Amazon pricing is a wild roller coaster ride. One minute, you are sitting pretty, and the next, some other sellers have undercut you, and now you are watching your sales tank. If you are doing arbitrage, then just forget about it! You are basically throwing away your money if you are not in the field to play the pricing game. However, who’s got the time to sit around glued to the screen to tweak their prices manually? This is where you can join hands with repricing tools. These automated tools keep you competitive without the headache by turning price swings into sweet profits.
What is an Amazon Repricing Tool?
A repricing tool or repricer is a piece of software that makes sure that your store is always giving the best deals on the marketplace. In order to ensure that you always have the best price required to win the Buy Box, it keeps track of the product prices that your competitors are selling at and dynamically updates the same for your goods.
You can use a repricer like Arbitrage Hero to save yourself from two tasks that are too time-consuming: market research on current prices to track changes and alter your prices. The repricing tool can do both simultaneously and save you from much manual labor. In short, a repricer will change the cost of your products immediately when your competition raises their price or runs out of stock. This way you make the most profit from your products without missing any sale.
Why Do You Need a Repricing Tool?
Price can significantly impact your product’s eligibility for the Buy Box, also known as the “Featured Offer” on Amazon. No matter what you sell, if you sell at competing prices, you’ll have a high chance of winning. Hence, to improve your chances of winning, a repricer can help by automatically modifying prices by comparing them with your competition.
Once you have chosen your priority items, you can set your price limitation. The tool will ensure the pricing remains competitive within the range. The repricer is supposed to respond instantly to adjust the price.
How Do You Find the Best Amazon Repricing Tool?
All repricing tools are different, and the Buy Box is very competitive. Even if you have an excellent one, there are others offering products at the same competitive price, and the Amazon algorithm will pick the winner from the top-performing merchants. It means that you must pick the right repricing tool that can help you win the Buy Box more often. Here are some factors that you can consider before choosing the Amazon repricer tool for your business:
Precision
Usually, repricing tools have two options: scrape prices off the screen or connect directly to the marketplace via API. The accuracy of both approaches can be significantly different since the scraping technique is more likely to make errors. On the other hand, a strong API connection can reduce the possibility of mistakes as it can perform secure and precise data exchange.
Speed
You have little hope of catching up when your competitors are constantly changing their prices in a very short time. In that case, they will get a more significant share of the Buy Box and all associated sales. However, you can also get a piece of the Buy Box, actually a more significant piece if you can reprice quicker than them. So, your repricing tool should use real-time data to synchronize your prices at the proper intervals.
Supervision
You can set your limits and rules to establish boundaries so that the repricer can give you desired results without having to engage repeatedly. For instance, you can pick which vendors to compete with based on their ratings and shipping schedules or contend with Amazon itself or any FBA listings. The repricer will give you insights and build a strategy to excel in your business.
Bottom Line
Ultimately, the best Amazon repricing tool will benefit you by boosting your share of sales to be a part of the Buy Box. Even when you are in doubt about the pricing for any product, whether new or existing, the repricing tool can help you get the best results. The only difference that repricer makes is that it automates the research and pricing so you don’t have to worry too much. You can contact us at [email protected] so we can guide you on your venture.
