Everything You Need to Know about BQool AI Repricer
BQool AI Repricer Launch event was held on March 3rd. If you miss out, you can check our replay video here and the transcript below.
Samuel: Hello, Amazon sellers. I am Samuel, your host. I have been involved in E-commerce since 2002. My co-host Jimmy is pretty busy today because of all the inquiries we’ve had about AI Repricing. Don’t worry. I’ll ask him to join us in a bit, so let’s go through our agenda for today. I’m very excited we have a very jam-packed schedule for you. First, we’ll talk about the benefits of using AI, so this will be a recap of our different live streams that we’ve done earlier, and then we’ll talk to you about AI applications that are already being used on Amazon. Then we’ll tell you how BQool AI exactly works. No Gimmicks!
We’re going to unveil this mystery to you then we’ll talk about some results sharing. You know it’s very favorable results that we have received so far. And we’ll have a special guest speaker to teach you how to expand your markets. How to expand your Amazon business in different places. So if you got any questions, at the very end, we’re going to do a Q&A session. So if you have questions, put them in the live stream, put them in the chat, just insert your questions, and we’ll answer them at the very end of our live stream. I recommend you remove any distractions now, turn off your social media, close your email or Facebook screen because this AI Repricer is going to radically change the way you do business.
That’s not it. Today we will be doing a lucky draw for the people that have commented on our Facebook group worth US$600. It’s really easy to join our lucky draw. Join our Facebook group, and comment on our post for your chance to win a year’s worth of AI Repricing.
Right now, this moment is the time for us to launch our Ai Repricer together. We gave you a sneak peek in January, then we shared the three rules in Feb, and now it’s here in March. We are at the dawn of a new era of Repricing. If you’re new to Repricing, now is the best time for you to enter. It’s so much easier to reprice now than ever before. What used to take 20-30 mins and needings constant tweaking is now automatic and effective. What exactly are the main benefits of BQool’s Ai-Powered Repricer?
The first benefit of using an AI-Power repricer is to maximize your sales. How does that work? You aggressively seize the Buy Box, so remember this, no Buy Box, no sales, yes buy box, yes sales. To maximize your chances to have more sales, you have to aggressively get that buy box. And this is what our AI repricer does aggressively accelerates your Buy Box win rate percentage. Whether you want to accelerate your sales, or you need to liquidate, it does it all. And then the second thing it does maximizes your profits. You know, you don’t want to keep repricing down, discouraged, and not reaching your financial goals. You have gone out and sourced products, whether through online or retail arbitrage. Third, you do want to maximize your profit and what it does you know it actually raises the Buy Box incrementally. So this is more of a balance and approach, and it would take the Buy Box in favor of profits or share the Buy Box in favor of profits. Fourth, you know we have our AI machine learning to continuously learn and personalize to help you better compete for each ASIN. And finally, it’s very fast to set up. No more complicated rules and settings.
Like you, I know how hard it is to do sourcing. I’ve gone out to buy shoes. Many pairs of shoes. All different brands, I’ve gone to store looking for clearance deals, hoping to make a quick buck when I’m on Amazon. Only to lose the buy box again and again and lose the Buy Box. I don’t want that to happen to you. I want you to be able to make money faster with our AI repricer. And we’re gonna show you how you can do that today.
Enough about me, let’s talk about some AI applications that are already being used on Amazon.
When people search on Amazon, Amazon gives customized recommendations to customers for search intent and also based on their past behavior. So the searching inquiries actually determine the intent for the query. For example, if I’m searching for a pair of hiking boots, Amazon will predict that I might be going hiking, and it will suggest other items that I might want to use for my trip.
By using AI, Amazon predicts different products that I should use, I should recommend, and it’s accounted for 35% of the growth of Amazon. So that’s how much AI has helped Amazon.
Second, there’s also Ai-Powered advertising already being used on Amazon. It is a lot quicker to set up than manual PPC or Rule-based PPC sponsored Ads. It is fully hands-off automation to set up PPC campaigns for each of your ASINs and to do bid optimization or negative targeting. The software decides when to make changes to your bids and keywords using various inputs and various sources of data. This is already a working model. Some of the main benefits for you are to save time on the setup, reducing the likelihood of errors, and can precise targeting of specific ASINs. So we already know that AI is already being used by Amazon and by many Amazon sellers. We’re extremely eager today to share with you all the hard work that our talented team of AI scientists has performed in the last few years. There were many 3am nights where the team was digging hard into uncovering relationships between all the data.
