Looking for repricing tool for your Amazon business?
Well, after reading this article, not only will get the right repricing tool, but you will also be an expert in choosing one.
With the increase in the number of online shopping, this has resulted also to a drastic increase in sellers. With many sellers on one platform, competition is the keyword. Therefore many of them will go for tools that will put them at consumer eyesight. The un-competitive sellers will be pushed back at the shadows of others ending up with no sales.
To have guaranteed sales, most of the sellers go after tools that guarantee them top spot in customer research. This is where the repricing tool comes in, its main role is to set a competitive price and win the seller the buy box. Through this, the seller gets to have more sales. But this need for the best repricing tool has led to the multiple creations of the tool, making it harder to select one that is genuine.
What do you consider when selecting repricing tools?
- Price of the tools
Majority of tools for repricing, have pricing with a low level of entry, they also maintain affordability at a larger volume of up to 20, 000 stock keeping units. If you are a larger volume seller, with a slim margin, ChannelMax, Mean Repricer and RepricerExpress are the perfect tools for you, as they are within 100$ for 20,000 stock keeping units. The only difference they possess is the rate of updates.
WiserRepriser, Teikametrics, Marketplace Repricing, and Feedvisor are the topmost market repricing tools. But new seller to repricing, despite the size of SKU, they will definitely benefit more if they focus on understanding the low level of entry of repricing, rather than repricing tools at the high end. Those with experience in repricing, accompanied by budgets that are sizeable, may benefit from a high-end system Demo to venture for advanced opportunities.
- Type of market
Majority of repricing tools are made to support the Amazon website. Though there are also tools which are made to support another marketplace. For instance, eBay has few repricing tools which support the site. For those tools that support, eBay catalog supported list of products.
Therefore only cataloged items can be repriced against other items cataloged. With the approach of matching keywords, with IDs catalog supplemented by price Spectre, accuracy which is good is claimed. There is also use of tools with artificial intelligence, which precisely match the products, this includes StreetPricer
- Identify your needs
The major difference that categorizes repricers is either being a program that is downloadable or based on software. But the best recommendation is the option for the cloud since Amazon is located there. Apart from hiking your sales and winning you the buy box, it gives you complete freedom. You can decide to switch off your pc but there will be no effect on the repricing process.
- Algorithm vs. Rule-based
The repricer tools are more than just competing for the lowest price. They are sophisticated more. Therefore many repricers allow the user to key in commands that will execute a specific role to a certain product or groups of it. For instance:
- Aim for appearance in the top two positions.
- Win over the buy box existing winner by an amount which is specific.
Based on rules offers from repricing, gives a bigger level of control, in this case, flexibility can come in handy. The limiting factor is the fact that it’s the seller who gets to decide the commands to key in. this involves a decision on how to organize the system and the relevant rules.
The easy way out is the use of a repricing based on algorithmic. The only requirement will be the provision of the minimum price for your products. The system will then configure itself and come up with the optimum price for your products. The system will ensure are sold at the best price possible, which will yield you good sales and profit. There will be no hustle involved.
When relying on algorithmic repricers, the effectiveness will depend on the repricers algorithm. Two repricers which deal with the algorithm will give entirely different results which if you think about it should not be the case. The two systems are supposed to yield the same result.
- Frequency of update
The repricers vary at the rates in which they will have a price change when checking for competitors’ prices. For instance
- Some have limits of up to hours of 50, 000 SKU. This can be more advantageous to users with less SKU.
- Repricelt does about 10 weekly or daily schedule price checks.
Repricing tool frequency can be very important, particularly if the competitors also use the same tool. When the price change is at optimum, a delay in repricing could mean huge losses to the seller. Losses will incur not only because of loss of sales and potential buyer but also because the investment on the repricer could have been in vain.
But higher frequency also means more digging into your pocket. Therefore, sellers who rely on seasonal products would depend on repricers with the best frequency on the season for short term impact, but for a longer time, they would commit to repricing with moderate prices.
- Try Before Paying
Selecting the right repricer is what the sellers want for their business, and it’s what the business needs to grow. It’s among the major factor which determines your sales. Making the wrong choice may lead to the doom of your business.
Most if not all repricers offer 2 weeks to a month free trial. Ensure you have tried a couple of repricing tools before making your selection. This will guarantee the right choice. Moreover, there is no harm or loss involved in trying.
Here are some repricers you may not see on Google 1st Page
1- ChannelMax
I personally used this for few years when I used to sell on Amazon especially in EU marketplace. It probably has everything you can imagine. To me it was a super easy interface but some may claim its complicated but you should definitely try this one. Its repricing tool is considered as the only one based on sales velocity and algorithm. It supports specific countries which have their own Amazon sales market. The tool has an intelligent configuring system, which in real time reprices to boost the seller sales. Alternatively, multiple strategies for repricing can be set by the seller in which the tool based on dynamics using the SKU group will set the optimum price.
You should also keep in mind that it has a lot more fatures than just repricing.(add ons) For example you may sell on ebay and have Amazon fulfill your orders and everything is automated. You can manage your inventory, do UPC searches in bulk. Starting at $34 up to 500 skus.
2- Repricelt
Repricelt offers a standalone and affordable repricing tool. The tool is designed to approximate decision-based on the intuition that sellers employ when repricing their products. The sellers get to choose one amongst a list of selection based on the inventory number of items.Cheapest option I have seen so far. Starting at $9.95 per month.
This is one of my favorite repricing tool based on the pricing and features. It provides tools which enable sellers in Amazon to set rules by themselves. This also allows them to set the price range for which the tool will configure according to the market price and set the optimal limit for you. Starting at $55 per month up to 2500 listing and all packages includes instant repricing and multiple marketplaces.
4- Bqool
This tool allows users in specific regions to compete in Amazon for buyers. It also allows for customizations. These include selecting the competitor you are targeting, set your own rules for competing, including setting the price range. Starting at $25 per month upto 1000 listing and reprices every 15 minutes.
Amazon has repricer tool with the sellercentral that handles most of your needs. It’s free and very easy to use. If you are not large seller, this may work for you.
CONCLUSION
Most of the time buyers are looking for within budget prices of the commodity. But due to competition, setting the favorable price for the buyers becomes a challenge. Therefore the selection of a tool that guarantees these services, market, and profit for your business is the best’s option.
As much as you are competing with your fellow product competitors for buyers, you are also one of them. When getting a repricing tool in the market, don’t let the price fool you into making the wrong decision. You should focus on the service delivery of the program or software. This way, your investment will be able to pay back.
