- by eSellerHub
If you have a pile of dishes to wash, would you do it manually or load it in your dishwasher an get back to your favorite TV Show? Of course you would like to get your dishes cleaned by just pressing some buttons instead of taking stress by manually washing them. Human beings have always found smart ways to do the jobs and so why going through stress by manually repricing your products listed on Amazon? Just configure a smart pricing strategy on Amazon and stay ahead of your competitors.
Are you trying to sell your products on Amazon but have not been able to win “Buy Box”? If yes, then Repricing becomes mandatory for you. To win a buy box, there is a particular eligibility criteria set by Amazon. The landing price of the product has a very high impact on Buy Box and should be definitely taken care of. According to Amazon, lower the price, more the chances of winning the Buy Box. Winning the buy box means getting the order as soon as the customer clicks “Add to Cart” and so Amazon sellers constantly reprice the product price in order to win the buy box and generate more sales. Most probably, the seller using the best repricing tool wins the buy box which can be unfair to other sellers providing good quality products, quick delivery and best customer support. So, to get the best results, you need to go for a repricing tool which suits your business.
A well known – Amazon FBA Management – Jeff Roth said “If you have more than 50 SKUs, then you really need to use repriser tool as that will help you in repricing your products quickly and competing smartly.”
Features Available in a Traditional Repricer Tool
The features you are looking for in a repricer tool would totally depend on your business needs. We have listed out the features in a traditional repriser tool but if you need something additional, you can definitely go for a customized repriser tool.
Continuous Repricing – This feature satisfies the basic requirement of all the sellers and that is to be ahead of all the competitors. As soon as your competitor changes the price of their product, our tool responds to that and adjusts your product price in such a way that it is lower than your competitor’s product price but at the same time is not lower than the minimum price set by you.
Winning the Buy Box – As mentioned above the price is the primary eligibility criteria by Amazon to win the Buy Box. But, most of the time it has been experienced that the Buy Box winners are the use Repricer tool to adjust their prices consistently.
Maximized Profit Margin – Repricing tool is not just for lowering the prices. On the contrary, it is for defining competitive price for your products. For example, if your primary competitor is out of stock, you can increase your price as people would buy from you only as you will be able to quickly dispatch the product.
Compete with Specific Sellers – This tool also allows you to include or exclude the sellers with whom you would not like to compete. You can set certain rules defining the group of sellers based on their merchant id, seller feedbacks & ratings, product condition and dispatch time and exclude them from your competition list. For example, if a merchant is selling similar kind of product you are selling but their seller rate is lower than yours; then you need not lower your price up to their level of price.
Detailed Reports – By using a repricer tool, you are rest assured that the history price of each and every product is just a click away. You get detailed reports about the price changes in the past to plan the future.
“If you want to stay ahead of your competitors, either offer lowest price or offer a unique product which nobody else offers.”
Pay Attention to your Business Needs
Not all repricer tools are the same. Though, selection of a repricer tool totally depends on your business needs, I would suggest you to go for cloud based repricing tool as that will give you speed with data security. Also ask yourself, whether you would like to go for a repricing tool, which requires minimal set up or in-depth set up. The former would be easy for you to use but would have limited options. Whereas, the latter would take time to set up but once it’s done, you can dominate the market.