Amazon is a highly competitive marketplace. It records millions of sales per day and during Amazon Prime Day, the sales could even exceed 100 million. Sellers compete for the market share, but, depending on the item you are selling, the competition could range from moderate to stiff. An Amazon repricer could help you steer the competition to your favour.
Here Comes The Price War
Buyers consider a lot of factors when choosing a product or brand. Some of the most important factors include free delivery, customer service, return and so forth. However, most customers pay special attention to the price. Even if you offer better services than others, you may lose out in the price war if your product price is a lot higher than your competitors. What is the best way around this? How can you stay competitive in price? How would you adjust your product prices based on your competitor’s? This is where Amazon repricer software come in.
Manual or Automatic?
There are two ways to adjust product prices on Amazon. You could go for manual repricing or automatic repricing. As the name implies, in manual repricing, you are responsible for setting the prices manually. Automatic repricing involves setting the prices automatically with a software tool.
Which one should you choose? It depends on what you want and the amount of time you wish to dedicate to the process and the result you wish to get. Automatic repricers offer convenience, ease, and efficiency. You don’t need to monitor the process yourself, the software does it for you.
How Does Amazon Repricer Work?
As pointed out above, Amazon repricers automatically and would regularly change your product price based on the prices of your competitors. This not only helps you stay competitive but it also makes it easy for you to achieve your business goals.
Amazon repricers make use of artificial intelligence to analyze data from other sellers. The data in question is basically the price set by your competitors and the result of the analysis helps it to make informed decisions.
The repricer operates on the mathematical principle of Game Theory. This is a mathematical strategy for making an optimal decision at a given point in time. Game Theory considers several actors or “players” and then shows you the critical path to take in order to attain the optimal goal.
There are many Amazon repricers out there and they are not all created equal. In other words, you need to consider a lot of factors when choosing a repricer in order to get the best out of it.
What To Consider in Choosing an Amazon Repricer
You definitely want to take absolute control of your repricing strategy, don’t you? This should be considered when choosing an Amazon repricer. While some Amazon repricers offer a lot of customization opportunities, some other repricers do not. In addition, some repricers may not work in certain countries or geographical locations. Make sure that the repricer offers the features you need in your location before purchasing it.
Amazon repricers are not free. In fact, most repricers charge at least $10 a month and some may even charge more. You need to consider the costs of the repricers and compare them against your monthly budget before making a choice. If the repricer offers a free trial, it is always advisable to make use of it in order to know if it is a good option for you. Some repricers offer long term contract but some others allow you to cancel at any time. If you need a flexible option, you might want to go for the latter option.
In conclusion, Amazon repricers are great tools for staying competitive in Amazon. Although some people still use it, manual repricing is inefficient. You want to automate the process and make it more efficient. Amazon repricers are the exact thing you need.