Even if thousands of dollars are involved, some Amazon sellers are skeptical about utilizing AI-powered Amazon repricing tools unless they are sure that the outcome will be beneficial for them. To prove whether algorithmic repricing does good or not to sellers, Northeastern University conducted a study. Their findings showed that using an Amazon repricing tool makes it possible for sellers to gain a feature at the Amazon Buy Box. The study also revealed that sellers who use repricing tools have product prices that are more dynamic than those who opt to do manual pricing.
An Amazon Repricing Tool: What is It Exactly and How Does It Work?
Amazon repricing tools shifted the way sellers do business. It is a software that assists you to change the prices of your products in a day. It works through an Amazon account and utilizes the data on the site to produce reasonable and competitive prices.
There are various Amazon re-pricers on the market. Each has its features based on the different plans they offer. There are two ways to use the software:
1.) Install the Amazon repricing software directly on your computer.
2.) Subscribe with an online Amazon repricing software.
Once you did one of the steps above, you can now link it to your Amazon account. Then, proceed to adjust the repricing of your products based on your preferred settings. Once you finish making the necessary setting adjustments, the software program will automatically assess the status of your products in the market against its competitors. The Amazon repricing tool will also analyze the higher and lower price limits that you place into the system settings and will adjust the prices of your products accordingly.
From the data gathered, the Amazon repricing tool will decide on the ideal price for all your items. Suggested prices will not go live without your approval. Once you approve the changes, your Amazon repricing tool will go ahead and will reflect the changes. Still, most repricing tools allow you to monitor all changes and adjust the inputs before going live for buyers to see. Moreover, once you proceed with your current settings, the repricing software will continue the analysis and price changing cycle.
How to Pick the Best Amazon Repricer Tool?
Choosing to have an Amazon repricing tool may be one of the best decisions you have as an Amazon seller. Now, the question is how to select the perfect fit for your business? Here are three points that you should consider.
1. The Amazon repricing tool must be able to support your selling platform
Your Amazon re-pricer must be able to support your selling platform, which is the most standard need for all sellers. The good news is that almost all re-pricers support most Amazon marketplaces. Technically, they can link with other business tools, such as inventory organization software.
2. The price of your chosen Amazon repricing tool plan should be within your budget
Think about selecting your Amazon repricing tool this way. Car companies want you to buy their car, so they will give you options that seem to come in very cheap. But if you study the payment details carefully, you will know that because you pay cheaper, you need to spend longer. And, if you compute the total payment you did, you are subscribing for a plan that is way beyond your budget.
The same goes for Amazon re-pricers. Some offer plans that seem to fit your budget every month. But, if you understand the whole payment scheme, you are spending much more than you should. Here are some questions to ponder on before you proceed with your target re-pricer.
Does your Amazon repricing tool offer various plans?
Your Amazon re-pricer should be able to provide you with different plans that differ on prices and features. This way will help you choose a policy that fits your needs so you won’t have to pay for items that your business does not need.
Can you sign up for a free trial?
Before investing your money and time in an Amazon repricing tool, assess first if what they offer works for your business. It is also a plus if they have a detailed outline of all the features. It will allow you to have an idea as to what to expect.
Is a credit card a must to apply for their free trial?
This factor depends on the preference of individual business owners. Some sellers do not mind giving their credit card details to sign up for the trial. But, due to security concerns, others perceive that giving out the credit card details ahead of time pressures them to pursue purchasing the re-pricer. Nevertheless, remember that the decision will still be up to you.
Can you cancel your subscription?
Let’s say that you are not satisfied with your Amazon repricing tool. You should be able to cancel your subscription with a few steps to do without additional payments.
3. The data processing and analysis of your Amazon repricing tool should be fast and efficient.
The Amazon repricing tool that you will choose should be able to process information and reprice your products within the turnaround time promised to you. Here are some points for you to reflect on.
- The Amazon repricing tool reacts to the Amazon notification at regular intervals. Keep in mind that in this kind of online business, time means money.
- It can compress or segment files for Amazon to process them faster.
- Your Amazon re-pricer tool can regularly send files to Amazon at a shorter time interval.
An Amazon repricing tool helps sellers more than they can imagine. Automated repricing assists sellers to adjust their product prices in a more competitive way to match other products in the market. And once you decide to get one, make sure to research thoroughly on your prospective re-pricers. Assess whether or not it fits your business needs. Remember that every minute counts in this kind of business. And if the re-pricer that you choose can reprice your products competitively, who knows how much profit you can gain in a month?