Let’s face it, no matter what the size of your inventory, manual repricing can be a daunting and resource sapping task. You might actually want to spent hours buried in spreadsheet data but you’ve probably got better things to do. The key to smart selling is to get your products in front of as many people as possible by winning the Buy Box. To do that, you have to react in real time and make sure your pricing is always competitive.
Running a successful online business means competing on price but also making sure you achieve a viable margin. Using an automated repricing tool gives you a competitive edge by achieving the highest possible price while also winning the Buy Box.
Take every chance to make the sale
A repricing tool does this by automating the process to make sure you are competitive against every other seller. Repricing avoids losses by taking account of all your selling costs & fees. It ensures you take every opportunity to sell and crucially, makes sure you achieve a profit each time. For anyone selling on Amazon’s ultra-competitive marketplace, auto repricing is something you should definitely consider.
It’s a dynamic pricing solution that constantly reflects the changing marketplace. You’ll no longer need to spend valuable time tracking your competitors’ prices. You might even find time to concentrate on improving your feedback scores and seller rating by responding quicker to customer queries.
Reprice faster than competitors
Once you’ve set a price range and specified your desired margin, the repricer reacts every time a competitor changes their price or runs out of stock. For a given product, you could automatically reprice to reduce your price by 1p below that of a competitor, for example. It’s not a race to the bottom though. You don’t always reprice down. Depending on which repricing tool you choose, you can also reprice ‘up.’ It means winning the sale and achieving the highest price taking into account all of the competitive factors.
The way technology entrepreneur Ray Nolan put it, “We’ve got a lot of people moving to our tools. We have some very big customers on Price Manager with many hundreds of thousands of products. Our biggest has more than two million products. Because we’re Amazon-hosted, we get the best connection to Amazon, the fastest repricing.”
You retain control
It takes a huge amount of hard work and dedication to become a successful Amazon seller. Winning the Buy Box, which increases sales by four times, is the best way to safeguard your business. Rules based repricing is about tweaking your price strategy using competitor rules to get the best price and still win the Buy Box. You retain control and reprice in a way that makes most sense for your business.
You set your rules to compete differently against various competitors. If you use FBA and your competitor is self-fulfilled, you can set your price above theirs and still win the Buy Box. You create different rules for fast and slow moving products to maximise all the selling opportunities across your entire inventory.
1. Get the best price and still win the Buy Box
2. Reprice faster than competitors
3. Make a profit on every sale
3. Competitive against every other seller
4. Set rules to compete differently against different competitors
5. Maximise all your selling opportunities
Rupert is the Chief Content Writer for XSellco. XSellco is the only ecommerce solutions provider who offers sellers a choice between both algorithmic and rules based repricing.
Written by Matt Warren
Latest posts by Matt Warren (see all)
- Innovation Takes Centre Stage at Veeqo Hackathon 2017 - 9th October 2017