Amazon is incredibly well known for containing products with fluctuating prices, but do you know how to keep up with your competitors? Repricing is no longer about just dropping costs a penny or two under your competitors’ — there’s a lot more strategy that goes on behind the scenes in modern day selling, and RepricerExpress has the latest scoop for you.
1. Being Informed and Educated Gives You the Edge
You know how mechanics and plumbers get a bad rap for making oodles of money from simple jobs? That’s because they hold the edge in knowledge. They know how to recognize a problem and solve it, and the consumer has to pay whatever the trades person demands, because they lack the same amount of knowledge.
The same goes for Amazon prices and selling. If you approach repricing like a university course and throw your whole weight into it (and learn everything you can about the topic), then you’ll likely come out ahead. It’s as it is with most things in life: the more you put into it, the more you get out of it.
So, what kind of information do you have to learn?
2. Look at Your Products Supply-and-Demand History
Let’s say you sell Christmas baubles. Right off the top of your head, you know the biggest demand for them will be around the beginning of November for about a solid month, while the lowest will probably be after the holiday season ends and few people are looking to buy them.
But don’t just rely on anecdotal evidence. Get apps or programs that track the availability of your products so you can pinpoint exactly when an item is in supply or when it’s in demand. Knowing precise dates gives you more leverage when to price the item high or low.
3. Figure out How Easy or Difficult a Product is to Obtain
If you’re selling something like ivory, which is quite difficult to get a hold of (and we’re using it only as an example, knowing the severe restrictions and ethical roadblocks in place), then your buyers know this, too. And if your buyers know this, then they’re usually willing to pay a premium to acquire it.
But if you’re selling something like cubic zirconia because it’s cheaper than diamonds, then there’s no way you’ll get away with marking it up astronomically. Plus, more merchants are willing to sell the easier-to-obtain items than the more difficult ones, so that means less competition and more demand for the product for you, which gives you more wiggle room in playing around with prices.
4. Learn Your Competitors’ Selling Styles
Before we delve into keeping tabs on their repricing, we’re going to start a little more generally than that. All we want you to do right now is just look at how they market themselves. Do they have a big social media presence? What sort of templates do they use to advertise themselves? Are there commonalities across the board that you can pick up on? Try to pay the most attention to your competitors with the most sales, reviews and positive reviews. This means they’re likeliest to be doing the most right things, and they’re the ones you should be patterning yourself after.
5. Learn Your Competitors’ Repricing Styles
Once you’ve got a good idea of how your competitors operate, take a look at when, how, how often, where, what and why they reprice the way they do. Some days, like Amazon Prime days, are no-brainers, but are there other occasions or surges you should be paying attention to, like repricing Apple items if a new iPhone is released?
6. Constant Vigilance!
Last but not least, never take a break from repricing. It’s a 24/7 game, which means you’ve got to be on the ball constantly. If you take a long weekend break and ignore repricing, then you’re losing out on valuable opportunities to your competitors. We live in a world where there are no more regular business hours and shops operate around the clock, so you have to decide what your priorities are.
With respect to the last point, we know it’s not physically possible for you to stay awake every hour of the day, which is why we created RepricerExpress. It’s the app that keeps working while you’re sleeping, eating and showering, all so your business can keep humming along happily. And better yet, we’ve made the first 15 days free for you, so sign up today and start working smarter.
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