How to Reprice your Listings this Prime Day 2023 ?
As Prime Day approaches for the second time this year, it is important to prepare your business for a successful holiday season. By now, you have stocked up on inventory in anticipation of this Q4. While finding the right products is crucial (we will never stress it too much), it’s equally important to implement effective repricing strategies on Amazon, especially during this busy holiday season and all the upcoming shopping events.
In this article, we highly recommend utilizing the Conditional Repricer to adjust your product prices so that you can effectively adapt to the ever-changing competitive landscape of the Amazon marketplace. Furthermore, we provide three effective repricing strategies that can be implemented for your business during Prime Day.
Why Should you Use Conditional Repricer this Q4?
First, Conditional Repricer can automatically adjust prices based on your sales velocity. For example, if your sales are increasing, BQool repricer can raise prices, if your sales are declining, BQool repricer can drop prices. This dynamic strategy to Auto-Switch between different price adjustment behaviors can help you increase sales or profit based on your sales performance.
Conditional Repricer can also help you liquidate your old and stagnant inventory based on inventory related conditions and improve your Amazon Inventory Performance Index (IPI) score.
Most importantly, Conditional Repricer can increase the buy box win percentage and prolong your buy box possession. It can trigger a more aggressive AI to help you get the buy box when needed. If you want a repricer that can achieve such a result, repricing with “Buy box win %” condition will be what you are after.
⚠️ How Conditional Repricer Works? ⚠️
Before starting to use Conditional Repricer, we want to remind you that AI will start executing your pricing strategy by the first condition you configure (the top one) then if the condition is not met, it will move on to the next condition from top to bottom until a condition is met and triggered.
What Should you Do During Prime Day?
Whether you are a Fulfilled by Amazon (FBA) or a Fulfilled by Merchant (FBM) seller, BQool Conditional Repricer is the perfect tool to boost your sales performance and your profit. You can benefit from flexible customization while creating your own repricing strategies for Prime Day!
Scenario 1_ Focus on the Buy Box to Increase your Sales
To increase your chances of securing the buy box this Q4 with Conditional Repricer, we recommend reprice based on the Buy Box Win percentage. We suggest setting up an AI main rule, such as Sales Maximizer or Sales Booster, to improve your sales performance and increase your chances of winning the Buy Box.
What can you do if you have low “Buy Box Win Rate” on a listing with more than 20 competitors? In this case, you can set the condition “Win Buy Box”, then apply AI Sales Maximizer rule as well as resetting the minimum price when Buy Box Win % falls below X%. By successfully implementing the Sales Maximizer rule, you can significantly increase your Buy Box percentage and boost your overall sales.
Scenario 2_ Reprice Based on the “Inbound Quantity
* Inbound Quantity is the number of units on their way to the FBA warehouse.
By repricing on Inbound Quantity condition, it is a way to help you determine the popularity of a product by looking at how quickly it sells and requires stock replenishment. A product that is in high demand and sells quickly may require replenishing it more frequently, therefore you should apply a more profit driven AI strategy. By adjusting the prices based on the inbound quantity condition and using Profit Maximizer rule as the main rule, you can ensure that you maintain an efficient sale of your fast-moving or replenishable items while increasing your profit. This is the right way to secure your Prime Day, especially if you have replenishable items.
Also, it is essential to always keep products in stock to maintain the buy box and avoid being backordered or that might have serious impacts of your chance to keep or get the buy box. Finally, the Repricer will not be able to reprice if your stock is at 0 pieces.
Scenario 3_ Reprice on Storage Type
If you want to assign a repricing strategy to products in a specific category, then you can choose the condition “Storage Type” in the list of the conditions and then select the category that your items belong to. You can also select multiple categories, to broaden the scope of the types of items you would like to reprice. This will enable you to quickly update multiple product prices at once without wasting your time checking products one by one, especially if you have a lot of listings.
Prime Day is a great opportunity for your business to make a significant profit this year. However, it is crucial to elaborate the right repricing strategies during this Q4, considering the intense competition you will face. To ensure your Prime Day success, BQool AI repricer with Conditional Repricing is your best bet! Its maximum flexibility and loads of customization options can help you tweak the perfect repricing strategy that will give you a leg up in the upcoming sales event.
We have also written a couple of articles on how to take advantage of the conditional repricer, offering valuable tips and use cases (see the list below) to help you effectively manage your Amazon Business through the year and jump over whatever hurdles your competitors throw at you.
For More Repricing Scenario with Conditional Repricer:
Conditional Repricer & Buy Box Conditions
Conditional Repricer: Reprice on Sales Conditions
Conditional Repricer : Reprice on Inventory Conditions
How to Maximize your Profit this Q4 with a Repricer?
Inventory Strategies for 2023 Amazon Prime Day
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