Now, there are a lot of companies out there who talk about having AI or algorithmic repricing, but you don’t hear or see how it actually works. It’s a black box. You hear very vague terms. I don’t know about you, but I don’t wanna hear about fairy tales or marketing buzzwords. Today we are going to unveil this mystery for you. As one of the leaders of AI repricing, we aren’t afraid of people copying, it just isn’t that simple. This took years of research by a team of PhDs to engineer, develop, test, and refine this model.
You know, you need a team of AI engineers to do this and you need to be in the industry long enough so your data is more complete. BQool has been in the industry since 2013, and it’s been in the industry for almost 10 years. As one of the pioneers of repricing, we are on the development council of Amazon, which means our software is verified and will continue to be updated. Most importantly, your data is also secure. We take accounts of billions of data points and we have a favorable track record. You go to Trustpilot, you’ll see hundreds of hundreds of reviews of very favorable track records. We deliver, deliver, and deliver (clap hands). That’s the only way to keep your customers. Many of our customers have been with us for years. It’s all about the customers, as Amazon grew, we grew. This is what Amazon did, and this is what we believe in.
Jeff Bezos said, “We’re not competitor obsessed, we’re customer obsessed. We start with what the customer needs and we work backward.”
That’s what we did for our AI Repricer.
You ask me, Samuel are you kidding me, billions of data. How do you come up with this number? Well, I had the same question that you did. Think about this, for one single ASIN, there could be a number of data points at any single time. For example, the Buy Box, the Sales Rank, the Shipping Time, etc,. Now, multiply that whenever there is a listing change for the top 20 offers for that very ASIN. And multiply that again for all the ASINs and multiply it again by the number of years of data and multiply that again by the number of marketplaces. This all adds up to billions of data points, and a greater probability of having a more accurate AI model.
So one of the concepts, you know you need to understand more data equals higher accuracy. We’ve been in the industry since the beginning and possess an enormous amount of data across multiple marketplaces. In fact, we got billions of data points. Other repricers do not possess the same amount of data as BQool. This is our AI Repricer. Check it out this is a diagram.
There are three different parts. These are the data source, the AI machine learning model, and how it reprices. Our AI Repricer personalized to a seller’s specific ASIN. The goal is to win the buy box more than your competitor and win that buy box at a higher buy box price, which can now do with BQool’s all-new AI Repricer.
So let’s go to the data source section. If you look at the data source section, you can see the AI model consists of multiple factors such as the ASIN. How many competitors do you have? Who are these competitors? Also, which Amazon marketplace are you competing in. If you’re competing in the US, for most products it will be more competitive than if you’re competing in Italy. It factors in price, the buy box, and the seller type, whether your FBA, FBM, or SFP (Seller Fulfilled Prime). Then it will look at the factors, whether you offer free shipping, expedited shipping, and where you are shipping from. Next, it will also check the condition of your product, whether your product is new or used. All these factors and more go into the AI learning model.
In the second section, the AI model will be developed and trained from historical data, where the AI scientists will rigorously test and identify relationships between them. The result is a centralized learning model, where it can be distributed and personalized for each account. In other words, each account will receive its own very unique AI that will predict a unique ASIN’s environment and the actions of its competitors. At the start, it will price up and down with your minimum and maximum. That is normal because the Ai is learning your competitor’s behaviors and how to win the buy box. So it’s important to set the right minimums and maximum. Then once it reduces the range it will predict the right price to win the buy box.
The other factor that goes in, is account-based machine learning. This is designed for you to compete for a specific ASIN. Once you add your listing using AI Repricer, it starts scanning your current competitors and learning their seller behavior. How are they repricing? What’s the competitor’s selling behavior? Then it will profile those competitors. Then it personalizes this to give the best price prediction to win the buy box against your competitors. Most importantly, it raises the price whenever the AI model determines it is able to. This enables the AI to outperform and compete more effectively against competitors with different seller profiles for every ASIN because it learns the behaviors of those competitors.
Then the next part is when it predicts the price based on AI machine learning. It will either raise the price when the AI model determines you can raise the price and still win the buy box. This will make sure you don’t leave money on the table. It may also lower the price if the AI model determines that you should lower the price to win the buy box or it can reprice with a similar price to share the buy box.
There are 3 variations of our AI Repricing rule, based on the level of competition. We have three different rules, we call it the Buy Box Winner. These are intense, moderate, and low competition. Let me go through these 3 rules to let you know which one you can use.
