The introduction of automated Amazon repricers demands swift changes to the pricing strategies of many sellers, including the biggest ones. By using this software, sellers no longer need to manually compute for the best pricing rate on an item-by-item basis. Likewise, the assessment of competitors’ prices has become much more accessible.
Likewise, the assessment of competitor prices has become far more accessible, leading to a more efficient, accurate approach to your pricing model. That is because an Amazon repricer can automatically provide the necessary data without the manual hassles. As the trend for eCommerce grows to persistent innovation, it’s no surprise that the need for Amazon repricers then becomes more and more imperative.
Let’s have a look at how Amazon repricers are especially changing the game for Amazon sellers this 2020. Know these things so you can properly devise strategies to boost your sales.
1. Remove Emotion, Focus on Human Logic
If you’re familiar with the stock market, you’ll notice that traders and investors panic during economic downturns. With all their portfolio turning red, they hope to gain some amount, thus, selling their individual or corporate stocks. That can sometimes be the wrong move, however, especially when they are holding blue chips. But it’s a reality of how emotion influences a person to commit wrong decisions.
That also applies when you’re selling on Amazon or any other eCommerce platforms for that matter. Unlike humans, repricers don't experience typical human reactions such as fear or worry. Even in uncertain periods, it will just abide by the set rules and not resort to reckless moves that could negatively impact your sales or store’s performance.
But don’t you worry. Even if your repricer works that way in times of crisis, you’ll have a better chance of getting into a rebound. That’s as long as you implemented solid measures and plans alongside your automated pricing strategy.
2. Reduce Error, Increase Accuracy
Even the most advanced sellers in Amazon are susceptible to human error. That can be as a result of several factors such as lack of sleep, weakened immune system, uneasy motivation, and a lot of other stress issues.
With a repricer, however, it doesn’t take any of these stress issues affecting humans to succumb to errors. It does not have to have a sleep or sip a lot of brewed coffee for it to perform well and generate accurate results. Its engraved code makes it handle processes efficiently and accurately. That’s automatic.
Recent studies have shown that Amazon sellers using repricers are showing better performance and increased sales. With a lack of errors committed, they could not focus on more important facets of their stores towards boosting profit margin.
3. Increasing the pace of pricing
With the introduction of repricers, Amazon sellers, especially those in highly competitive niches, need to hasten their pricing pace. That is supposedly done without sacrificing quality product and customer experience.
In the past, as some sellers manually computed rates and assessed competitors’ pricing, other sellers would already be reaping profits. That’s because they have quicker strategies doing all that. What more now that there are Amazon repricers?
The game of pricing, therefore, is now a game of not only the most optimized rate, but also in terms of speed and accuracy.
All that, however, can be addressed by using Amazon repricers and automatically ensuring that you will generate the optimal prices for your listings. Again, you don’t need manual renditions, as it’s all automatic. You don’t also have to think so much about your competitors outpacing you and raking the sales out from your niche. The game might entail speed, but you’ve got the software to help your store cope with that trend.
4. Increasing competitiveness in Search Results
Ranking for the top search results is no longer just about the proper use of keywords. It’s also about pricing. After all, pricing is a critical aspect of filtering, and customers normally filter by price to yield the most relevant search results.
Moreover, Amazon’s A9 algorithm prefers better-priced products or items and showcases these on major pages.
With the increasing use of repricers, pricing is also becoming more and more competitive. Every Amazon seller is surely gearing for the most attractive price.
By using a repricer, they can automatically set the price that is not only favorable for Amazon’s algorithm but also to the customers. That places your store to visible pages, thus, the more visitors seeing it, the higher conversion and bigger sales.
5. Better Chance of Winning Buy Box
Competitive pricing is an essential factor in favoring Amazon’s search algorithm. By ensuring competitive rates, you get higher chances of hitting the coveted Buy Box. With a Buy Box, your ranking can significantly soar ahead of the others. That means your store gets exposed to more customers.
Take note; however, that pricing is a constantly changing landscape in Amazon. It’s no wonder why it has become virtually imperative to leverage repricer to land on the right page at the right moment.
Sellers can input the rules, and the repricer will handle the processes. That lends you more time to prioritize other components of best algorithm practices towards boosting your store’s visibility and likewise, in winning a Buy Box.
6. Better Pricing for a Competitive Edge
As raised in the previous paragraphs, sellers can devise various approaches to boosting their store’s competitiveness. Aside from the commonly identified best practices, one of the ways to do that is via repricing.
Again, you can only convince customers to buy from your store when you have the most competitive price. You have to note that since customers can easily access information about how brands are performing, sellers have to deliver the best quality product or service. Sometimes, there’s not much difference when it comes to quality. So the thing that makes the deciding factor is the price.
Amazon sellers who fail to beat competitive pricing are more likely to end up on the losing side. That is why you’ll notice that even innovative startups are putting premium consideration in setting forth the best price.
There you have it. These are the major trends impacting how Amazon sellers are performing to ensure sustainably increasing sales. Indeed, the Amazon landscape is constantly evolving as innovations keep up. So if you want to stay relevant, take advantage of the power of an Amazon repricer.