Amazon is the number one online store and it is the best and the worst thing for the merchants.
It would seem like every other seller on Amazon is out to get you and they keep changing their prices. Luckily, there is more than one repricing strategy for Amazon sellers in order for them to be the best and outwit their competition. The number one goal most sellers have is to maximize the sales as well as the profits. It is true that in order to become a successful merchant on Amazon you need to master a lot of skills, but luckily, there are a few important ones that a seller needs to remember in order to excel on Amazon. One of the most important things you should know is which price to choose for your product and how to be better than the rest. – Pick the best priceBefore doing anything else you need to think about the prices you will put on the products.
One of the most important things is not to put the highest possible price. Why? Well, because no one will buy from your store. Find the middle ground where you will make a nice profit and your customers will be happy. Don’t put the lowest price too, and here is why:- Don’t set the lowest possible priceIf you become the cheapest seller and set the lowest possible price, yes, all of the customers will come to your store, but they won’t be there for the right reasons. Most of the buyers will think that because of the prices you have, the quality is as low as the price.So, how to choose the best price? Price the things you sell at 1.
5% above the lowest seller. This way you will be affordable enough to the buyers and they will not think that you are offering low-quality products. – Set your prices manuallyBefore you decide to spend money on automated software, it is best to find out what the best prices are manually. Learn more about your customers, change the prices from time to time and see how they react. The downside of manual pricing is that you will have to spend some time listing through your products and listing through your competitor’s products and prices. One thing is for sure – you will make the beginner’s mistakes, but don’t worry about that. After you get familiar with your prices, your customers and your competition it is time to move to automatic Amazon repricing software.- Shift to Amazon Repricing SoftwareThe Amazon Repricing Software is a program that will change your prices automatically.
This price change depends on the prices your competition has. Whenever they change their prices, your prices will as well go up or down in order to stay on track. This will save your time and it will ease your job.o Choose the best automatic Amazon Repricing softwareBefore buying just any software, use these questions as guidelines: Can the software configure multiple products at once?; How many SKUs can this software configure?; Is it fully automated or will you have to do some of the things manually?; Can it be easily scalable?. Now choose the software that fits all the criteria. o Set maximumsA great way to make more profit.
The automated software can be set to jump to the maximum price when the competition drops off a listing. Both maximum and minimum prices can help you in a lot of different scenarios. o Set minimumsThe safest thing you can do for your merchandise is to set minimum prices. This is especially important if you use automated software. That way the software will not set the price below your minimum – you will not possibly lose money. o Add shipping costsDon’t forget to include shipping costs when you change the price. Amazon sorts the listings according to the base price as well as shipping costs.
If you include shipping costs it will be easier for both Amazon listings and the customers because in some cases, customers may think that the listed price is with shipping and may drop off the purchase if more costs are added. o Pay attention to the conditionWhen repricing a product don’t sell it for more than its value. For example, if you are selling used items don’t price them as if they are new. Pay attention to the prices your competition has for the same used products and put a similar price. Don’t compare new items with used ones.
– Rely on your experiencePut your strategies to use, especially when it comes to repricing. For example, use past information in order to make decisions in the future. There is a difference between an item that just needs a little push and an item that is lost cause (and needs to go now), use your knowledge to decide which is which. Decide when it is the right time to reprice an item, when to upsell and when to bundle it. Learn from your mistakes and do better. – Decide what goes firstBefore you reprice every single item you have, think smart! Evaluate your items and decide what the smartest move is.
For example, if you have items that are almost outdated, put them on sale – don’t let them get dusty on your shelves. Another good thing is to lower the prices on your most expensive items, start from the top and work your way down. – Get the Amazon Buy Box featureThe Amazon Buy Box is something every merchant dreams of! There are several things that must be up to the Buy Box requirements in order for you to be eligible for the Amazon Box. Price is one of them – base price plus shipping. Some of the other things that fall into this criteria are the shipping time, sellers rating and the seller must have already achieved the status of Featured Merchant.
This feature is not that hard to get and with the right automated software you will get the Amazon Buy Box and all the new customers that come with it.
