How to Select an Amazon Repricing Tool
Using a repricing software tool is becoming a necessity for many Amazon sellers. This is because of the need to adjust prices on Amazon. It was once reported that prices on Amazon change more than 2.5 million times a day, which is extremely more frequent compared to price exchanges in traditional stores. It’s not right to just pick a repricing software randomly, though. Not every repricing software is created equal. You need to examine your options and decide on which one to choose carefully.
Emphasis on Reliability
You need to make sure that the repricing software you choose is from a reputable and dependable company. Many offer this kind of software but only a few of them live up to how they are being advertised. Consider something that allows you to test the product, something like the Amazon repricer by Feedvisor. A good repricing software developer will not hesitate to offer a demo of their product if they are confident that it works and delivers on its promises.
Features to Look for
Almost every Amazon repricing software claims to employ advanced algorithms and artificial intelligence but these don’t really mean much. It makes more sense to evaluate the different features of the repricing software. A good repricer should include the following features:
Optimization for Winning the “Buy Box”. A good repricing software should be designed to win more “Buy Box” buttons on Amazon as around 85% of sales on this online marketplace are through this button. This means it should present data that will help you strategize your pricing to win more Buy Box buttons.
Price Increase Upon Winning the Buy Box. If you successfully win the Buy Box, it would be great to have an option in your repricer to increase the price by an amount you set so you can maximize profits.
Ability to Set Competition. It is an advantage having the option to choose who you compete with and how you compete. For example, your repricer may let you set your prices based on the prices of other FBA sellers and ignore those of MFN sellers.
Automation. You certainly want to have the ability to automate price changes and other related tasks. A good example for this is the ability to move products to more aggressive repricing if they have not been selling for a certain period. You may also want the ability to detect the emergence of an aggressive price, so you can withdraw and avoid losing profits.
The use of Amazon repricing software is advantageous. However, it is far from perfect. There are pros and cons to using automated Amazon pricing. That’s why it’s important to be careful in choosing the software to use. More importantly, you need to properly know how to use the software you choose.