There’s no way around it—if you sell on Amazon, you’re going to need a repricer. There are simply too many sellers with too many listings to keep up manually. But how can you get the best out of your repricer? Let’s explore three key tips to effectively repricing on Amazon.
Set Minimums & Maximums Setting minimum and maximum prices should not only be suggested, but mandated for the most accurate repricing possible. By keeping track of each listing’s bottom line, sellers can adjust prices with confidence—whether that is up or down. Setting maximum prices offer solutions for many scenarios. For example, a seller may choose to jump to their maximum price when competitors drop off of a listing. This grants the opportunity to gain a greater profit margin. In another instance, when a listing reaches its minimum price, a strategy can have the price go back to the maximum price.
Include Costs Like Shipping A listing’s minimum price should encompass every cost on the item, including the seller’s desired profit margin. It is worthwhile for sellers to accurately calculate these minimum prices for each of their listings. A major part of this is the shipping cost. Amazon shows listings according to both the shipping and base price of an item. (FBA merchants are considered to have free shipping with Prime.) A repricer will also take your competition’s total prices (including shipping) into consideration when repricing, therein ensuring all repricing is precise.
Use Smart Strategies Employing better strategies is directly linked to knowing your business, and the goals you want to achieve, inside and out. For sellers looking to liquidate inventory, targeting the buy box is a useful strategy. For sellers looking to maximize profit margins, selecting relevant competition keeps listing prices high. Let’s say you’re an FBA seller with only new items, for instance. More than likely, you’ll want to exclude merchant-fulfilled and not-new listings from your competition as to not bring down your listing’s price. For sellers of seasonal items, repricing is even more important so that revenue can be quickly generated in a shorter period of time.
Repricers were created to make selling on Amazon more accurate and automated. Take advantage of the power of repricing by capitalizing on all of its benefits for your business. Still not sure about repricing? Many repricers offer free, no-obligation trials so you can test out the environment for yourself. You’ve got nothing to lose and buyers to gain!
Izabella De Souza