ith new brands and sellers entering the market daily, repricing has become a necessary evil for every seller. But product pricing is tricky. If you set the price too high, it can result in less conversion. On the other side, if you set the price too low, it can lead to a low profit margin or even a loss.
It’s important to remember that repricing isn’t new. Even before the internet, store owners would send a staff member to their competitor’s store who would take note of relevant product prices and then optimize pricing for products listed in their store.
Today, this process has become much more sophisticated with many standalone system solutions and integrated marketplace tools making price comparison easy and optimal. But what does that mean for your eCommerce business?
Repricing matters. A lot.
Price, in one regard or another, is among the main factors that influence purchase decisions and increase product visibility across any marketplace. On Amazon and eBay, it's baked into their algorithm. In most marketplaces, product prices change multiple times in a day with sellers competing to gain a competitive advantage and keep sales flowing for their stores.
When dealing with multiple product assortments on different marketplaces, setting the price for each product manually isn’t viable, let alone profitable. This is why more and more web-based sellers are taking advantage of automated repricing software that provides sellers with the best optimization practices to rise above their competitors. But how?
eBay is a “listing-driven” marketplace, giving each listing for each seller its own unique landing page. Using their “Best Match” algorithm, eBay ranks listings using several factors including search term match, popularity (based on impressions and sales), the quality of the listing description and number of images, sellers terms of service, score, and of course, price. In fact, eBay’s Best Match rewards the seller the ability to show up at the top of the best offers search result simply by offering the most competitive product price with a background of excellent customer service. For auction-style listing results, the time left to bid is also taken into account.
Unlike eBay, Amazon ensures every seller’s products are listed and connected to the Amazon catalog through an ASIN, or an Amazon Standard Identification Number. By aggregating all sellers under one listing, it makes it easy to determine the “Buy-Box” winner. Amazon’s Feeds API allows Amazon sellers to reprice as much as they want, with changes updated roughly every fifteen minutes. The product pages are refreshed and the resulting price changes are shown – including the winner of the “Buy Box.”
At FeedStation, each of our customers have unique preferences for how they want to handle pricing. Some brands want to maintain full control, updating a small set of items quarterly or monthly. Updates are picked up within existing systems through an internal lookup table, or updated by our team. Other sellers choose to run out of profitability formulas by brand, pricing listings within MAP confines, while taking into account unique prices and inventory across their supply network. This helps all of our sellers hit the “goldilocks” zone of maximizing both conversions and profitability.
Many sellers, specifically dropshippers selling on Amazon, prefer a more dynamic approach to repricing. In this case, FeedStation integrates directly with a Repricer itself, providing min and max pricing while letting the repricing tool optimize each listing based on a number of factors.
So what are the best repricing tools on the market? Here is a list of some of our favorites.
Because of their flexibility in handling multiple marketplaces (and the fact that they snagged the repricer.com domain) we are putting Repricer.com at the top of our list. Repricer.com includes net margin repricing and profitability analytics across all Amazon marketplaces, eBay, Shopify, and Walmart. They are a member of the Amazon Marketplace Developer Council according to the homepage.
Formerly known as Appeagle, Informed.co is a multi-channel software package that includes an unceasing repricing tool and advanced algorithms exclusively designed to not only help Amazon sellers to win the Buy Box but also to ensure that they stay there. Within the Informed platform, sellers can define which competitors they desire to compete against and set their repricing rules to match and outrank them. It has simplified the automation so much that it makes it easy for sellers to keep track of everything they want to in terms of selling.
Eva.guru provides an autonomous pricing solution that doesn’t require Amazon Seller to customize pricing, define rules, or pick up an algorithm. Eva.guru is self-configured based on seller, product category, and competitor data. Sellers enjoy data-driven dynamic pricing which takes place every 80 seconds and covers price matching, pricing up, and avoids price gouging.
Repricer Express works on 11 different Amazon marketplaces and a number of tools to help Amazon sellers to create customized pricing rules by setting up their own guidelines and allocating minimum and maximum prices for every listing. It offers the freedom to sellers to play with their listings and generate rules that can either apply to individuals or groups of products.
Bqool is a great Amazon repricer tool that is accessible for Amazon sellers in the US, UK, CA, FR, DE, ES, IT, MX, and JP. Users build their exclusive repricing tactics by defining which rivals to reprice against and how. With their expensive plan, you will be able to reprice the prices at a top-speed of 5 minutes for 10,000 listings.
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