your account from getting suspended.
So, stick around! In this article, we will discuss how to make your products more advantageous over the competitors using the DSM Price Monitor.
What Is the DSM Tool Price Monitor?
As the name implies, this DSM Tool feature monitors your products and reprices them if there are any changes in price, quantity, etc. at the supplier store. But, that is not the only function of the Price Monitor; it also provides some opportunities to give you significant benefits in managing your store!
Let us check the structure of the Price Monitor.
That’s how your Price Monitor looks if you have uploaded products to your store. You can see that there are columns with different helpful data for your convenience. One of the things that you need to always check is the matching of the price of the supplier and the price in your store. Another helpful information here is the Number of views of the item and the Selling Ratio that tells you how your products perform.
Step 1: The Monitoring Frequency
How often does the Price Monitor reprice your product? The answer to this question you can see on the screenshot above – the Repricer updates your product every 60 minutes for all suppliers that we support. Monitoring is one of the primary reasons to use the repricing tools, and how often they scan the products for any changes is absolutely essential. DSM Tool takes implementing this monitoring process seriously to prevent loss in sales.
Step 2: The Price Monitor Settings
The settings page is the first place you should go to properly configure the options for your store’s entire operation. To see the settings of the Price Monitor, click your account profile name at the upper right corner of the page and then click Settings.
Then, choose the Monitor tab.
In the Supplier Settings section, you will find the Price Monitor settings for each supplier that you work with.
Enable/disable the given options, then click Update. After that, click the other suppliers to set the needed parameters for them. By the way, we have an article that focuses on how to work with our supported dropshipping suppliers.
Don’t know how to start working with a new dropshipping supplier? Check out the link!
Price Monitor Settings
Price Monitor Settings are the general settings that work for all of your products regardless of the supplier. There are 2 options here, Protection and General.
- Protection is a feature that involves the DSM Price Monitor putting under protection your item when your product or listing status is changed or removed from a particular parameter like 2-Day Free Shipping (Amazon), Sold and Shipped by your preferred supplier (Walmart/Kmart/Sears). So, the Price Monitor will set its quantity to 0/out of stock or double the target price. Click on the Account Settings Protection article to know more about it!
- The General feature means the opportunity to stop the monitor from scanning and monitoring your items.
General Monitoring Settings
Step 3: Single Item and Bulk Item Edit
Now, let’s get to know how to edit your items in the Price Monitor. This is a powerful tool that allows editing the main item details
Single Item Edit
With this feature, you can edit a single item in your Price Monitor. To do this, click the blue pencil button in the listing that you want to edit.
Here you can configure the quantity, break-even, profit, even scanning status and choose the product template. When done, click the Update button.
Bulk Item Edit
This feature allows you to edit multiple items in your Price Monitor. To do this, mark the checkbox of the items you want to edit.
Then click the blue pencil button at the top of the Price Monitor dashboard.
After that, you can edit the same parameters as described in the single item edit process. Once done, press the Update button to save the changes.
Step 4: Global Operations Buttons
Global Operations Buttons are special functions in adding, editing, and reporting a product/s.
- Add Existing Listings can be used in one of the following situations:
- If you are moving to DSM Tool from another repricing tool/price monitor, you may prefer to transfer your listings one by one manually. It’s recommended that if you have not more than 30 listings and it will take you approximately 5-15 minutes.
- If you import all your listings to the DSM from another monitor, and some of the items didn’t transfer successfully, or some of the listings fail to import, you can manually upload the missing listings.
- Find Unmonitored Listings is an option to be used if you might have some listings that are not yet monitored by DSM Tool.
- Revised All Filtered Items is a feature that allows for editing/revising ALL of your existing listings monitored in your DSM account using the filtering of the listings on the Price Monitor.
- If you suspected some VeRO item and want to report it that it won’t harm you again and couldn’t affect other dropshippers, click the Report on VeRO button.
Step 5: Optimization
Optimizing your product/s is one of the pain points in this lesson. This is a process when you manage your listings most efficiently to be profitable. With alerts in your account dashboard, DSM Tool helps you to distinguish those items that need your individual attention and allow you to optimize them.
Here in DSM Tool, we want you to be on top of every listing in your account. And to make it happen, this part of your account was created. For your convenience, all alerts can be seen on the Dashboard page so you can easily keep track of your listings.