Repricing: How Does It Work?
Repricing, especially through an Amazon repricer, is extremely important for any business looking to compete on online marketplaces. If you leave your stock on Amazon, you will get sales – but you’re also leaving a lot of money on the table for your competitors to gobble up. Why do that? That should be your business’ money! Luckily, there is a way to boost your profit margins. By becoming a low price leader, without dropping below the price floor/profit threshold, you can maximise your earnings by boosting your sales. We’re going to walk you through how it works and offer you a solution to help you get the most from your stock.
Why Is Amazon Repricing Important?
When it comes to Amazon repricing, you’ve got a couple of options. One option is to repricer everything manually. By doing so, you’re setting the prices of your products to keep them competitive and to keep your sales flowing. Price is intrinsically linked with both volume of sales and product visibility. By repricing, you’re increasing your chances of appearing on the ‘Buy Box’. When a customer reaches a product page, Amazon places one seller’s details, as well as their price, in the Buy Box. Within this box, it gives the customer an ‘Add to Cart’ button. This is the first option the buyer sees so it is likely that any seller that wins this spot will also take in the most sales out of all of the sellers of that particular product. Is it really that important? Yes, it is! Consider this: $60 billion of Amazon’s $75 billion revenue in 2013 came from Buy Box sales, and half of those Buy Box sales were attributed to third-party sellers on Amazon marketplaces, i.e. you and your competitors. The potential for your business is massive. However, there are drawbacks; how are you going to find the time in the day to consistently update your stock’s pricing? It’s virtually impossible when you consider the other efforts you need to dedicate to the day-to-day running of your business. And that’s where the second option comes in; using an Amazon repricing tool.
The Importance of Amazon Repricing Software
Amazon repricing software is an essential for any small business owner operating on Amazon’s marketplaces. This software will take away the exhaustive manual labour you’ve had to put into repricing your stock and handles it automatically. You set the rules of how the software reprices your products, including the maximum and minimum price. You don’t need to trade at a loss with automatic software. Amazon repricing tools will react to changes in your stock’s market, including any price changes, to remain competitive against your rival businesses. It may even do it while you’re asleep. By taking such actions, you may wake up with a couple of sales that you would never have got had you been operating manually. Intelligent tools don’t need to always look downwards either – they can mark up the price of your stock too if demand is high and supply is low. So, when you consider all of this, why wouldn’t you want automatic software? It can provide you with both the money and time to pursue other business-related activities or to enjoy your personal life. Don’t waste any more time or money, it’s time to find a reprice solution, and that solution is EReprice. It’s a tool that will help you keep on top of the market. How does it work? Simple: If a competitor changes a price on Amazon, EReprice will be alerted. The alert is processed, multiple safety checks are performed, and then a new price for your stock is sent to Amazon; and thus the competitive edge is regained. And the best part? You don’t lift a finger.
Solve Your Repricing Worries With eReprice
There’s no good reason behind why you shouldn’t invest in a good-quality Amazon repricer. Save yourself time, money and stress from manual repricing by automating your workload. At EReprice, we give you an easy-to-access, easy-to-operate tool that will dramatically reduce the time you spend controlling your stock. And, by working 24/7, it will give your products maximum exposure to your potential customers – even while you sleep or play. Visit eReprice.com to start your free 14-day trial today. No commitment or contract necessary. To talk to us about the solutions we can provide for your business, call us at our Nottinghamshire office on 01777 712 714.