Certain situations are most favorable for using the AI Repricer. This is when there are less than 20 competitors. If it’s over 20, it’s too saturated. That will be really hard for you to get the Buy Box. Another scenario is when the competitor’s Buy Box price is lower than your min price. It’s gonna be extremely difficult and our AI repricer will not be as effective, but it will be very effective when you‘re in these different situations. So if there are over 15 sellers and there are less than 20 sellers for intense competition AI rule. This is recommended for FBM sellers. It would be more competitive for you to win against the FBA sellers. And when the lower, per profit per unit is acceptable. You know this is acceptable for you, and there’s a lower min price which gives our repricing leverage to AI when it keeps on repricing. And this is also in ultra-competitive environments where repricing occurs every 5 minutes. This is also suitable if you’re trying to liquidate your inventory, or if Amazon is also present.
Now we go to our Moderate role. In our AI rpericer moderate rule, the competition out there are maybe around 10-15 sellers. When the selling products are less price-sensitive. And your goal is to have a higher per-unit profit. What your goal is that’s what you’re trying to achieve, this is recommended for FBM and also FBA sellers. This is ideal for quick sales with the possibility of occasionally selling higher than the Buy Box price, driving up your profits. And for this rule, you’re aiming for more profits and a higher ROI than immediate sales. After winning the Buy Box, this strategy will also attempt to raise the Buy Box price incrementally when it’s possible.
Finally, we have our low competition AI rule. This is suitable if you are selling the same items. Perhaps you’re in the same arbitrage group because you’re selling some different products, and you want to share the buy box and you are all trying to maximize your profits per unit. You are not buying in large quantities and don’t have a very large inventory. This is also very suitable for you if you’re selling high ticket items that don’t quickly depreciate, and the price has been constant. You also might just have a few products in inventory and not a lot of competitors. So those are different AI rules, now we want to show you some of the results.
We took some submissions of our early testers to show you a range of possible results. From this seller, after switching to our Intense Competition AI Repricer- we see a large increase in the buy-box win percentage. We see a range of 65-80% in a very competitive environment for some of their best-selling products. You can see this listing, there are over 12 sellers competing for the buy box. For some of their listings, the buy box wins percentage improved to a 100% win over a period of one week. This is from a very experienced seller. We see very positive results from our early users. The main difference is sellers can win 15-30% more than before using our AI Repricer.
We have seen customers with the most favorable results using our instant repricing plans because they can reprice faster and can quickly learn all of their competitors’ behavior and build their sellers’ profiles faster. As a result, the buy box price is a lot more accurate, and they can hold the buy box and have a lot more sales.
If you go to another graph, you can see how this works. This is when we’re trying to maximize sales. The first step it does AI is decreasing the price to hold the buy box as long as possible. And then in the second step, you can see the AI has determined even with the price increase. There’s a still good chance of winning. So our AI repricing rules it would incrementally raise your buy box price to maximize your profit.
So in our first results, you see maximize your sales. We maximize your sales, you win the buy box a lot more, you get more sales. And then the second example, we maximize your profit. We’re trying to increase your ROI, trying to give you more profits so you know just to summarize the results:
- A much higher percentage of winning the Buy Box than prior to using AI-Powered rules
- Growth in their ROI% for Customers using our Moderate Ai Repricer
- Best Results for Customers Using Instant Repricing
Our Ai-Powered Repricing is going to save you so much time. Your effort is going to be minimum. Don’t get me wrong, you still need to source to set your min and max correctly, and that is a lot of hard work. This is for the action takers who are willing to move with technology and use it to their advantage. It’s really easy to set up.
Look at these results. This can be you. This person won over 65% of the buy box for all of these listings. He earned a lot more profit. There are two ways you can do this.
So what you can do today, what you can do right now is you can sign up today for 10 free AI listings. If you’re new to BQool, sign up today. You only pay if you earn more. There’s no credit card needed. There are no streams attached. That’s the first option if you haven’t signed up to BQool yet.
If you’re already a BQool customer. You can upgrade to US$100 just for a month, this way you can get instant Repricing at the fastest speed. This is the best combination, you use AI-Powered Repricer + Instant Repricing. This will help you generate the most revenue. There is very little risk for you. You will also get 1000 listings. I would recommend you try this option. There is so much money out there for you to make. If you make an extra US$10-20 per listing per month, you will easily cover the investment of the subscription. This will likely cover your costs over and over again.
The other option is to upgrade to our US$50 plan to get 10 free AI repricing listings, You get all the benefits of our Repricing + 10 free AI repricing to try out. If you’re brand new, you have zero risk, just sign up. You don’t even need a credit card, only upgrade if it works for you.
