Why Do sellers need Repricing tools while selling on E-Commerce Platforms like Amazon?
Introducing Smart Repricing Solution For Amazon Sellers:
Before we start with repricing tools let see some basic of selling on Amazon platform and why do we need repricing tools for increasing sales and profits.
Starting Seller business on Amazon:
The moment you wish to start selling on Amazon, there are some factors you must take into consideration like:
What would be by buying cost per Product?
How much does Amazon Charge per Product?
What are the shipping rates with respect to Weight?
And how much profit do I wish to take on each product?
These are the basic factors and apart from this, the main thing to consider while selling on Amazon platform is to patient stay ahead of your competitors. Now the point comes, how you stay ahead of your competitors, here comes the word “Winning buy box” now we will see what is buy box.
What is a buy Box:
When a customer Clicks on a particular product, a product detail product detail page appears, from this page, the customer makes a purchase by adding the product to the shopping cart. So this page is considered as buy box. the seller who has the Buy Box at that moment in time(the Buy Box winner rotates but more about that later), gets that all important sale.
Buy Box is the first result that appears for customers search for a specific product, and the one they are likely to click on the most. There are multiple Sellers that offer the same product, so in order to get listed on this page, sellers need to compete for the buy box.
Why is it important to win the buy box:
According to the Amazon, about 90-95% Sales is done through buy box, so it is very important to compete and win the buy box. Winning the Buy Box is not a battle to an end.
Winning the Buy Box is an ongoing process where sellers earn a share of the Buy Box by competing with the competitor.
Eligibility to win the Buy Box:
There are many variables considered by Amazon to win the buy box.
The Buy Box algorithm starts by analysing each offer by all the sellers of the product. It then evaluates each offer on the basis of seller history, Competitive Pricing, Delivery methods & Time, Seller reviews and ratings, order defect rate, delivery history, feedback score, Customer response time, cancellation rate and more...
The need of repricing Software:
Some myths that surround Amazon’s Buy Box is that having the lowest price will make you win the Buy Box. Of course, the lowest price is important, But always having your prices low, will reduce your profit and customers may perceive that your product quality must be low. However, being competitive in the pricing of your product will almost certainly increase your chances of winning the Buy Box.
With price optimisation, your prices and subsequent profits will increase when a competitor runs out of stock. So to always be competitive in pricing, you will need to monitor your products every time. So if you have many products, and to check and change their price every time with respect to your competitor is a time-consuming task. So here comes the need of price optimisation and repricing tools.
How Does this reprice Solution Software work:
our intelligent repricing utilises powerful algorithms which ensure that all the items are repriced instantly as soon as the price is changed by competitors, hence you are always beating your prices with respect to your competition.
Reprice Solution works within your defined pricing rules, ensuring your prices are optimised within your minimum and maximum price settings. It Provides you with many variations to beat the type of competitors you wish to compete. The Dashboard Provides you in-depth detail to figure out important decisions, Amazon gives a lot of control to third-party sellers and you should always try to take full advantage of its incredible potential. To learn more about our software and live result, kindly sign up for a 30-day trial, no long-term contracts, if you feel the software is not working well, you can quit any time.