Do you want to know how to outmaneuver your competitors while saving on time and effort?
As a digital savvy retailer, you need to use the algorithm repricing software to administer the prices automatically. Gear them recurrently to guarantee maximum visibility along with the highest rank on a selling platform.
No pressure there, but...!
Automated repricing and preset adjustments are becoming utterly indispensable, since it’s darn near impossible to control manifold listings manually.
How Amazon repricer works
Repricers allow extremely accurate calibration, which might be a bit time-consuming, but it is well worth the effort in a long term. A sophisticated pricing on Amazon is based on real-time analytics to win a buy box. Prices are permanently kept in line with the unfolding situation on Amazon.com marketplace, competitive data analysis and business goals of the seller.
In the aftermath, the amount of time saved through the implementation of this tool is striking.
Still not convinced?
Quality repricer definition implies another significant feature, which should be added to the spectrum. While managing prices, it keeps established profit margin at its highest to maximize gains.
Retailer chooses the repricer, indicates min and max prices, and simply enjoys an unprecedented level of freedom and convenience.
So here we go with the following key points repricers bring to the table:
- acceleration of pricing strategies implementation;
- human mistakes avoidance;
- manager’s routine reduction;
- swift reaction to all market conditions (prices, promotions, etc.)
Types of repricers
Repricer market offers a range of possibilities to match all kinds of needs. Some of the reprices are self-standing, while others make up a whole with marketplace administration packages. Both of them can be based on two different operation modes.
Rules-based ones provide an opportunity to lay down own rulesets, specifying a program’s behavior towards a certain product. A retailer may define various functions, such as “Beat items listed as New”, “Ignore/take over X seller by 3%” or any other conditions they would like to compete on, creating as many directional protocols as necessary.
This approach offers an uncompromising level of freedom and self-responsibility. With that said, setting up the rules might be quite time-consuming and troublesome.
For those looking for readymade repricing solutions, algorithm-based repricers with preconfigured settings will make a perfect choice. The only parameter requiring a hands-on approach is a price based cap with its lowest and highest value.
Some developers, however, stuff more features into their software, meaning that users should take a closer look at the game directives before launching a campaign, as those will influence its ultimate result.
Pricing strategies might be tricky, and it is not always the cheapest option that hits the mark.
Do you see where we’re going with this? The science of pricing is not always obvious.
A few repricers opt at the combination of methods, allowing retailers to apply more complex rules and strategies.
Why use a repricer
Effective pricing policy gives a sustainable competitive advantage online. It’s no wonder those shelf labels and private labels reshape with amazing regularity!
We all know prices fuel sales, drawing the eye of potential customers and stirring up a battle between business rivals.
Is it possible to control price tags good and tight? Well, yes, but the attended mode is time-consuming, slow and inefficient, which makes it totally ill-fitted for a broad assortment.
Whether thousands or dozens of products are on sale, the repricer tool will automatically deal with routine tasks, adjusting the prices according to the seller’s presets.
After all, work approaches and the overall pace of life were changed fundamentally upon the invention of assembly line conveyor, combustion engine or the telegraph.
Apart from being an ultimate time-saver, the repricer empowers Amazon sellers to run more effective and faultless campaigns, excluding infamous stress and human factors.
Common mistakes to avoid when choosing a repricer
With many repricers in existence, retailers can choose a tool matching their needs to the uttermost. Yet, while leafing through the options, it’s worth bearing in mind a couple of lifehacks:
- although the most basic solution could seem like a good idea for a start, it might slow down retail process or profit generation. Thus, efficiency should not be compromised in favor of simplicity;
- repricer, not supplemented by descent customer support, is a dead-end solution, as it is impossible to alter algorithms, establish individualized “do’s and don’ts” and take a firm hold of the repricing experience;
- software with login access for managers offers a higher degree of control and functional elasticity.
Once these requirements are met, repricing tools become easy to implement and truly effective.
So, what of it?
According to the statistics, repricers make up the largest share of the software used by the Amazon retailers with an annual turnover of $1 million and over. They have already become an integral part of up-to-date selling experience, as the spirit of entrepreneurship has digitized. This simple truth may make the figures in the books meet our wildest dreams, or cause no special effect if ignored. Up to you!