Amazon repricing tools help you to reprice your product according to the changing market.
You should evaluate every option so that you can pick the right repricing tool for your business.
Setting an e-commerce store up doesn’t mean you cannot change the price of your products.
With brick and mortar stores, the repricing of the products is pretty simple.
From a change in the price of wholesale goods, your store automatically increases or decreases the costs of the goods.
However, you need a repricing tool to do this with an e-commerce store.
This guide will show the best Amazon repricing tools to be used for repricing your products.
- What Is Amazon Repricing?
- What Does An Amazon Repricer Tool Do?
- Why Do You Need Amazon Repricing Software?
- Types Of Amazon Repricing Tool
- What to Look for When Choosing Your Amazon Repricer?
- Amazon Repricing Tools: The Best of 2020
- How Leelinesourcing Recommend You The Most Suitable Amazon Repricing Tools And Help You Import The Most Popular Products From China
- Final Thoughts On Amazon Repricing Tools
- FAQ For Amazon Repricing Tools
What Is Amazon Repricing?
Amazon repricing or using the Amazon repricing tool allows automating the pricing of your goods.
This repricing is done based on the parameters that you set. Once these are set, the repricer tool uses these to automatically change the prices.
The repricing of the goods is done to make them appealing to the clients. For example, if you’re selling a product for $40. The same product becomes $30 due to promo offers engaged by your competitors.
Therefore, the customers will not prefer buying from you since they’ve got a cheaper alternative. That is why repricing is needed to help optimize your good’s prices according to the change in the market.
What Does An Amazon Repricer Tool Do?
The repricer tool uses your set parameters to adjust the price of the goods. Apart from that, it analyzes your competitor’s good’s prices.
Using the insights from your competitors, it then optimizes your good’s prices accordingly.
Moreover, you can also set a price strategy to make optimal optimization. This can be done by either setting minimum price, which will prevent pricing your goods too low.
Make sure that you set the right parameters since the repricing software will work accordingly.
Why Do You Need Amazon Repricing Software?
There are several perks of owning an Amazon repricing software. Here’s what you need to know:
Selling on Amazon highly depends upon the prices of your goods. You need to set the right price for your goods so that it can attract potential customers.
The repricing tool allows you to update the prices without checking and setting them manually. Using your set parameters, you can easily get the prices updated without having to worry about losing your clients or profits.
Using the repricing tool, you don’t have to continuously monitor the price. The tool itself recognizes the change in the prices of goods in the market.
It then optimizes the price of the good itself, giving you lead for your sales.
There’s a chance that you won’t be able to monitor or change the price of the goods on your own. As a result, you’ll miss out on certain opportunities, which can lead to a drop in your sales.
However, with a repricer tool, this issue gets solved. The tool reprices the goods, making you avail every opportunity such as midseason sales, promo offers, etc.
It gives a competitive edge to your brand on sales. It helps boost your brand’s workability against the competitors.
You don’t have to worry about them getting ahead in sales just because you couldn’t lower your prices.
Even though Amazon repricing software has several competitive perks, it still carries some drawbacks that you need to be vary of.
The primary perk is the cost. You’ll have to add the price of this software to your monthly expenses.
If you’re already running low on expenses, then it might be difficult for you to consider this option.
Another drawback is the lowering of the profit margins. This happens when your competitor decreases the price of their goods.
As a result, the repricing tool then decreases the price of your goods too. However, this price then decreases too low that your profits start getting cut.
That is why you need to add additional parameters so that it may not reduce the cost too low.
Types Of Amazon Repricing Tool
Now that you know what kind of repricing tools are there, here’s what you need to know about its types:
1. Manual Repricing Tools
Though everything happens in your guidance, it’s still time taking and consumes your energy as well. You can use this tool if you’re selling a small amount of inventory.
The product should be unique so that you don’t face any hassle in repricing it. However, if you’re a busy seller, then using this tool might not be a good idea.
Since you’ll have to manually adjust all the prices, using this tool will become troublesome.
2. Rule-Based Repricing Tools
Again, as evident from the name, this kind of repricing tool responds to the rules set by the seller. As highlighted earlier, the repricing tool uses certain functions as dedicated by the seller.
Based on the change in the prices wanted, the seller sets rules for navigating the change done by the repricing tool.
The benefit of using this tool is that you can create a margin for yourself. For example, if the price of the goods decreases, you can still keep a margin of $1 so as not to undersell.
3. Algorithmic Repricing Tools
When it comes to intelligent repricing, this is the tool to use. Using algorithms, it adjusts your product’s prices to the best value.