You can also sign up for our annual plan and for a limited time get an additional 15% off the regular annual price for the month of March. So it’s almost 25% off (save up to $162) for you. You’re able to lock in the price and enjoy affordable AI repricing.
This is actually very expensive for us to do. Taking account billions of data and paying for the AWS server fees. We are able to offer you this price because of our large customer base. So this price may increase next year. The people who lock-in now will be able to keep their plan for this year. I’m not sure how much longer we can keep this price.
Are you going to wait for your competitors to sign up and outprice you? So sign-up today.
We are going to connect with Florian, our Business Development Manager for Europe, He is from France. So let’s go to Florian to see what he has to say.
Samuel: Florian, thank you for taking the time to attend our webinar today.I know your schedule is very busy and it’s so great to have you join us today.
Florian: Hey Sam! My pleasure, always great to connect with you.
Samuel: Can you share with our viewers some information about the European market. How’s the economy doing and specifically Amazon business?
Florian: The situation is very contrasted. From an economic point of view, the consequences of the pandemic are dramatic. On the other hand, the eCommerce has grown significantly in 2020.
Also, in Europe, the pandemic has revealed the need to massively switch to eCommerce. So we can say that Amazon is catching the beginning of a massive wave in 2021.
The traffic on the Amazon website has grown in every European marketplace last year, with visits up to 17% in the UK and 9% in Germany. Also, the number of Amazon sellers in Europe is expected to keep increasing in the coming year.
Samuel: This means there is consistent growth for Amazon EU Sellers. It’s definitely one of the areas Amazon is focusing on and growing quickly. Can you share a little more about BQool in Europe? How many European marketplaces do we cover?
Florian: Of course Sam! BQool is a global company. We are well established in Europe, covering the 5 main EU markets: – England -Germany – France – Spain – and Italy.
So, any seller in one of these countries, or any seller who wants to sell in one of these countries can use BQool to monitor their accounts and increase their sales.
Our tools are affordable. Starting at $25. It’s by far the best deal in the industry knowing how powerful our tools we provide. The new AI features that you are introducing in your webinar, will be a huge breakthrough for all our European sellers. I can’t wait to see the results.
Samuel: That’s fantastic. Since you mentioned BQool covers 5 European marketplaces, can you tell us if it’s possible to use BQool on several European marketplaces at the same time? What about the pricing?
Florian: This is the best part, let me tell you. At BQool, the EU market is considered a single entity. This means that you can sell on all 5 EU marketplaces with only one subscription. No additional fees.
For instance, if I am a French seller, I subscribed for a 50$ plan which allows me to reprice 5,000 ASIN. I’m doing well but I see some good opportunities in the UK and Germany. I can use my BQool account to sell on these 2 marketplaces, with no additional fees.
The reason why we offer such a service is that most sellers in the EU are selling across several marketplaces. We want to enable our users to overcome all obstacles and become top sellers. Remember, BQool is your ally, here to help the sellers!
Samuel: That sounds like a scalable business model. I know BQool has great plans for Europe this year. Could you tell our audience a bit more?
Florian: Yes, we have some very ambitious plans in Europe this year. We will intensify our development with more exposure, more multilingual content, and videos.
Our website is also being translated into several languages including French.
But the most important update is the translation of our software interface into local languages. This will be a huge benefit for the EU sellers. We will be one of the key players to offer a fully translated interface into European languages.
These two major updates are expected this year. The French interface could be available right from Q2. So stay tuned!
Samuel: That is going to be super beneficial for European sellers that have limited English working proficiency.
Thanks, Florian, for your time. Is there anything else you’d like to add to share with our viewers?
Florian: We are receiving more and more requests from sellers who want to try our tool. That’s awesome.
And for those in Europe who want to know more about BQool and how our tools could help them grow their Amazon business, they can contact me directly. So Sam, please put my contact information in the description of the video. You guys can just contact me and ask me any question you want. Thanks a lot, guys and see you soon!
Samuel: Thanks for your time, hope to see you soon, see you later abiento. That’s great to connect with Florian, and I’m really excited about our European expansion this year.
Let’s invite Jimmy back to join. He’s been busy with customer inquiries all day. He is going to be able to join us now. Welcome, Jimmy, where have you been this whole morning?
Jimmy: I’ve been quite busy. Lots of people asking about AI and now they are all your hardcore fans as well.
Samuel: Well, you’re gonna miss our live stream here man like I was wondering where you went. But I’m really excited you’re here and I know you won’t miss this for the world. That’s exciting to hear about these developments and all the customer inquiries.
