The Selling on Amazon Secret Weapon: Repricing Software
Published by Julian Arden in Amazon, Repricer
Here's the truth about selling on Amazon: the price you practice is closely related to the volume you sell and your visibility on Amazon. This is why it is crucial for you to have competitive prices, which will give you an edge in the competition with other sellers. Once you start juggling with hundreds or even thousands of products, manual repricing just won't be an option.
That is exactly what high quality repricing software, such as Seller Republic, will help you with: it continuously monitors the prices of your competitors and adjusts your prices within a minimum and maximum limit defined by you. As a matter of fact, this well-thought software won't allow you to reprice a product unless you set an upper and lower threshold. As a result, the prices practiced will never go above or below the values you choose.
The Buy Box is there for you
No matter how badly you want to sell a product, you won't be able to do so unless Amazon helps you. When a potential customer searches for a product, Amazon will pick a seller and show their information and their prices in the so-called Buy Box. That is the seller you want to become.
Aside from your information, the Buy Box also comes with an “Add to cart" button. Since it is you that the customer sees before any other seller, you have greater chances of making a sale than other sellers. It's just like with typing in a keyword in a search engine: most probably you will click on the first hit. Now, you just have to make sure you will be the first on the list.
Here's an interesting piece of information for you:
In 2013 the total revenue of Amazon has been of $75 billion and $60 billion has been generated through the Buy Box. Half of the sales of the Buy Box went to third-party sellers.
How can you get to the Buy Box?
In order to get in the spotlight, you will have to exceed Amazon's standards. At that point you will become a Featured Merchant. This will make you eligible for the Buy Box.
After you get there, whether or not you reach the Buy Box will be mainly determined by your prices. This is why you have to make sure you have the best repricing strategy possible. Having a good price will ensure constant sales.
What can repricing software do for you?
If you have software like Seller Republic, it will access the information of the sellers and their prices. The whole process begins when one of the top 20 sellers of the products you also carry changes some important detail, such as the price of the product.
What could possibly go wrong?
Amazon has a Pricing Error System, which handles all the price changes on Amazon. You have the option to set in your account the minimum and maximum prices of a product and the system won't allow the price to go above or below those. If you don't make such settings in your account, a listing may get deactivated if the system detects a potential pricing error.
What price should you set?
When putting a price on a product, you have to remember your overall business strategy. You might want to be more competitive with some of the products than with others. As a seller you should be able to know where you have a chance to make a sale and only compete on those markets.
The features you can benefit Seller Republic Amazon Repricing:
What you should know about Seller Republic:
- It is easy to set up – Sign up in Seconds, Repricer your whole account in less than 5 minutes!
- The repricing process is continuous and fast
- There are several methods to increase your sales
- It gives you an edge over the competitors
- It can be used over eight different Amazon markets
- You can fully customize your repricing strategy
- You can set up a filter for your competitors based on their rating, dispatch times, feedback, and shipping country
- It enables price increases in specific scenarios
- A free 15-day trial is available
A well-built repricing software will do more than just monitor the prices of the competitors. There are some other things that could set the system in motion. For example, if your competitor goes out of stock, the software should increase the prices to maximize the profit.
A lot is being said about repricing software, but let's face it: in a capitalist world most purchasing decisions are governed by the price. This is especially true for a market like Amazon, which is known for its competitive prices.