How to select products to create Price Drop campaigns for?

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. In addition, merchants’ products will be competitively priced against other similar items on Wish.

Currently available to select merchants and not yet rolled out to all merchants, the Price Drop program not only allows merchants to drop the prices, but also equips them with impression and GMV insights of the products afterwards, enabling them to track the impact of the price drop on their product performance.

These merchants have the ability to drop their product prices via several methods, including taking advantage of Wish’s Price Drop offers and selecting their own products to create new Price Drop campaigns for. This FAQ specifically focuses on how select merchants can choose their own products and create Price Drop campaigns for these self-selected products. To learn about how to take advantage of Wish’s Price Drop offers (where merchants are presented with Wish-selected products to drop prices for), please visit this FAQ article instead.

Select products to create Price Drop campaigns for

Merchants who are able to access the campaign creation feature can first navigate to the Price Drop Campaigns > Create a campaign page on their Merchant Dashboard homepage:

Merchants will then be able to create their Price Drop campaign on this page by filling out different pieces of information:

To start with some basic information of the campaign, merchants can fill out a desired campaign start date (end date is automatically generated as 7 calendar days after the merchant-determined start date) and choose whether to opt into automatic renewal. The end date will automatically populate as 7 calendar days after the start date, as each Price Drop campaign created on this page will run for 7 calendar days at a time.

Next, merchants can select a product on their own to create this Price Drop campaign for. Simply search for a Product ID and select the targeted product to drop the price for via this campaign. Please note that merchants may create a Price Drop campaign for one selected product at a time. In addition, merchants are able to create up to 20 campaigns per week.

Lastly, merchants can designate their own Price Drop percentage for this product, specifically, between 5% and 100% off its original price. Note that the larger percentage merchants choose, the more likely they will offer the most competitive pricing of the product compared to similar items sold by other merchants on Wish, and also receive the most impression gains from their campaign. Once this Price Drop percentage is determined at the time of campaign creation, it will be applied to the product throughout the 7 calendar days of the campaign.

Click “Submit Campaign” at the bottom of the page to proceed.

From “Pending” status to “On-going” campaign

After submitting the campaign per steps above, the new campaign will be first moved to the “Pending” tab of the Price Drop Campaigns > View all campaigns and offers page on the Merchant Dashboard:

Newly-created and submitted campaigns in the “Pending” tab are analyzed before they officially start and become active. The analysis is to assess the campaigns and products to make sure that they are both best positioned for success. If the analysis determines that a campaign is not best positioned for success, the campaign will be cancelled by Wish and moved to the “History” tab without becoming active. In this case, merchants may create another Price Drop campaign as needed.

Once analysis is completed and the campaigns is not cancelled by Wish, it will be moved to “On-going” tab:

Here, merchants are able to switch the automatic renewal on and off as well by toggling under the “Auto-Renew” column for each campaign. Note that throughout the 7 calendar days, merchants are able to opt out of automatic campaign renewal up until 24 hours before the campaigns end and are auto-renewed; during the last 24 hours of the campaign, merchants won’t be able to opt out and the campaign will be automatically renewed for another 7 calendar days.

Track Price Drop campaign performance

To help merchants track the performance of their Price Drop campaigns, they will also be able to view the products’ total impressions and GMV on a daily basis, starting on the first day after the campaigns begin:

In addition, merchants can view the GMV gains and impression gains of their campaigns on the “On-going” tab:

Alternatively, merchants can also click on the Campaign ID to arrive at a separate Price Drop Product Performance page to view detailed performance insights during the campaign, including GMV and impression gains:

Ended campaigns in “History” tab

The “History” tab of the Price Drop Campaigns > View all campaigns and offers page show three types of campaigns that have concluded: 1). campaigns that are ended by merchants or not automatically renewed; 2). campaigns that are canceled by Wish due to poor performance of the corresponding products (i.e. high refund rates, low conversion rates, etc); and 3). Wish’s Price Drop offers that go expired (again, please see this FAQ article to learn more about Wish’s Price Drop offers).

Once the campaigns end, corresponding products’ prices will return to previous values before the Price Drop campaigns start.

Promoted state for products included in Price Drop campaigns

Regardless of a product’s original state (promoted vs. unpromoted) before being included in a Price Drop campaign, the product will become promoted once merchants create a Price Drop campaign for it, subject to all Product Promotions policies here. Note that merchants cannot create a Price Drop campaign for a product that pending Wish review or has failed Wish review before listing.

Note that a product will return to its original state (promoted or unpromoted) over time after its corresponding Price Campaign ends. 

With an ever expanding Price Drop program, we strongly encourage that merchants select their top-selling products and drop their prices by creating new Price Drop campaigns, so that they can offer more competitive pricing, and receive potential GMV and impression gains for their products in the meantime.

 

If you have any questions about the Price Drop program, please reach out to your Account Manager.