Repricing software is the key to running a successful retail business on Amazon. It reduces the time you need to spend controlling your stock and works automatically around the clock to give your products the maximum exposure to potential customers.
There are many common myths surrounding repricers, particularly in regards to businesses being worried about losing control of their profit margins. In this article, we answer the top 5 frequently asked questions about repricing software, to help you understand the benefits that a repricer can bring.
Why do I need repricing software?
Repricing software automatically compares your prices to those of your competitors, and adjusts your prices accordingly to ensure you remain competitive. Due to the millions of sellers on Amazon, item prices are closely linked to sales performance, and also product visibility since cheaper prices tend to be shown to more potential customers.
How does the repricer maximise my profits?
If other stockists sell out of a particular product, reputable repricing software such as ERpricing will automatically put your stock up to the maximum allowed price that you have set for it, to ensure you make the most profit whilst you have the opportunity of a limited market
Some repricers can change prices automatically based on different times of the day, or different rates of web traffic, to ensure you are always competitive. This immediate response to market changes can really help your products stay ahead, and put them in front of the maximum amount of potential customers.
Will repricing software sell my item at a loss?
For every product, you can enter a minimum and a maximum price for it to sell for. As long as you enter a minimum price that you are comfortable with; ensuring that you’re making a profit, you can rest safe in the knowledge that you won’t make a loss on your investment.
Is it risky to set prices using repricing software?
Repricers can help to reduce the risk of human error when repricing your products. If you are setting hundreds of prices manually, it’s very easy to accidentally put something for sale at £10 instead of £100, which could be devastating for your business. Similarly, you could list something for £999 instead of £9.99, which could be just as detrimental as the item would not sell at such an overinflated price.
Aren’t repricers really expensive?
Remember, time is money! If you are a full-time seller, with hundreds or thousands of products, think how much time it would take to manually check your competitors for every one of those items, and reprice your items manually. It would quickly become an impossible task. Repricing software such as ERepricing takes this pressure off your hands, allowing you to use your valuable time more productively – e.g. advertising/marketing your business, sourcing new stock or processing orders.
Investing in a repricer can free up hours (or even days!) of time every week, allowing you to spend your time more profitably to ensure the sustainability and growth of your business.
As you have seen, repricers are not the “risky” business solution that the myths lead you to believe – instead, they are one of the best ways to ensure sale, exposure and success for your business.
We hope that this article has answered all of your questions about the risks of using Amazon repricing software. If you would like any further information, please get in touch. Alternatively, leave a comment below, and we’ll get back to you.