Whether you are switching repricers or choosing one for the first time, it can be a tough choice.
With many factors to consider, we broke it down for you in 10 easy steps:
#1 Do They Offer a Trial?
Almost all repricers now offer a trial. A trial is crucial when you are about to invest in your company like this, as you will want to make sure you know what you are getting yourself into.
Give yourself time to really delve deep into the stats during your trial. Don’t just turn it on and go on vacation for two weeks.
Repricers can seem a high cost for your business. But remember that a repricer is only expensive if it does not make you more money. Be realistic. How much money are you currently generating? How much can you afford to spend on third-party software solutions? If you plan on scaling your business, it is okay to take that into account as well.
Factor into the cost the additional analytics, ease-of-use, and time-saving qualities as well. Less time sifting through data is more time focusing on other parts of your business.
#3 Picking the Right SKUs for the Trial
Repricing is usually necessary if you are on a competitive listing as so many of your competitors will be using a repricer already. Make sure you choose items with competition and where you have stock. You want your sample set to mimic your total inventory as much as possible. For example, if your business model is split into FBA and FBM listings 60/40, make sure you follow that ratio with the sample you put into the trial.
Your inventory model is relevant for making a decision on a new repricer. Are you a business selling your own branded items? Repricing these can be tricky. Are you consistently selling the same products month after month? This makes analyzing performance much easier.
If you are a drop shipper or an opportunist buyer with less control over inventory, you may need different criteria for assessing success. Discuss with your repricer other ways to establish success, as well as looking at other factors such as UI/UX and their support response.
#4 Comparing with a Control Group
It is important to set benchmarks, if you can, for product and product types so you can measure success. Also, be clear with the repricer how you would like to measure success, is it based on Buy Box share, profit margin, or revenue? If your focus is solely on revenue or Buy Box share then your method of repricing will likely be different than if you focus on profit.
#5 Establishing Appropriate MIN and MAX Prices
If you are moving repricers, you have probably already done this step. For those new to repricers or those adding new listings, this step is important for two reasons:
1) maintaining a minimum profit margin
2) reducing the risk of being delisted from Amazon because your price is too high or too low
Make sure you are comfortable selling at both extremes as the repricer may need to use them at different times.
#6 Compare to Similar Times of Year
When viewing your results for the repricer and comparing to your previous set up, keep in mind outside factors that can affect your P&L. For example, it would not be a great idea to compare revenue from Toys and Games toward and after the holidays since the numbers would likely be skewed.
#7 Data Hack
Some repricers perform better incrementally as they collect and understand your store’s data. See if you can leave the system to collect data for a week or so before starting your trial so you have more to compare against!
#8 Pay Attention to Detail During the Trial
A few things to think about/ask:
- Are there additional features not available in the trial?
- How fast do they reprice?
- In what scenarios are the current repricing settings not optimal?
- How configurable are the settings to help you optimize?
- How does the repricer differentiate from others on the market?
- Is the Customer Support knowledgeable and responsive?
#9 Find out the Opinions of Other Sellers
Read reviews on the web and join Seller Groups on Facebook to see what other sellers are saying about their repricer. During your trial, ask your repricer if they have customers with similar businesses to yours that you can speak with. Do they have Case Studies you can read? These can really ease your worries about switching.
#10 How Does Seller Snap Measure Up?
Seller Snap uses artificial intelligence to optimize its seller's repricing strategy based on competitors’ behavior. Using Game Theory logic, Seller Snap developed a cooperative strategy so its sellers get the BuyBox at the optimal price to increase both sales and margins. Unlike “The Prisoner’s Dilemma”, where everybody loses by choosing a non-cooperative strategy, Seller Snap recognizes that pricing on Amazon is a repetitive process. Being as aggressive as you can will erode your profits in the long term. Our AI Repricer will apply the optimum strategy for each individual listing to allow your business to maximize profits while retaining a fair share of the Buy Box.
In the situations where AI is not optimal, there is rule-based repricing as well. In addition, Seller Snap’s analytics and aggregations are crucial to monitoring the listings of its sellers and making decisions about inventory. Seller Snap offers diagnostic tools combined with customized Views to allow Amazon sellers to dive deep into their stats and isolate listings that are big sellers, or those that are underperforming.
With guidance from the Seller Snap team, and useful data such a Sales Rank figures and Returns Data, customers can become proficient at inventory management, Buy Box monitoring, and much more!
Whether you are choosing a repricer for the first time or coming from one of the larger repricers, Seller Snap’s support team will help you set up the no-strings 15-day trial and subscription so you can see what the buzz is about!!
But don’t just take our word for it...
“What was good about this product or service overall? Simply they get it. I tried higher priced. I tried lower priced. This is what works. Selling on Amazon is a game. They know it. They know how to play the game.” Charles H (via WebRetailer)