As a seller on Amazon, one of your best allies is the repricing tool, and one that works for and with you is the best choice. However, finding the right one can be challenging. Before you invest in a particular repricing tool, ensure that you do your research first and check if it is worth buying. Your choice should depend on several factors to ensure that you optimize your sales on Amazon.
1. It should support the marketplace where you sell
It will be a win-win situation if the Amazon repricing tool you get supports the marketplaces where you sell. So choose a repricing software that supports multiple marketplaces. Another thing you should check is if it can support the inventory tools you utilize at Amazon. Finally, make a shortlist of the best repricing tools you can find from your search and recommendations from colleagues.
2. Ensure that it is budget-friendly
The monthly fee for a repricing tool depends on the number of listings you want in a month. The repricing speed also depends on the listing. For example, 1,000 to 7,500 listings have a 15-minute repricing speed. When you have a listing of 10,000, you get a five-minute repricing speed. This is just an example because different Amazon repricers offer other price points.
Likewise, the number of products you sell affects the price. Ensure that you check all the repricing features based on every tier. Moreover, ensure that there are no hidden charges because that can eat away at your profit. Check if the provider offers a free trial. Another thing to consider is the ease of use, including signing in and canceling the contract.
3. It should offer continuous repricing
You can stay ahead of the competition if the repricing tool you get performs continuously. Sellers on Amazon come from everywhere, so your competitors operate in different time zones. Therefore, you need a tool that constantly monitors and adjusts the prices according to your needs. So, check all the repricing tool features and see if there are limits to the repricing events each day.
4. Check how fast the repricing tool processes monitored data
It can take some time for Amazon to inform you about price changes. As it is a given, you cannot do anything to change it. However, the repricing tool you get should have a faster response time. Once the tool gets the information, it should react quickly. The reaction speed to price changes will keep you competitive, increase your sales potential, and improve your chances of winning a Buy Box.
5. Choose a repricing tool that is friendly to Buy Boxes
Winning Buy Boxes affects your business success. Ensure that the repricing tool you get can use strategies and algorithms that will help you win more Buy Boxes. You should understand that online shoppers want their shopping to be as fast as possible, and the Buy Box button helps. Thus, it is essential to win the Buy Box and optimize its use. An excellent repricing tool can help you optimize how long you can own a Buy Box and help you maximize the price you have in it.
6. It should provide logs and reports
When using a repricing tool, you must know how to monitor all the information about the ongoing repricing activities and your status while you are competing. Consider how much access you will have to all the data that the repricing tool receives. Ensure that the software can generate reports that help you in your decision-making.
7. Ensure the flexibility of the repricing tool
The e-commerce environment can be volatile at times. Thus, the Amazon repricing tool needs to function in every situation and react as needed. First, it should not allow you to reach a point where you are selling at a loss to win a Buy Box. It should be capable of increasing your prices after winning a Buy Box to ensure that your profit margin grows. Ultimately, it should allow you to set your minimum and maximum prices and filter your competitors.
Choose a repricing tool that is easy to use and integrate with the other tools you use. Likewise, ensure that it will work well with Amazon's selling platform and can process data quickly.
