creating a product price list using data merge

I am trying to find a solution to improve work flow in the company I work for, and researching whether data merge could work in this case. There is a product price list that is updated fairly regular, the currecnt process can be a bit laborious and error prone.

So I was hoping we could set up a excel doc that they fill out with new products/ price updates then we simply export the file. I tried the a set up below with no luck. Is there a way to do this correctly? 
Thanks