Repricer tools help you stay agile and maintain a dynamic approach in responding to competitor actions and price changes. There are many repricer tools available in the market designed to work across multiple marketplaces. You can also buy tools that focus exclusively on one marketplace, like EBay or Amazon.
Why Sell Through Marketplaces?
Selling through large online marketplaces like Amazon and EBay offers many advantages. These platforms have a large and well-established global reach and require significantly lower capital investment to start selling. EBay allows multiple listings from different sellers for the same products whereas Amazon invites third party sellers to sell the same products to help keep their prices as low as possible.
EBay and Amazon
EBay is a list-based service. There can be any number of listings for the same products. The way to get user attention quickly is to get the Best Match slots that show up at the top of product listings in search results.
On Amazon the products are tied to a catalog, so typically there will only be one unique listing for each product. Having the Buy Box slot makes you the seller who gets the sale when a customer clicks the Add to Cart button on a product page. Other sellers are listed in a separate page. Amazon keeps rotating the sellers for the Buy Box slots. This implies that in a large number of cases, the reseller who wins the Buy Box slot for a particular product has a higher probability of scoring the most sales.
Basic repricing softwares can simply track prices on these marketplaces and provide you with daily or more frequent reports, then leave the response up to you. Then there are full-fledged repricer tools like the Amazon Repricer by Intelligence Node which tracks prices constantly and automatically makes changes based on the parameters you set and various other factors.
Good repricers have a different approach for each marketplace. For instance, on EBay, the repricer should try to get you among the top Best Match listings for your products. On Amazon, the tool should be able to get you the Buy Box slot as often as possible.
On Amazon, you can win the Buy Box even if you have a higher price, if you have a safe and fast delivery system, and a good product replacement policy for when the goods are damaged in transit.
Lets You Have Good Control
- Good repricers should let you set multiple parameters and conditions.
- They should let you set the minimum and maximum prices for each product, beyond which you do not want your prices to be manipulated.
- You should be allowed to specify who to compare prices with – only sellers in your own country, only against top rated sellers, etc.
Analyze Multiple Factors
- They should have good algorithms that take into account many factors besides pricing when they reprice on EBay or Amazon.
- They should look at the number of sellers listing against each product, the feedback ratings for each seller, the successful delivery rates etc.
- It takes into account not just the exact matches for products, but also tracks similar products to arrive at the optimal price point.
Repricers Should Stay Nimble and Alert
- Repricers should take into account the time of day, season etc., when pricing products, to adjust according to the fluctuating demand.
- Repricers should also spot the chance to hike prices – for instance, when one of your top competitor runs out of stock, your price can be raised to take advantage of this shortage.
- When you are the only seller offering a particular color variation in a product that many customers want, the repricer can hike the price.
Analytics and Reporting
- The best repricers have a good dashboard with an intuitive user interface.
- They should offer different approaches to analyzing the pricing data.
- They should have a comprehensive reporting mechanism that helps you get a clear idea of the pricing movements from different perspectives.
- They should also be able to generate visual reports with quantitative graphs for easier interpretation of statistical data.
Work with Other Components of Your Retail Management System
- Repricer tools can either be part of a larger retail management platform, or they should provide ways to integrate with your existing merchandising setup, to facilitate seamless data and knowledge transfer.
- They should provide flexible plans or subscription options to pick one that fits your need.
Repricing is vital to staying competitive in today’s market and is a marketing strategy that has always been employed. Manual price watch and repricing is a tedious task, especially in the current complex scenario of multiple sales channels and ever increasing competition. Great repricing tools can help you make intelligent pricing decisions and stay ahead of the game.