Rafi Chowdhury — January 5, 2017 Follow @_rafichowdhury
“44% of online shoppers go directly to Amazon before checking any other site – Bloomreach”
Amazon, the world’s favorite everything store is a hard egg to crack for merchants. Competitors keep changing prices at will to outwit you. But, should you throw your towel in?
Fight back I say. As someone who has seen the rise and demise of retail chains (both online & offline) from close quarters, I have few tricks (read strategies) up my sleeve that will help you wade through the murky waters of competition and come out with eCommerce success.
#1. Start with Manual Pricing of Products
As an Amazon merchant, you will have to toggle between several Amazon repricing strategies to get hold a solid customer following. However, I won’t suggest you to invest right away into an Amazon repricing software.
You must get a hang of how merchants practice repricing on Amazon before you automate the process. Thus, the need to start with manual pricing of products. Keep changing your product prices from time to time to see how customers respond. Once you known of an optimal pricing strategy, an Amazon repricing software can be opted for.
#2. Migrate to an Amazon Repricing Software
An Amazon repricing software is a program that will reprice your products automatically in accordance to competitor pricing strategies. Each time your competitor changes their price, the repricing software will tweak the corresponding product pricing in your store to maintain the market competitiveness.
Let’s say in a month, or even in a couple of few weeks your customers have responded well to your Amazon repricing strategies. Now what? Time to go automated. Buy the best repricing software for Amazon you can get in the market. While you can still rely on manual repricing for certain products with low demand, it will be better to use the software for products of high worth.
How to select the best Amazon automatic repricing software?
As yourself these questions to pick the ideal repricing software for amazon:
- How many SKUs can be configured in the software?
- Is it easily scalable?
- Can it configure multiple product types (simple, dynamic, configurable, etc.)
- Does it automate the entire repricing software or requires manual intervention at some stage?
#3. Limit the Product Selection
Adding all the products in your portfolio into the Amazon marketplace repricing software on the onset is not the right foot forward. Tragically, if something goes wrong, you will end up selling all your stocks at a loss.
Amazon inventory repricing should ideally be tried for a given product line or set of products before it can be made a practice across your entire portfolio. With a limited product portfolio, your chances of incurring heavy losses as a result of a mistake will be minimal.
#4. Observe & React
There is an old saying which goes like – “Keep your friends closers and enemies closest.” Wondering why? Because they are the ones who are in the same field as you are, learning what you are learning, trying to do what you are doing to win what you want to win.
So, observe your competitors, see what Amazon seller central repricer they use to stay relevant with competitive prices and react accordingly. Sometimes, you might even want to deviate from your systems and resort back to manual pricing to stay competitive in the market.
#5. Aim for Amazon Buy Box Ranking
That coveted box feature in Amazon, where every merchant dreams of pushing his products into can be yours, provided you make a fine choice of picking an Amazon inventory management software. With automated Repricing on Amazon, you will find it easy to get inside the box and gain more exposure to customers ultimately increasing conversion rates.
Stay Tuned to Best Practices
These Amazon repricing strategies will amplify your selling volumes and gain a sport in the Amazon top sellers list. However, bear in mind that you must keep updating the Amazon repricing software with prices from time to time to stay competitive. The software is not an assurance for price perpetuity. Stay tuned to the best practices for repricing on amazon to see maximum positive results on sales.
If you are into multichannel selling apart from Amazon, you’ll be needing a centralized platform with interface that facilitates the repricing comfortably. To integrate all you sales channel selling in one place and continue Amazon repricing without hiccups, you can check out this Amazon inventory and pricing management software.
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