This can be according to market conditions, including promotions, competitor prices, etc. It also keeps tracks of your brand’s analytics so that you don’t undersell.
Apart from that, it will also monitor the Amazon Buy Box metrics so that you get the best rates. This ensures efficiency, giving you the opportunity to set the best prices for your goods.
However, this tool is expensive. Only professional sellers that need real time analysis should use this tool to manage the costs.
What to Look for When Choosing Your Amazon Repricer?
Here are the factors that you need to assess while choosing the right kind of Amazon repricer:
Type Of Repricer
The first thing to know is the type of repricer to choose for your needs.
From manual to rule-based and algorithmic, you need to assess what kind of repricer tool would work best for your needs. This decision is based on the type of business you’re running.
If you’re a new seller and have a low number of products to sell, then opting for a manual or rule-based repricing tool is a good choice.
However, if you’re a professional seller, then going for the algorithmic repricing tool would be optimal for your needs.
Consider your budget before opting for the repricing tool. If you’ve got ample financial support, then choosing the algorithmic repricing tool would surely benefit you.
However, if you’re tight on budget but still have a high number of selling products, then choosing the rule-based one is a great option. But make sure that you navigate the prices so that your costs don’t increase.
This element is important since you need to know how long the tool will work.
This also matters because you need to know how long the subscription will last. This will help you to manage the overall costs for your business.
Your repricing tool should also have swift speed. This works competently with analytics so that the prices of your goods are changed as soon as your competitor changes their price.
Moreover, the system should also react swiftly, changing the prices as needed without you doing it manually. Try finding something that comes with the fastest Amazon repricer solutions or close to it.
Ease Of Use
You need to know how to use the repricing tool. That is why you also need a competent support system so that you may get any issues solved.
The ease of use will allow you to integrate the software with your business. That is why using the right kind of tool will improve proficiency in your overall proceedings.
Ability To Identify And Follow Your Competitors
The primary reason you need a repricing tool is so that you can assess how your competitors are pricing their products.
Since you need to change your pricing every time your competitors do, the tool should be efficient to do it on its own.
The algorithmic repricing tool is efficient in this case since it observes your competitors and changes the price of the goods accordingly.
The commission rate is also an important factor. You need to be sure that the commission rate doesn’t mess up your costs.
That is why choose the right kind of repricing tool that would not mismanage your costs.
Does It Come With Analytics?
If you’re buying a repricing tool, ensure that it comes with analytics. Having a data-driven repricing tool will not only help reprice but assess your competitors’ pricing methods too.
It will collect information on shipping, handling time, offers, etc. Using such a tool will give you an advantage in boosting your repricing.
Free Trial Period
You need to know what you’re getting into. That is why having a trial period is also an important factor. When opting for a trial period, you’ll be able to enjoy the general perks of the tool.
But most importantly, it will allow you to know what the repricing tool is offering.
Customer Service And Support
Apart from the free trial period, you also need to ensure that you get the right customer service and support.
There are times when you need help with organizing and integrating the tool. Swift customer support will help you competitively.
However, poor customer support will lead to poor results in integration.
Amazon Repricing Tools: The Best of 2020
Now that you know how to choose the right kind of Amazon repricing tool, it’s time to pick the one for your business.
Here are some of the best Amazon repricer tools that you can choose for your needs:
Best for Amazon: RepricerExpress
If you’re working on Amazon and want something that would work the same way, then this is the right tool for you.
Moreover, it offers competitive workability that you can count on. Its plan starts from $55 a month and can go as high as $249 per month depending on SKUs. It also covers other channels including eBay.
Best For Experienced Amazon Sellers: Sellerengin
This is an advanced tool that is directed on changing prices depending on how much you sell. It costs 1% of your sales of $100/month and can reach $2000 per month.
However, for using this tool, you need to ensure that you’re calculating your expenses accurately. That is why it isn’t a solution for all the sellers.
For example, you’re selling products of approximately $10000 per month. Therefore, you need to keep at least $1000 for the tool. That is why using this tool can be expensive.
Best Budget Repricer: RepriceIt
If you’re looking for something that would suit your budget, then this is the right tool for you. it comes with seven different plans that are designed for sellers to use at different stages of their business.
Apart from that, it starts at $9.95 per month with less than 500 SKUs in your inventory. It comes with all the basic tools that you can use to create a solid pricing strategy.
Best For High Volume: Teikametrics
If you’ve got a large inventory, then this is the right option for you. It comes with a great repricing strategy that allows maximizing your assets.
