If you’re interested in maximizing your chances of winning the Amazon Buy Box, along with increasing your profits then keep reading. BQool is here to explain the benefits of using Repricing Software on the Amazon marketplace.
What is Amazon Repricing?
Amazon Repricing is the process of amending the prices of products on the Amazon marketplace. Prices frequently change based on factors such as competition and the ownership of the Buy Box.
For every listing, there will often be many sellers competing for the same sale. Sellers whose products aren't priced competitively are highly unlikely to win the Buy Box or get the sale. However, with the multitude of products and many sellers out there, the process of checking prices manually can become highly time-consuming and tedious.
Pricing competitively can be simplified if you utilize an Amazon Repricer. Ideally, you should consider the fulfillment type, seller feedback and feedback score when deciding on your pricing strategy and how you wish to compete.
Want more Amazon selling tips? Check out this infographic.
6 key benefits of using an Amazon Repricer
The key to maximizing sales and profits is automating the prices of your Amazon products. If you have more than a few SKUs, an Amazon Repricer will certainly help you to maintain a competitive edge.
Here are a few of the main benefits of using an Amazon Repricer.
1. React to changes instantly
The reaction time of a human being is too slow when manually repricing products, this is a fact. Another factor to take into consideration is how you're going to monitor your repricing strategy when you go on holiday; you wouldn't really want to start repricing while you're sat on the beach, would you? A Repricer will take care of these issues in real-time.
2. Take many factors into account automatically
Could you think of every single factor required to make the smartest repricing decision immediately? It's difficult to think logically when you have been put on the spot. A Repricer will take all of the necessary factors into consideration, and will then apply them as and when needed.
3. Compete without emotion
People can become very emotional when it comes to the art of buying and selling. When inventory takes a dip, some people become worried and sell before they think the inventory will drop any lower. But buying low and selling high is the approach taken by people who do not allow their emotions to get in the way of business decisions. A good Amazon Repricer works in a similar way by making buying and selling objective and not emotional. A human may get angry when a competitor ‘steals’ their sale by undercutting them, but a Repricer will not. It uses an algorithm or pre-determined rules to keep a check on competitors and will protect the user from making potentially damaging decisions.
4. Make more money and save on labor costs
You should try to reduce the amount of time and money spent on repricing as much as you can. Manually repricing dozens or hundreds of products is a big waste of time, labor, and money when a piece of software (that doesn’t need a salary or benefits) can do it for you.
5. Reduce your margin of error
The greatest thing about software is that it does as it’s told. It won’t make mistakes because it's hungry. You could put a genius in charge of repricing and be relatively confident that they won’t make a mistake, but the odds are even better when a Repricer is taking care of business.
6. Reprice as often as needed
Prices on Amazon can change as often as several times per hour. Can you imagine dedicating the man-hours required to manually reprice all of your products at this rate? By utilizing a Repricer, you can focus your mind elsewhere, knowing that the Repricer is working away in the background to ensure that you remain competitive.