What makes ecommerce successful is convenience. What makes it exponentially successful is price competitiveness.
If you are a business owner and have registered to sell online on Amazon,you are probably already aware of how competitive pricing can exponentially impact buyer behavior. And, why wouldn’t it? It is always nice to pick up a good product at a good bargain. However, as business owners, it can become an exhaustive process. The focus can slowly shift away from your business growth to obsessively worrying about the changing product prices.
In case you are an Amazon seller, you can choose to opt out of this manual hassle. Over a year ago, Amazon launched a new tool for its sellers to address the above situation and allow them to focus on other aspects of selling online. This new tool lets you auto update the price of your products and offer competitive prices to buyers that lead to increase in sales. It helps small businesses compete and sometimes win over larger businesses because of a better offer. It also helps you move slow moving inventory by offering discounts.
But, how does this tool compare to manual repricing and does it really make lives simpler for Amazon seller?
Manual repricing of products on an online marketplace is a whole different process with more than 3 steps. Now imagine, if you have to reprice a bulk of products? Sounds time consuming? And, what if there is an error? Human errors are inevitable and if you happen to make an error while manually updating bulk listings, it becomes the task of moving mountains.
The second area where an automated tool like Amazon’s repricing tool can help us out, is to counter speed and frequency. The chances of manual repricing meeting the same speed as an automated tool is rare and the frequency at which the prices are expected to change, can only add to the challenge.
The Amazon repricing tool constantly checks for competitor prices, doesn’t have the risk of human error, thereby earning you more profit and sales. What makes the tool more attractive is the fact that it is absolutely free of cost and gives you complete control of your listings and how you want to price them.
It allows sellers to set-up rules to automatically adjust prices based on the reference price and min/max settings they define. Sellers can also choose with what kind of offers they want to compete by choosing the options – a) Only offers with the same fulfillment method b) Only offers with the same or better sub-condition c) Only Sellers with a feedback rating within 5% of yours, or higher.
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