The Secret to E-commerce Success – Repricing Software
Published by Julian in Amazon, Repricing Software, Ebay
The key to e-commerce growth and success in the long term may not be entirely focusing on growing your traffic. Today the key is to implement precision repricing techniques to boost sales on multiple platforms. When you engage in selling your products or services on famous marketplace platforms such eBay and Amazon, or even if you have your own website, keeping a bird's eye view on your pricing strategies can be a daunting undertaking.
Why is it a problem? Well, you have to spend hours upon hours monitoring your competition's pricing mechanisms – and when you see changes taking place, you have to scurry and change your own pricing system, which is overly time consuming.
The amount of time spent tracking everything could be better utilized in advertising, sourcing products or growing your business on various additional channels. Therefore is it is important that you get adequate repricing software for your online business and semi-automate your inventory pricing in a more efficient way.
Repricing Software – What is it and how you can use it
There is no question as a new business that your e-commerce business will pick up speed gradually, you will grow and successfully add more products and/or services. Once you grow and add more SKUs – and let's just assume that you have added 15 different products in your product category. Now, just imagine spending hours on end scouring and exhausting all online resources to get a precise and accurate price-check to stay ahead of your marketing rivals in addition to those operating on Amazon and eBay or any other independent e-commerce platform. Just think about how much time that will take.
The majority of repricing available in the market today is developed for online entrepreneurs selling their products and/or services on either Amazon or eBay. Yet, there are still some repricing programs that are designed for standalone platforms as well. Repricing software, plug-ins for the browser and web applications all help online entrepreneurs diligently and analytically price their entire product category automatically and on a daily, hourly, minute or even secondly basis.
Please, remember the word 'automatically' mentioned in the last line of the last paragraph. This is what is going to change the way you price your products. For example, XYZ company automatically scans entire inventories on Amazon for pricing against their very own pricing data, then in view of the results generated, they shrewdly lower or 'raise' the price of their products in order to get their hands on Amazon's 'Buy Box' incorporating a plethora of different techniques and metrics.
Repricing Software – What about E-commerce Websites?
So, what about online entrepreneurs who sell their products and services on either other platforms or their own websites? Yeah, that is good question. Well, you have nothing to worry about. There are several websites that provide you with plug-ins to some of the best online shopping platforms, for example, WooCommerce or Shopify. It's important to note though that repricing software more often than not operate on standalone websites a bit differently than they do on eBay or Amazon.
What are the Benefits?
There are a plethora of fundamental benefits of using repricing software, and mentioned below are some of the more important ones:
- Time saving – pricing optimisation automatically scans the entire inventories of your competitors in minutes, not days or hours.
- Automation – A good example of how clever repricing software really is is the fact that whenever your competition runs out of a certain product, which is in demand, the software will almost immediately detect this change and raise the price of that product that is available in your inventory.