You already know that using strategic repricing on Amazon is one of the best ways of not just getting noticed, but rising to the top. In this post, RepricerExpress will take a look at some of the strategies behind getting you — and faster.
Maintain Your Focus on the Profit Margin
A common mistake of Amazon sellers is to set their sights on the Buy Box. That’s always a great goal to have, but surprisingly, it shouldn’t be your top one. Instead, if you focus on boosting your profits as much and healthily as possible, then the Buy Box will naturally come.
It’s a tactic that really savvy sellers use, because they understand that the most solid route to a Buy Box is through high profit margins, not rock-bottom prices. The reason for this is simple: selling on Amazon is a long-term game, and in order to be successful, you need to have a healthy profit margin. The Buy Box will always be available (and Amazon rotates it, too), so concentrate on what your biggest goals are.
Take Advantage of Holidays
You know how we were just talking about the Buy Box being an admirable goal to have? Well, it increases in importance around holidays as buyers shift from shopping on desktops to using smaller devices. And with smartphones having small, browsing-unfriendly screens, it’s important to shift strategies and attack the Buy Box with all you’ve got.
Put yourself in your buyers’ shoes for a second, and imagine what it’s like to shop for a nightgown for Grandma Myrtle. You just want to cross that item off your list, so are you going to shop around for exactly the right price, or will you be fairly happy in clicking the ‘buy’ button and going after the next item on your list?
Don’t Be Afraid to RAISE Your Prices
When people think of repricing, it’s usually to put something on sale. However, that’s not always the best strategy, particularly if your competitors have sold out of the same product. Then, you boost your prices to capitalise on the now empty competition.
Another way of using price-raising is if your item has just dropped down to its lowest price. Obviously, you’d rather not sell it for that low, so tweak your software to go up to its maximum price as soon as it reaches its minimum, making sure the gap there isn’t too big (or else you risk losing sales to your competitors).
Put Metrics in the Spotlight
Seller reputation counts for a heck of a lot on Amazon, as they pride themselves on having some of the best user experience available. This comes as a result of individual sellers like you doing their best to contribute to the overall experience, so never forget the importance of metrics.
What we mean by metrics are things like feedback, reviews and reputation — the better everything is, the higher your metrics will be. The higher your metrics, the more trust buyers will have in you. And the more shoppers trust you, the more willing they are to buy from you (and boost your profit margins and chances of winning a Buy Box).
Always Reprice, No Matter How Many SKUs You Have
If you’re just starting out and only have a handful of SKUs, you may not think it’s worthwhile to use repricing software. This is a mistake, as it’s all about the mindset. It doesn’t matter how many SKUs you have or don’t have: you’re an Amazon seller, and your goals are to:
- Sell as many products as possible
- Maintain a healthy profit margin
- Reduce operating costs as much as possible
- Always be looking at how to expand your business in a realistic, manageable way
The sooner you get yourself in this mindset, the better prepared you’ll be to deal with any surges in business, or even just how things will be once you get bigger. But start off manually repricing your wares, and switching to software later on will only be a headache when you’ve got a full plate.
