To help merchants increase product impressions via more channels and offer competitive pricing of their products on Wish, Wish’s Price Drop program enables merchants to drop the prices of select products via Price Drop campaigns for an opportunity to receive additional product impressions. The Price Drop program is currently available to select merchants, and not yet rolled out to all merchants.
The program compares some of your products with competitors’ similar ones on Wish, and provides you with lower competitive price options to drop your prices to in exchange for potential increase in impressions. The program not only allows you to drop the prices, but also equips you with impression and GMV insights of the products afterwards, enabling you to track the impact of the price drop on your product performance.
For the first groups of merchants to whom the Price Drop program is currently available, Wish runs a subsidized Price Drop campaign for merchants to explore, and presents merchants with Price Drop offers containing products that merchants are able to drop prices for. The following outlines details of these two steps to get merchants started with the program:
Explore the Wish-subsidized Price Drop campaign
To help you explore the benefits of the Price Drop program, Wish first ran a 7-calendar-day Price Drop campaign on your behalf. Specifically, Wish selected some of your products to drop the prices for, and subsidized 100% of the price drop of these products, so your products were priced more competitively compared to other merchants’ similar items on Wish, while the payments you receive from these product sales remain unchanged.
In addition, you may explore the detailed performance of this Price Drop campaign, such as price drop amount (i.e. the Wish subsidy amount), GMV gain, impression gain, and more.
To view the campaign details, click on “Explore Now” in the following Merchant Dashboard homepage banner to start:
Alternatively, navigate to Products > Price Drop to arrive at the same page below:
You will first notice that a list of products is presented under the “Price Drop Offers” tab - these are the products that Wish selected for the campaign that we ran on your behalf. And congratulations! The campaign was a success because all products included received increased impressions and GMV after the 7-calendar-day period (compared to the 7 calendar days immediately prior to the campaign started), as shown in the positive percentages under “GMV Gain” and “Impression Gain” columns above.
Other details of this campaign presented on this page include the products selected, corresponding parent SKUs, campaign time period (i.e. the “Subsidy Period” column), and the exact price drop amount (i.e. “With Subsidy” column, as Wish subsidized 100% of the price decrease).
You may also click the drop-down arrow next to an individual product name to explore product-level impression, GMV, and order performance trends during the campaign:
Alternatively, click on the product name itself to be taken to review the more detailed Price Drop Product Performance page that highlights the campaign performance trend for this individual product:
Leverage Wish’s Price Drop offers to run your first Price Drop campaign
After you explore the performance of the Wish-subsidized Price Drop campaign, you may choose to take on the Price Drop offers presented in this campaign, and start running your own campaigns for all products included in the Wish-subsidized campaign. In other words, on the same Products > Price Drop page, you may choose to continue dropping the prices of these products to maintain your competitive edge and keep the impressions and GMV momentum going. Upon doing so, you will start a new 28-calendar-day Price Drop campaign in which your products will be in promoted state throughout.
Note that you only have a limited amount of time to take action. If you do not drop the prices within certain days, these Price Drop offers will expire (see details below) and you won’t be able to drop their prices until next time the products are included in future Price Drop offers from Wish.
You may drop the prices of all Wish-selected products at once or manually pick individual products to drop the prices for:
1). To drop the prices of all selected products at once, simply click the checkbox next to “Campaign ID”, and a “Drop prices by suggested percentage” button will appear above the product list (as shown below; note that to help merchants optimize the benefits of Price Drop campaigns, this suggested percentage is the same as that in the Wish-subsidized campaign, but merchants can alter this percentage as they see fit):
All products presented on this page will be selected automatically, and a popup modal will ask you to confirm your action for all selected products:
After clicking “Confirm”, you will be redirected to the original page where all products’ prices have been dropped by the percentage suggested in “Suggested Price Drop” column:
Under the “Action” column, the previous “Drop X%” is now updated to “Reset Price”. This particularly means that after you drop the price, you have 30 minutes to reset it if you would like to reverse the action. After 30 minutes, the product price will be locked down for the 28-calendar-day campaign period.
Again, if you do not take the above action within the amount of time noted in the “Expiring in” column, the Price Drop offers tied to these products will expire, and you won’t be able to drop their prices until these products are included in future offers again. These expired offers will be moved to the “History” tab of this page.
2). To drop the prices of individual products you manually select on this page, simply click the “Drop X%” under the “Action” column of specific products you select:
Similar to No. 1 above, you may also individually alter the price drop percentage for each product, rather than dropping the prices by the Wish-suggested percentage; in the example shown below, we altered the Wish-suggested 42% price drop to 30%:
Next, click “Drop X%” to complete. You will once again be able to reset the new price within 30 minutes, after which the new price will be locked in for the next 28 calendar days:
Similar to No. 1 above, if you do not take the above action within the amount of time noted in the “Expiring in” column, the Price Drop offers tied to these products will expire, and you won’t be able to drop their prices until these products are included in future Price Drop offers again. These expired offers will be moved to the “History” tab of this page.
Alternatively, you may also drop the prices of individual products on the Price Drop Product Performance page mentioned above. This is the previously-mentioned standalone product-level performance page where you can view detailed performance trend for each product during the Wish-subsidized campaign:
As shown above, aside from viewing the in-depth performance trend of this particular product during the Wish-subsidized campaign, you can also choose to drop its price directly on this page by selecting a price drop percentage and click “Drop X%”. Subsequently, similar to the above steps, you have 30 minutes to reverse this action:
Once the above is completed and you decide not to reset the price, your first 28-day Price Drop campaign is now up and running. The corresponding product within this campaign will appear in the “Ongoing Campaigns” tab:
Price Drop campaign automatic renewal (for campaigns started based on Wish’s Price Drop offers)
Based on Wish’s Price Drop offers, you have now started your first Price Drop campaigns that will run for the next 28 calendar days. To help merchants continuously taking advantage of the Price Drop program in the most seamless manner, any ongoing campaigns will be automatically renewed for another 28 calendar days by default. However, you are able to manually opt out of the automatic renewal within 7 calendar days before the campaigns end.
To do so, identify a campaign for which you would like to opt out of the automatic renewal in the “Ongoing Campaigns” tab, and switch to “Off” under the “Auto-renew” column:
Campaigns that you manually opted out of automatic renewal will be moved to the “History” tab of this page.
Please also note that Wish may opt your Price Drop campaigns out of the automatic renewal on your behalf, if the corresponding products perform poorly (i.e. high refund rates, low conversion rates, etc). These campaigns may be stopped by Wish during the 28-day period, and be moved to the “History” tab directly.
Promoted state for products included in Price Drop campaigns
Products included in the Wish-subsidized Price Drop campaign have become promoted once they were selected for the campaign. Going forward, Wish’s Price Drop program may also present you with more Price Drop offers that include more products for which you can drop the prices and start new Price Drop campaigns. Regardless of these products’ original state before being included in the Price Drop program, they will become promoted once they are presented to you by Wish in future offers, and subject to all Product Promotions policies here.
Note that if you choose to not run new Price Drop campaigns based on the Wish-subsidized campaign or any future Price Drop offers presented by Wish (i.e. the offers go expired), OR if you choose to opt out of automatic renewal of any ongoing campaigns, the corresponding products will return to their original state (promoted or unpromoted) over time.
Creating and running your own Price Drop campaigns
For select merchants, a different feature allows them to select products on their own to create Price Drop campaigns for. For merchants to whom this feature is available, please visit this FAQ article on how to create your own Price Drop campaigns without relying out Wish’s Price Drop offers
If you have any questions about the Price Drop program, please reach out to your Account Manager.