Logic Rules Over Emotion
Do you know how stockholders panic during recessions and sell at rock-bottom prices, which is the worst time to sell? You won’t make that mistake with automated repricing tools because it doesn’t experience human emotions like panic or anxiety. All it will do is follow the rules you set out for it, and not fall prey to impulsive decisions that could hurt your bottom line.
It’s Faster Than You
How much time would it take you to set prices if you have to pore over competitors’ sites, comparing their prices to your own? And how much time would it take you to manually adjust your prices to stay competitive? All that time spent on it means you’re losing out on sales, while a tool won’t suffer the same effect.
It’ll always be faster and more efficient than you.
It Frees up Your Time
Time is one of the most valuable resources you have. All those hours you previously lost to comparing, analyzing, and manually repricing can now be spent on other, better areas of your work, whatever they may be.
Give yourself the option of being able to meet whatever goal you want — faster and more efficiently than before.
More Visibility in Searches
It’s incredibly low odds that a new buyer will type in your business name and go right to your product. Instead, they’ll search for an item, and then filter based on price and reviews. If you’re using a repricing tool with eBay, then having the best price leads to better search placement.
Better Chance of Winning a Buy Box
Because the price is one of the criteria in Amazon’s search algorithm, having a competitive one helps your chances of winning a Buy Box. And if you have the Buy Box, then you get rocketed ahead of the list of those in the ‘Other Sellers on Amazon’ category.
Because pricing changes happen so frequently on Amazon, it’s almost mandatory to use a repricing tool to help you capitalize on having the right price at the right time. Set the rules and let it take care of the details so you can focus on sharpening other areas of the algorithm that matter in winning a Buy Box, Use amazon product finders to discover winning products.
It Gives You a Competitive Edge
There are so many ways you need to be competitive and so many ways in which competitiveness matters. One of the best ways you can set yourself apart is with repricing.
Because the price is one of the biggest motivators in a purchasing decision, presenting the best package can be what causes a buyer to go with you instead of someone else.
Or think of it this way: because buyers have so much information at their fingertips about what brands are doing, sellers have to work harder at presenting quality products and services. There’s not as much of a chasm between them anymore, so price ends up being the difference-maker. And wouldn’t you want to be on the winning side?
Raise Your Prices Regularly
So, let’s assume that you have set your pricing, you’re keeping abreast of your competitors, are aware of any new to market products and your product is selling at a steady rate.
The straight answer is that you should never be afraid to test new prices, offers, or combinations (such as bundles – more on that shortly) that will potentially help you sell more products and ultimately increase your profit.
see your competitors increasing their prices in line with yours you know you’ve made a positive change that works!
If a particular price or offer doesn’t work – don’t panic, just try something new. Continually testing and monitoring is essential so that you remain competitive within your niche – but you also make the profit you deserve.