What is Repricing?
When sales drop below your expectations, what do you do to turn the tide? How do you kick start that buying frenzy on your products?
There are many ways of doing it and repricing is one of them.
Repricing literally means the act of fixing the price of your products for sale. For Amazon sellers, repricing is big game. It is so vital that you can either win or go bust! It is part of a marketing scheme to turn your items more appealing to customers. In short, a repricing strategy is aimed at reversing the tide of battle and giving you the competitive edge over others.
How do I reprice on Amazon?
However, price management on Amazon can be a daunting task for professional merchants, particularly if your listings are in the hundreds. How to keep track of your price changes and that of your competition can be a nightmare especially if you are doing it manually. To score big on Amazon, your prices have to be lower if not lowest of the bunch. Think of it as a price-focused tug-of-war.
Were you to undergo the repricing adjustments manually, that means first going through your products posted on Amazon, comparing that with your competitors, and then making the price changes one by one. The most likely scenario is that you will spend the entire day rummaging through the numbers, and wasting your valuable time to say the least. Don’t forget that you’ll need to be redoing the same process over and over again, constantly and hourly as products’ prices fluctuate at any given time.
Is there an easier way?
But there’s an easier way to help Amazon sellers overcome all this hassle – using an automated repricing tool.
Automated repricing basically means that the software compares the price of your products to that of your competitors’ and automatically adjusts them accordingly. Repricing software can help you manage the prices of your products, adjusting them hourly, so your listings are well ranked according to competitive pricing.
Published by BQool Marketing on Jan 21, 2014