One appealing element about it is that it comes packed with all the features needed for the right repricing tool. It also offers tailored services that you can pick to choose to reprice certain products.
However, it is costly, and certainly not the option for you if you’re hassling with costs. If you’ve investment at your end, then this tool can surely prove worthy.
Best For Enterprises: Wiser
This is an algorithmic repricing tool that offers the best solution for Buy Box. Like all algorithmic repricing tools, it assesses the pattern of Buy Box and manages the right price for your items.
It also comes with customization options that you can choose. These options can work with different parameters such as targeting competitors and sellers of your choosing. Hence, it offers a wide range of flexible solutions that you can surely pick.
Best For Beginners: SellerRepublic
It’s important for beginners to create a strong holding. That is why choosing SellerRepublic is a good option for you in this matter.
It comes with standard repricing services. It helps the seller using intelligent repricing. This makes it easier to match competitors as well as create unlimited rules to navigate the repricing process.
Moreover, it comes with affordable packages, which is why it is suited for beginners. You can get this for 50 listings at $8.95 per month. You can also upgrade the plan to $18.95 for 500 listings.
Best End To End: Feedvisor
This is another algorithmic repricing tool that uses high-end integration for repricing. It uses machine learning power to reprice your goods in real time.
The appealing element about it is that it optimizes your repricing to help you win Buy Box easily. Moreover, it comes with a competitive design and easy to use the system.
From calculating the right price to optimizing for Buy Box’s success, you can surely depend on this tool. However, it’s best suited for enterprises or those with large capital as its plans are costly.
How Leelinesourcing Recommend You The Most Suitable Amazon Repricing Tools And Help You Import The Most Popular Products From China
Using the right kind of repricing tool is important. You need a repricing tool that can offer efficient services in repricing your goods optimally.
However, finding the right kind of repricing tool can be a hassle, especially if you’re inexperienced with it.
That is why you need the help of someone that can help you choose the right kind of repricing tool. LeelineSourcing is a firm that can help in this matter.
From sourcing the right kind of repricing tool to integrating it with your system, you can get the best services from them.
The company has been working in the domain for the past many years. It is currently serving more than 2000 clients all over the world.
Due to its proficiency in sourcing services, the firm offers the right kind of solutions needed for your needs.
In addition, it also assesses your business. This is done to make sure that the repricing tool sourced for your business fits best for your needs.
Since China is the biggest manufacturing source, it’s important that you source products from its market too.
Over the years, the firm has diligently offered top of the line sourcing services, enabling businesses to expand. In addition, it has navigated businesses in terms of their workability.
You get transparency ensured performance with seamless communication in every process. If you need to source the right Amazon repricing tool, choosing LeelineSourcing for it is the right choice.
Suggested reading:What To Sell On Amazon And Best Selling Amazon FBA Products
Final Thoughts On Amazon Repricing Tools
There are certain factors you need to consider making a valuable choice. You can also take assistance from a third party sourcing company such as LeelineSourcing to help you locate the right repricing tool.
Implement the tool for your business, and it will assist in winning Amazon Buy Box in no time.
Suggested reading:How To Win The Amazon Buy Box?
FAQ For Amazon Repricing Tools
Here are some FAQs for Amazon repricing tools that can help answer your queries:
Can Repricing Hurt My Business?
It can if done wrong. Remember, you want to win the Buy Box. However, decreasing your prices to an extent that you will undersell can surely impact your business.
Increasing the price so high that customers will go to cheaper substitutes can damage your business too. That is why you need the right repricer tool so that such risks can be mitigated.
Will Amazon Adjust Prices?
Unfortunately, Amazon doesn’t offer price adjustment as of 2020. Since most people shop on Amazon because of its competitive pricing, adjustment offers are not available.
Does Amazon Refund Difference If Price Drops?
Yes, you can. If you bought something from Amazon and the price drops, you could request a refund within a week. This can be done by requesting through refund on the difference.
How Do I Get Amazon To Lower My Price?
You can do this by going to your product page and selecting the “lower price” option. This will be followed by instructions.
You can then observe the product’s price for the next couple of days for lowering.
Can Amazon Alert You When A Price Drops?
Yes. you can get alerts for the drop in the price of products. This is done when the price of the product goes below the threshold value set by you. You’ll be notified when this value goes down.
How Does The Buy Box Work On Amazon?
Not all sellers are eligible for the Buy Box. That is why you can see several options below the cart where a similar product is listed from different sellers.
Sellers with high metrics are able to compete for the Buy Box. That is why using Amazon seller tools is important so that you may get a shot at Buy Box.
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