You may think you know all about repricing software, but as our name suggests, RepricerExpress probably has a thing or two you don’t know about. It’s not just the one-size-fits-all concept most people think of, as you can actually customise it to work exactly how you want.
Here’s how it works.
You Can Do it Automatically or Manually
The whole idea of repricing software is for it to do everything for you, right? Well, not exactly and not always. While it’s true you can set it up so it carries out your commands when certain conditions are met, you can also step in and override the settings if your gut is giving you that feeling.
The most common idea of manually repricing is for you to change the price on an item each item, but you can still do that with repricing software in place. We just recommend that you use that approach (manual repricing) for special occasions and leave the rest up to the software so you don’t deal with too heavy a load and/or risk making mistakes.
Repricing Takes Both Items and Sellers into Account
Probably the most common notion of how a repricing software works is that it looks at just the other prices for the same product you’re selling.
However, a repricing software programme — a good repricing software programme — will also look at the sellers you’ve specified so you can compete most aggressively. You want to compete like-with-like as much as possible, and narrowing down the criteria of who your competition is is a staple of a good repricer.
For example, you probably don’t want to compete with local sellers if you’re selling globally, or the other way around. Shipping costs will play a role in how much you charge for an item, and can have an adverse effect on your competitiveness and success.
Shortening Your Journey to the Buy Box
The Buy Box is every Amazon seller’s brass ring. It’s a way to cut down on the buying time and process, reach more sellers, and compound the selling success you have. Nobody’s really 100% sure of the algorithm behind obtaining a Buy Box (except the Wizard of Amazon), but there are a couple of well-hypothesised factors, like shipping time and seller rating, that are good areas to focus on.
Knowing When to Price Up or Down
The first instinct to reprice is to go lower, stand out from the crowd, and attract more buyers and sales.
However, that’s only one strategy, and not always a sure-fire one of long-term sustainability. There are plenty of conditions in which it would make more sense to reprice up, like if supply for a product outstrips demand. Then, you can price your item higher because you’ve got the upper hand, and make more profits that way.
Know how on eBay you can set things to bid incrementally until your max bid is reached? You can do the same sort of idea on Amazon, where you create a rule that lowers the price until you’ve reached your min value. That way, you avoid a race to the bottom and cutting too deeply into your profit margin.
Related reading: Amazon Repricing Strategies Every Seller Needs to Know
You Probably Can’t Increase Sales as Much on Your Own
Do a quick search for something generic, bland and widely used on Amazon, like socks or undershirts. Instead of finding individual buyers, you’re far likelier to find actual brands and stores, like Fruit of the Loom. Yes, big companies are using Amazon as a way to sell their products, which should tell you a whole lot. You can bet they don’t employ people whose sole job it is to change prices up and down online, but rather invest in repricing software to do it for them.
Of course, there are instances when using a repricing software may not be a necessity for you, like if you’re a casual seller, or selling rare or just a few items. But for most Amazon sellers, repricing software is a must. It just gives you so much time to focus on other things. It also takes a huge portion of human error out of the equation, which could end up costing you dearly.
Stay Ahead of Your Competition
Alright, so maybe you’re convinced that you need to start using RepricerExpress to get a leg up on your competition. But if you still haven’t made your mind up, how about this? We’re giving you the first 15 days totally free when you sign up now. Go on, it can’t hurt to at least try us out.