Are you or a staff member spending hours trying to beat your competitor’s prices online? Would you like to wake up in the morning and find that your ecommerce sales increased while you slept? When selling online, repricing software can help you remain competitive all hours of the day and night. However, many ecommerce retailers are not familiar with automatic repricing software or how it works. So let us break this down for you.
Repricing software automatically changes the price of your product based on your competitors’ prices across various online marketplaces such as Amazon or eBay. Within large online marketplaces such as these where other vendors may be selling identical products, price competition is fierce. If you are not tracking your competitors’ prices and changing your prices in response to their price changes you may be losing sales. With repricing software, you can not only change your prices automatically, but you can have this done on a daily and even hourly basis.
Staying on top of your competitor’s pricing is practically a requirement to be a viable seller on Amazon, eBay and other large marketplaces. However, if you are selling hundreds or even thousands of products, keeping track of competitors’ prices and then adjusting your own pricing is impossible to do in a manual way.
Nonetheless, many online sellers chose to manually reprice their listings, either because they are unaware that there are automated repricing tools available, they are wary of losing control of their price changes or because they are concerned about the cost and time it might take to set up an automated repricing system. But this is a big mistake. There is repricing software that can bring greater efficiency, time savings and most important, greater revenues for your online sales.
Have you ever gone through your listings and manually changed your prices to outsmart your competitors only to find that in a manner of minutes, your competitors have matched your prices? Chances are that your competitors are using an automated repricer, even if you are not.
If you are selling 5 or 10 products you can manually change your prices. However if you are selling 5,000 or 10,000 products it’s unrealistic to adjust your prices on a daily or hourly basis.
Repricing software enables you to adjust your prices to reflect the competitive landscape in real time. If you are high-volume online retailer who is selling across multiple marketplaces, using a repricing tool will help you maintain competitive pricing strategy on all your marketplaces. Even if you are a small seller with a low volume of SKUs, utilizing an automatic repricing tool can help you remain competitive in a rapidly growing pool of online sellers on Amazon and eBay et al.
If cost is an issue consider this; automating the repricing of products on Amazon, eBay and other marketplaces relieves you of the time spent manually repricing these items so that you can focus on other aspects of your business that are equally pressing. If you are concerned about relinquishing control of your pricing adjustments, some repricing tools, such as the Solid Commerce repricer, allow you to set parameters, such as including the cost of shipping, minimum or maximum pricing, or other pricing rules such as maintaining a desired profit margin.