Repricing is becoming a common trend among Amazon sellers. They may reprice their items several times a day, leaving other sellers unable to keep their prices up to date and competitive.
It makes these retail sellers stand out, and the customers get the same item at a lower price.
Keeping your price dynamic and relatively lower than others is a proven strategy to expand your market. It will help you sell more and get excellent customer reviews, which may help you to win the coveted Amazon Buy Box.
However, repricing on Amazon is much more than a trend. Imagine if you could reprice all the items listed in your store several times a day. Is this possible? Can you monitor all real-time prices at the same time? Repricing tools will help you do these tasks on an ongoing basis.
There are many repricing options available. In this article we’ll explain how to choose and give you some top pointers.
How to choose Amazon repricing tools to win Amazon Buy Box
Know your business
No matter what measures you adopt, you have to know your business first. You have to know the basic figures of your sales performance, and work out how your products have performed over the past day, month, quarter, year or possibly longer.
Get these key performance indicators of your Amazon business, analyze them, and look at your sales rank and price history to determine how hot an item is. Understand how this evolved and the prices that determined these factors. And then determine your repricing strategy.
Have an accurate and clear understanding of your inventory level, and reprice your item after checking your stock. Establish relevant specific pricing rules that correspond with your inventory to avoid the possibility of running out of stock.
Knowing your business also means you need to analyze your competition. Are you able to define your competitors among so many sellers? It’s impossible for you to compete with all the Amazon sellers all the time, so narrow your focus on competition by different criteria. Take the seller rating, seller feedback, and shipping destinations into consideration, and create a short business rival list. Analyze all the possible factors that affect your price and sales in-depth and develop a smart product repricing strategy.
Never drop the price without good reason, and make sure you have the resources to survive a period with a significant price drop compared to other sellers.
If you do your homework, you’ll gain valuable business insights to keep your business thriving despite increasingly cut-throat competition.
Choose the right Amazon repricing tool
In response to the rising Amazon repricing trend, dozens of repricers have appeared on the market. As we know, the Amazon Buy Box depends heavily on how much the item is being sold for. This makes repricing crucial for sellers.
There are three sorts of Amazon repricing tools that sellers can use to set their prices on the market. Each one is designed for different business types and you should choose the tool that is the right one for your business.
1. Manual repricing tools
Manual repricing allows Amazon sellers to change their product prices themselves through Amazon Seller Central or other third-party applications. It’s time and energy consuming but it gives a high level of control and visibility to the seller. It’s a good choice if you sell a small amount of inventory, a unique item without any competitors or products with a fixed manufacturer price. However, if you are a busy seller with lots of products to manage, it would not be the best solution for you.
2. Rule-based repricing tools
Rule-based repricing responds to changes in competitors’ prices based on rules set by the seller. Sellers have to determine the rules before activating the tool. For instance, you could decide to match the lowest price or to beat the competition by $0.09. This kind of repricing tool will make your prices change as fast as the prices change in your competitors’ listings.
However, the trouble is that setting rules can be time-consuming and some of the rules may even conflict with each other, so you have to be constantly managing it. It may lower your price too much and minimize your profit margin. This kind of repricing tool may be suitable for vendors selling low-profit items such as books or films.
3. Algorithmic repricing tools
Algorithmic repricing is a much more intelligent repricing tool. It uses computer algorithms to set the best possible price according to all market conditions including competitor prices, promotions, and the Amazon Buy Box metrics, etc. It will set the price automatically after monitoring all relevant data used to determine the Buy Box winner and will strike a great balance between your profit margins and price, to ensure a profitable business.
With high efficiency and automation, algorithmic repricing takes little time and energy to set up but will bring the highest returns for Amazon sellers. The downside is that algorithmic repricing is more expensive than other options, so it’s mostly chosen only by professional sellers retailing a variety of items for high-profit margins.
The 7 best Amazon repricing tools
How can you find the right repricing tool for your business? We’ve researched and compiled below the 7 best Amazon repricing tools which are dominating the market just now with their advanced features.
1. Repricer Express
This tool will increase your Amazon sales incredibly and maximize your profit with its advanced features. It works on 11 different Amazon marketplaces and allows sellers to come up with tailored pricing plans and set up their guidelines for both minimum and maximum price for each product listed. It will offer you as many instructions as needed and test them on their products. Repricer Express offers a 15-day free trial period after which charges are based on the number of products listed.
2. Seller Dynamics
With a focus on obtaining the Amazon Buy Box for the best possible price, you can customize your repricing strategy and use Seller Dynamics to adjust your prices for the maximum profit. Seller Dynamics is designed for Amazon FBA sellers. This tool comes with in-built inventory management software and will automatically update prices and inventory levels, and you can change your prices based on demand and supply.
3. Bqool
Bqool is another great Amazon repricing tool with great features that is accessible for major Amazon markets. Sellers can develop their strategy by determining their business rivals. Your prices will be changed relative to competitors’ ratings, order fulfillment method, item conditions or inventory levels. This means your repricing is very targeted and accurate. You can monitor price change, visualize the key performance data, upload spreadsheets, sort listings by filtering and organize them the way you want. There’s a 14-day trial for new users.
4. Repricer
Formally known as xSellco, Repricer is a real-time Amazon repricing tool which means all repricing changes will take effect immediately. This method will bring more sales than other repricers. Supported by the Amazon Web Service, it ensures all your repricing is processed at the maximum speed. It is easy to track and will act immediately to set an optimal price once it finds your competitors are running out of stock. Repricer offers a 14-day free trial after which charges depend on your SKU.
5. Feedvisor
With advanced repricing algorithms, Feedvisor helps Amazon sellers to win the Amazon Buy Box at an optimal price for each item. Powered by AI, this tool can do more than you might expect. Various factors including competition, seller performance, and your key targets can be taken into account by this great tool. Users can analyze the dynamic market landscape in real-time, obtain the outline of transaction data and operational insights, aggregate loads of real-time data points, optimize their investment strategy by categorizing underperforming listings, top-performing listings, and non-profitable items in a single dashboard.
6. Teikametrics
With a focus on the needs of Amazon FBA sellers, Teikametrics can be used for Amazon FBA shipping management, FBA purchase order management, restocking optimization, inventory analytics, and repricing, etc. Its customizable design makes it possible to create a real-time repricing strategy based on your sales performance. Competitive repricing on this tool makes it possible for sellers to make a high-profit margin on their SKU.
7. Sellery
This tool will help you gain Amazon Buy Box ownership, and make you stand out among sellers. All repricing is completed in real time. With intelligent strategies, it can be easily tailored to fit into your plan. Sellery provides great customer service support and professional consultations with Amazon experts are available for all users.
We hope this post will be helpful for your Amazon business and enable you to choose the best Amazon repricing tool to boost your sales and streamline your sales performance. Remember, the right repricing tools will keep products competitive and profitable. Good luck with your business!