Today, we’re going to go and talk about a lot of questions that we just have about all the customers’ questions. And I know you’ve answered a lot of questions over the last few days as well. So let’s go through some of the questions and see what our audiences have asked us. If you have any questions, make sure to insert them in the live chat. Ask us anything about our AI repricer, we’ll be really happy to share and then we’re gonna go through and look at some of the questions now.
FAQ
How does it work for instant repricing?
Jimmy: For instant repricing, right after Amazon sent us a new price change report, which we use to assess the competitor analysis. We are able to reprice right away.
Samuel: Amazon may take some time to process it but we’re able to reprice right away.
Samuel: Right now the report that we are able to process it right away. Another question we have here.
Why does BQool AI profile competitors?
Competitor profiling can provide data reference for our AI to improve repricing efficiency. So that competitor’s repricing behavior can be predicted by the AI and optimize price to win the buy box with ease.
Why are there three different AI Repricing rules, if it’s AI, shouldn’t they all function the same?
Good question! BQool AI repricing rules all strive for the same end goal, that is to maximize sales, raise buy box price and eventually increase profit. The only difference between the three AI rules is the initial approach to price adjustment. For example, AI Buy Box Winner – Intense Competition is an aggressive AI repricing rule that may have a greater price change compared to other AI rules that may reprice incrementally. Eventually, all three AI rules will achieve the same result that is winning you the buy box at a profitable price.
Is BQool AI repricer considered to be reactive?
Yes, BQool AI repricer is a reactive AI repricer. It reacts to how competitors adjust their prices, and it quickly learns how to price against them effectively to win the buy box.
Should I continue to use AI repricer if my listing is out of stock or in transit?
We recommend you pause AI repricing on listings that are constantly out of stock. You should implement AI repricing on listings that have a sufficient inventory.
If I have thousands of products but I have a limited amount of AI, which product should I pick to use the AI repricer?
Jimmy: You can try to choose some of the best-selling products where you have a very competitive Min price. And also like what you mentioned before, the competition should be less than 20. That’s the most ideal competition for AI to work, which is not overly saturated. Keep in mind if you mean the price is way too high, even using a rule base is not gonna help. So to create a perfect scenario that can work best for the AI is ideal.
Samuel: So you’re saying that if you have thousands and thousands of listings, and you use our AI for these listings. Choose the ones that you’re more competitive that they’re already selling very well. This way, you can actually increase your buy box percentage even more. That’s kind of like the 80/20 rule. You pick the 20% that is really going to give you 80% of your profits and your sales. That’s what you’re referring to.
Jimmy: Yes, so just think about AI repricer as a premium feature, you can just apply some of the listings to your hot-selling product listings.
I have subscribed to AI repricer and I am getting error messages. I have reached the maximum number of listings subscribed whenever I try to assign AI rules to my listings even though I have enough listings to cover my active inventory. What’s going on there?
This happens when you have assigned AI repricing rules on a listing number that is more than your plan allows. Meaning if you are on a $50 plan, that only comes with 10 listings for the AI Repricer. After you assess your operation needs, you see the huge sales increase after you assign those 10 listings to be on the AI. You can consider upgrading, and also with a discount, you only pay $75 for a thousand listings for the AI.
You’re covering five main marketplaces for Europe, will it cost me additional money?
For additional marketplaces in the EU, we don’t charge you.
Does it lower prices when you have no competition?
Sellers can specify how to react to this scenario when there is no competition.
Does it allow you to ignore competition with Feedback Ratings less than a percentage you determine?
No, but AI will automatically assess your probability of winning the Buy Box against the sellers in the given competition. If you’re up against a certain group of sellers with a relatively low feedback rating percentage, AI will determine to set the price greater than the low feedback rating sellers.
Can I filter out the listings that are using AI rules?
Yes, you are able to filter out listings with AI repricing rules, even better you can group them together for further assessment. You can pick and choose this listing out of stock already because AI pushes out all the inventory with great profit. And you can switch to other listings with potential selling profit.
Could AI repricer match the buy box price?
It depends on the price patterns of your listings, normally the AI repricer will attempt to stay close to the buy box price to win the buy box at an optimal price point.
What are the three main benefits of AI?
To summarize, the main three benefits are you accelerate your buy box with a win percentage, and we’ve seen that across the board to 15-30%, up to 30-50 from our early adopters. The second one is you can raise the buy box price, you incrementally raise the buy box price. And the third one is it’s super easy to set up, so it saves you a lot of time.
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