Amazon Repricing Tool & Factors Determining it

Amazon Repricing simply means resetting the prices of your products by looking into the current competitive prices, competitors' price strategies, and choices of people. Resetting product prices is a part and parcel of updating your listings. On your selling journey, you will have to keep a versatile approach toward prices. Also, keep changing it as per the needs and trends in contemporary scenarios in the marketplace.

There are certain selling and marketing situations that you will come across, which will demand you to reprice your Amazon products. Let’s read out some prominent factors wherein you will have no option other than repricing your products.

Factors Determining Amazon Repricing

Competitor’s Analysis

Don’t forget that Amazon is your first competitor. The rest of the competitors can be tackled with aggressive pricing strategies but what is a hard nut to crack is Amazon itself. To be on the click list of prospective customers, you will have to be competitive enough.

Occasions and Festivals

Occasions and festivals are the most crucial time for sellers to capture the haunting customers by offering them the occasional shopping items with discounts and deals. Discounts and deals are all-attractive themselves. Besides, your competitors selling similar products with deals and offers might get a benefit over you and you would certainly not want that.

Fluctuations in Price Trends

Amazon knows what is the current scenario on other marketplaces and accordingly puts pressure on itself and third-party sellers to adjust the prices. So, even if you don’t find any internal pressure, it is the external factor/trend (other marketplaces) that sets trends, followed by you.

Winning Buy Box

Amongst many factors that make you eligible for winning the buy box, pricing tops the list. Inadequate or less competitive price makes you unworthy of winning your Buy Box.

Remember! You can neither minimize nor maximize your product price set by Amazon.

Now let’s look at some of the expert tips or better call it Strategies that can make you rank top on Amazon at any given point of time on your selling journey on Amazon.

Top Amazon Repricing Strategies To Keep You Ahead Of The Pack

Opting for Automatic Repricer

One of the leading tech solutions that have ruled markets is repricer software. Sellers, in increasing numbers, are switching to automated software that reduces hectic manual tasks and automates the prices, and makes changes swifter, in real-time, and without errors.

Manual repricing is also good but should be in practice until you have a large number of products to sell. However, it is always advised to go for automatic tech-solutions to have ample time for other business marketing plannings and price accuracy without delay.

Look at the image to understand the function of the software –

• A large number of products can be listed.
• As a seller, you can easily feed the date between which you want repricing to happen against Amazon and your competitor.
• The green color shows the Buy Box status, how a seller once lost a buy box for one product but won for another.

Protip – There are many repricer software that does not allow you to set minimum and maximum prices, but it is always advisable to install ones that allow you to set your own profit-based minimum and maximum prices.

Add shipping and FBA Charges

Refrain from doing this common mistake. While setting your prices, don’t forget to include your own charges such as shipping in case of FBM or FBA and storage fees in case of FBA. A combined price only with a suitable profit margin can increase your wealth.

Feed Minimum and Maximum Price wisely

You can set your own minimum and maximum prices that your software will apply looking at the price changes of the same or similar products on Amazon. These price bars should be set keeping in mind the profit margins you want to keep at any given point in time.

Consider the following image –

As shown above, a repricer tool helps you to set your own maximum and minimum price at any given point of time. There are also more options within the price select types, which are fixed, percentage, and buy box prices.

Put Genuine Price

Price your products according to the quality of your products. If they are of not that good quality and are used, then price them accordingly. Any bad review or negative feedback from a customer can land you in bad condition.

Many sellers use eCommerce solutions like Multichannel Marketplace Integration to boost sales.

Think Like An Economist

An economist understands how demand and supply form the basis for price determination in the market. So what you can do is list your products differently and analyze their demand and suppliers in the online market and accordingly increase and decrease your margins.

In case of low demand and high supply, you can lower your margins and reduce the prices to attract those handfuls of customers.

On the other hand, set an above competitive margin for products high in demand and less in supply.

Refrain from being the cheapest seller

Cheap products sometimes also relate to cheap in quality. Just keep the price competitive, that’s it. Stay on the middle ground, neither too low nor too high. This will be the safest side for you to take.

Choose Working Products Only

Just because repricing is important, doesn’t mean you start working it all over. Stick to your most profitable and competitive products and then optimize them on the grounds repricing and measure its impact and then move with another one.

Learn from Your Experience

Online marketing is all about experimenting. There is nothing static or fixed. Your buyers have never met and don’t know you and therefore, things are always uncertain. What product seems to be in your favor can be no more profitable for you in a couple of days.

Thus be ready to play and change your strategies as and when required.