Retail business is probably one of the most competitive environments in the market today. Sellers are always fighting to attract new or keep existing customers. This requires a lot of price adjusting, keeping track of other retailers, offering bonuses, free shipping, and discounts. All of this is time-consuming especially when you have a warehouse full of merchandise. No matter how many people you hire to track competitors’ prices and sales tricks it will always be someone that fell through the cracks that can affect your profit. So, to eliminate the human factor out of regulating prices there is an Amazon Repricer. To find out what exactly is it and if and how it can help boost your sales, keep reading.
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What is Amazon Repricer?
Source: etailsolutions.com
In its core, it’s a very simple mechanism that will keep your online prices competitive. This is best explained through a concrete example. Let’s say you’re selling a book on Amazon for $20. The first thing you’ll notice is that there are many other retailers or individuals who are selling the same one for various prices. To make sure that you always offer the best deal without staring at your screen changing price all the time, you can use Amazon Repricer. Here you put your minimum and maximum price that you’re willing to sell your book for. When other sellers lower their price too, let’s say, $15, your software will automatically lower your offer to $14.99 making your offer the best deal available. The program will scan constantly for any changes in prices and discounts from other sellers that are offering the same product and adjust your offer accordingly as long as it stays within the price your price range you previously set up. Keep in mind that the software will compare only the exact product, so if you’re selling a used book, it will only be compared against the used ones. So, as you can see, it can be your right hand when selling online saving you a lot of time.
Activating Amazon Repricer can put you directly into Buy Box. This will give you more exposure to the customers that can see your low price right away without scrolling through thousands of pages and hopefully put it in their carts. If you want to win your place in Buy Box, this tool will almost definitely help you get there. Once you have your product among the top sellers, you can choose to raise the price. This is a risky move since it can get your product kicked out putting you in the pool with thousands of other retailers. If this happens, the Repricer will automatically cut down the price in order to get your product back into the Buy Box. So, as you can see, it’s not rocket science and it can be very helpful in boosting sales and keep you competitive.
Do I need the Repricing tool?
img source: ereprice.com
Unless you have all day to monitor and adjust prices on your products based on your competitors’ offerings, you might want to consider getting this software. First of all, the way Amazon pick and choose which ones are going into the Buy Box that is the most visible to the consumers is a well-kept secret that is closely guarded by the executives. However, the experience has shown that the retailers with the most competitive prices have more chances to get into the Box, that the ones who firmly hold their prices without any discounts. The point of every sales business is to move products quickly. The more it stays in your inventory the fewer chances it will get sold. So, maybe it’s worth cutting down a price a bit, just keep products moving, making you profits. Maybe not the one you were hoping for, but it would be still generating some income. If you have a lot of products listed on Amazon or eBay, this software is a must. Spending time glued to your PC, trying to follow every price change is an impossible task. In order to be and stay competitive, the software will do this work for you with rapid and constant scanning and altering the prices.
Race to the bottom
img source: amazonaws.com
Many sellers complained that, in the long run, this will only lead to the ruin of small companies trying to make ends meet. In return, they will have to layoff many hard-working people and possibly even close the doors. Are they trying to stay competitive or are they taking the path to the financial ruin? Depends. The software will let you set up the minimum price under which you’re not willing to go. This could give you some sort of protection from losing profits. Many drop shipping businesses have the same suppliers, so it’s safe to say that they are in the same boat. No retailer will be able to go under the margin, willingly dropping the price under the purchase cost. Having said this, you should feel safe to a certain degree that your product will be sold online only not for the highest price you hoped for.
How to choose the best software?
img source: widenews.org
Choosing software will depend on your needs. Which websites are you using, Amazon, Walmart, eBay? Not everyone is going to give you the maximum return on every site. Check out the Seller Snap if you’re using Amazon. If you just want to sell as much as possible, regarding the margin, then focus on the software that can help you move your merchandise fast. In case you notice that being part of the Buy Box makes you the most sales and profits, look for the ones that are faster at adjusting prices so that you always stay in. Maybe you just want to match the price of the other retailers – there is software that can do that too without cutting down on your price. Study carefully your business needs and choose the one that you think will be the best fit. You can try out, and if it doesn’t work well for you, try another one. In any case, it’s better than scrolling down all day long trying to stay competitive with others. Help is here, so make the best use out of it!
