So you have started listing your items on Amazon and waiting for your sales to go up. While browsing similar products, you come across other sellers selling the same products at much lower price than yours. What would be your plan of action to direct the customers to your product than to them?
Pricing your products right makes or breaks the sales for sellers on e-commerce platforms. Similar products are available at much lower prices many times. Product visibility and pricing are essential to driving profitable sales. How do other sellers manage to lower their price and get sales?
This is made possible through a repricing tool which helps the sellers to adjust their pricing in response to the competition. This increases their sale and highlights their products for the viewers.
Earlier, competitors use to send their staff to manually note prices and then change them accordingly. As business grows and the more products you sell, the more difficult it becomes to manage the data manually. Imagine, constantly tracking changes monitoring competitors and changing your own pricing manually every time your competitor changes his.
Fortunately, with the increased use of internet and online shopping, marketplaces have undergone a drastic change. Now you can view and compare the prices with your competitors with a click. E-commerce has made it possible for sellers of any size to use repricing tools.
When we talk about market place repricing, we unknowingly redirect to Amazon Repricer. This is due to the fact that with Amazon, the practice is more common and mature than others. This is also because of the other factors which include Amazon Catalogue, The buy Box and Amazon’s own support for repricing. Amazon Repricer allows its sellers to compare and alter their prices against their competitors without knowing them automatically.
The Amazon Catalogue
This feature is the backdrop of Amazon’s structure and no seller can list its product without connecting it to the catalogue. Although you can add more products to your list but eventually all products are listed in the catalogue and other sellers can offer them too.
This Catalogue driven strategy is useful in two ways:
- It makes it easy to find listed products
- Unlike eBay where finding one product gives thousands of results, cataloging provides each unique product exists only once and have a single product details page.
Products with single description and unique images with reviews leave no room for confusion between multiple sellers. Pricing is the main factor that works for sellers. This is the one attribute that is in full control of the seller and that makes them stand apart.
The Buy Box
It is a box on the top right corner of the product detail page where customers can begin the purchasing process by adding items to their shopping carts.
The main feature of the Amazon is that multiple sellers can offer the same product. If you find more than one eligible seller offers a product, they may compete for the Buy Box for that product.
The transaction quickly turns to winning the box to give customers the best possible shopping experience. Winning the box means the seller who receives the order when customer checks out and make payment.
For this, sellers must meet performance-based requirements to be eligible to compete for Buy Box placement. Many sellers see Buy Box placement as a way to increased sales.
The requirements are:
- Availability of products
- Price inclusive of shipping
- Customer experience and review
With customer experience comes subjectivity. This also depends on how quickly the orders were shipped, participation in FBA, rate of bad orders determined by customer feedback and with speed of delivery. Though it is not disclosed how Amazon take each requirement into consideration while assessing the sellers’ performance, but it is always a good idea to keep your customers happy by delivering what is promised or informed.
Amazon’s algorithm used for buy box is not very transparent but you can refer to The Buy Box Bible to have an in-depth understanding of it. Large volumes of data has been used to provide the knowledge about how it works and how you can win it.
If you are also thinking about why marketplaces would take the load for millions of sellers for repricing. Think twice. Sellers with best repricing technology do succeed in the long run if they also ensure quality and timely delivery of their products. Customer feedback plays a major role as aforementioned in determining your sales.
Now the questions come which is the best way to use Amazon Repricer. With WebBee Global and its expert team, you can rely completely from start to end for integrating Amazon Repricer. Their customized version aims to fulfill all your requirements gives you the control to choose which features you need and which you don’t. You may also have the facility to choose between your competitions and only compete your products with certain fulfilled types, sellers who are buy box eligible or sellers with a specified rating.
There are two advantages of this tailoring:
- It helps you to be in your preferred league of sellers if you wish to.
- It gains the customer trust and they are more inclined to buy from you than from other sellers who fall in the general category
WebBee specifically use Amazon Repricer as it leverages the advantages of Amazon’s own support to its sellers as well as WebBee’s customized tool which comes with no restrictions for all kinds of users. They integrate it in such a way that the seller gets full value of the product as well as customization which suits all levels of businesses.
An easy to use interface brings the best from this integrations and is easy to understand for new and first time sellers.
One of the prime objective of sellers is to increase their profits through selling as much as possible. Well, nobody gets into business to gain losses. WebBee Global’s pre-defined algorithm helps to maximize business sales for its customers, profit, and overall ROI.
WebBee’s Repricing software can benefit you with following intuitive predictive features:
- Executes the right pricing on the right items by segmenting and categorizing the inventory
- Prevents selling items at loss by accurately tracking “item costing”
- Flexible price adjustments (both up and down) which is quick as well as accurate
- Smart listings create lists items that get updated as inventory changes.
- Provides a minimum price calculator, analyze and estimates shipping costs, cost of goods sold, and marketplace fees. Create customized dynamic pricing rules for your products.
- Tracks and Monitors competition via advanced product tracking technology, inclusive of image recognition.
- Display the revenue results and analyze competitor’s inventory in real-time to re-assess the overlap and gaps of the merchandising.
The bottom line for the sellers is to minimize manual efforts and get the best results from the tool to amplify their sales. WebBee’s products exactly achieve this and more and therefore they have a high satisfied customers ratio. Choose their customized tool and you will be more than happy to invest in them.
We are expertise in eCommerce solutions for development of web stores using Shopify. WebBee Offers Shopify Development services, Shopify theme development and Magento designing and development services.
- Posted by Sunny
- On May 7, 2017
- 3 Comments