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How To Use EDITED Signal

Analysis Types: EDITED Signal

EDITED Signal: How Do I Create A Price Recipe?

EDITED Signal includes Price Recipes developed to help retailers automate sophisticated discounting, promotional, and other pricing decisions across their merchandising assortment, including;

Surgical Discounting: Identify overstocked or underperforming items down to the SKU-Selling Location level to discount as efficiently as possible.
Dead Stock Discounting: Automate discounting actions for products that haven’t sold units in an extended time frame.
Surgical Price Increases: Identify overperforming products running out of stock faster than expected so prices can be subtly increased to improve margin performance.

How to Create Your Recipe (Price)

Based on the above, you can create Price Recipes to set up automations for pricing adjustments.

Click Create Recipe on the right side of the default landing page.

Select the Recipe type.

You can also create a new Price recipe by copying existing recipes from yourself or colleagues.

Once you have selected to create a recipe, a pop-up window will appear where you can begin curating your automation.

Using Default Templates

EDITED recommends using a default template as a baseline before creating your Recipe. Depending on the type of automated pricing analysis you want to create, you can leverage one of the pre-made default templates created within EDITED Signal.

Click the Recipe Templates dropdown.

Select the most appropriate template from the five options, e.g., Raise Price.

After selecting the default template, the pop-up window will automatically populate with specific details and rules aligned with the template's action.

Within the Raise Price template, one of the rules, called Very Low Stock Best Sellers, applies the following logic:

If the Sales Score is equal to or above 70, the SKU Availability Score is above or equal to 0.7, and the Stock Cover is less than 2, multiply the current price by 1.1 (in other words, increase the price by 10%).

You can amend any details within the template as required, such as changing the Recipe Name, adding, amending, deleting rules, or adding new fields. When you are finished, click Create Recipe at the bottom right of the pop-up to save changes to the template.

Creating Your Recipe (Price)

Type in a Recipe Name, making sure it makes sense based on your business naming conventions.

It is recommended to name your Recipes with versions or numbers, e.g., Product Sorting Newness V1. Using recipes requires extensive testing to ensure the correct automation setup.

Type in a Description, including details on what the automation aims to achieve, key metrics, etc.

It is recommended that you tick the Enable Recipe Metric checkbox. This allows you to add the scores this Recipe generates as a metric to other EDITED Digital/Omni areas, such as Badges.

Select from the four Scoring Levels within the Recipe.
- - Product: every product will be scored based on the product's overall performance.
Product Selling Location: every product will be scored based on location. For example, a product may perform well on the UK site and poorly on the US site, affecting the score and consequent actions you would take.
SKU: every SKU will be scored based on the product's overall performance.
SKU Selling Location: every SKU will be scored based on location. For example, a product may perform well on the UK site and poorly on the US site, affecting the score and consequent actions you would take.

How to Add Rules to EDITED Signal (Price)

You must set rules with the appropriate fields and metrics to make informed pricing decisions.

Building a rule is similar to creating a filter, focusing on the most specific cases and then working backward to more general cases.

Price Recipes must have at least one rule, but the number of rules you can include in a single Recipe is unlimited.

Imagine you are creating Price Reductions to support Inventory challenges in your business.

Give the rule a Name, and choose a name that would make sense to your business.

Add the fields and metrics that describe the rule scope.

Click +Add Field.
Select the Field or Metric from the first dropdown, e.g., Inventory Value Score and Sales Score.
Select the appropriate rule from the second dropdown: greater than, less than, equal to, etc.
Type in a value to the third textbox, e.g., 30

A dropdown will appear below the Days column for specific metrics. This will aggregate the metric scores over the most recent selected days. Apply the number of days as required.

How to Add Calculations to Rules in EDITED Signal (Price)

Price Recipe metrics can also be configured to be based on a calculation.

Click the +Add Item button.

Select the Operator, e.g., multiply (*) or divide (/). Only use the parentheses for complex calculations.
Select the Value, e.g., 1.1.
Select the Metric, e.g., Current Price.

You can move the metric, value, or operator using the 6-dot drag-and-drop icon.

You can delete these calculations using the trash icon.

Previewing Your Recipe

You can preview the results of your recipe once you have created it.

Click Preview.

You will then be asked to add a filter, e.g., a Product Category or a list of product IDs, to preview and check that your Recipe and automation are set up as required on a sample. See the example below where we have added the category Footwear.

If you do not add a filter, the preview may take a while to load as it analyzes a large data set.

Click the blue Preview button.

You will then be taken through to a grid view.

The Metric Score Column will sort the grid from highest to lowest. This example is named Clearance Candidates. This is the score calculated by the rules and multipliers set in the Recipe.

You can also hover over the cells in the Rules columns to see the criteria and actual values for the product row selected. The example below shows that the selected shoe met the criteria for SKU availability being less than 0.30, Units on order being less than 1, and Sell-Through being less than 25%.

If you do not see the expected results from the preview, go back to the default landing page and edit the Recipe as required.

Once you are happy with the preview, create your recipe.

Click Create Recipe at the bottom right of the pop-up where you created your recipe.