To win on Amazon means to win on price. Did you know that 80 percent of Amazon sales go to the Buy Box winner? And that your prices are a major factor in getting that Buy Box placement?
You’re nodding your head if you already sell on Amazon. So, you also know how important it is to be able to reprice quickly and effectively on this eCommerce marketplace. That means automation, as manual repricing is just too slow and cumbersome for Amazon.
What, then, do you need in the best Amazon repricing software on the market? Here’s our list of a few must-haves if you want to have excellent repricing rules for this eCommerce channel.
What is Amazon Repricing?
For starters, let’s come to an agreement on what we are talking about when we say “Amazon repricing.”
Amazon repricing means using an automated platform to set pricing rules for any SKUs that you sell on this marketplace. The tool then implements these strategies in near real-time, allowing you to adjust prices on your products much faster—and at a larger scale—than you could otherwise do manually.
For example, many pricing analysts or other professionals might use Excel to track and calculate SKU prices, then log into their seller portals to change a price. This might work if you’re small, only selling a few products here or there. But once your catalog grows? Then this process is too much work, and far too slow, for you to be truly competitive.
Therefore, Amazon repricing is all about changing prices quickly and at scale to ensure you are competitive and always in the hunt for that Buy Box.
What is the Best Repricing Tool for Amazon?
This is a tricky question to answer. There are plenty of articles on the web that list Amazon repricers, and yes, Wiser Solutions is one vendor that does this.
However, the best repricing tool for Amazon really depends on you. It’s not a one-size-fits-all solution. To help you figure out what you really need, here is our list of what features these platforms should include so you can make the most out of those services.
The Repricer Integrates With Amazon
OK, in fairness, this is a bit of a silly one. But hear us out—not all repricers work with every marketplace. Some are custom for a specific website, while others might not work on more niche marketplaces or non-U.S. marketplaces.
So, it’s a must that your chosen tool works on Amazon. It’s a basic box to check, but it’s important you get this out of the way first before you move on to more specific features.
The Repricer Works Fast
Nearly all online selling channels operate in a fast-paced environment, but that speed is taken to a whole new level with the big ones like Amazon.
For instance, Amazon’s first-party listings add a competitive wrinkle to your pricing strategies. The presence of these 1P listings increases repricing frequency. Sellers now need to reprice in near real-time in order to keep up with Amazon. That means your chosen repricer must work as fast as possible. Any delay could mean losing a sale or missing out on the Buy Box.
There are two broad types of repricers—the low-cost, pay-as-you-go type offerings, and the more holistic, custom solutions like Wiser.
The Repricer Includes Price Bounds
One side effect of speed is a lack of precision. Your prices could swing too high or too low in an effort to chase a competitor.
Therefore, your tool must include price bounds in order to be effective. Price bounds are minimum or maximum prices you set at the account level—these prevent the repricer from dropping prices too low or increasing them too high. Typically, a min price will ensure a margin you’re comfortable with, while a max price will protect your price position and brand reputation.
The Repricer Offers a Free Trial (Maybe)
Depending on your business, how many products you sell on Amazon, and your overall pricing needs, the best repricing tool for Amazon might offer a free trial.
That way, you can test out the platform to see if it’s a good fit for you. You can play around with the settings, see how it behaves in a real environment, and whether it works well for you. Now, you may be wondering, does Wiser offer a free trial for its repricer? At the moment, the answer is no—but this where the maybe comes into play.
We don’t offer a free trial because our solution is very custom. We take your catalog (up to 500,000 SKUs) and import those into our platform. Our dedicated customer support team works with you for onboarding to ensure everything is set up properly, especially price bounds. Plus, our tool includes other features that are tailored to your specific business, making a free trial less useful than other solutions in order for you to understand to full value.
The Repricer Isn’t Just a Repricer
Speaking of those other features included in the Wiser tool, we believe that the best Amazon repricing software needs a little bit more than just repricing software in order for you to get the most out of the platform.
For example, our goal is to give you the best actionable insights possible so you can make confident decisions. Repricing is only so good as the data going into it, otherwise, you’re just changing prices for the sake of changing prices. With Wiser, we include live competitive price analysis, so you can see how your prices compare to other Amazon sellers in real-time. We also focus on building a platform that improves all your workflows, so it’s easy and intuitive to work with large datasets.
By bringing in additional competitive insights, high-quality marketplace data, and simplified dashboards and tools, it’s much easier for you to set the right price at the right time on Amazon.
Find the Amazon Repricing Tool That Works for You
So then, what’s the best way to reprice for Amazon sellers like yourself? The answer, as we said above, depends. There are two broad types of repricers—the low-cost, pay-as-you-go type offerings, and the more holistic, custom solutions like Wiser.
For smaller sellers or those just starting out, these low-cost options might be best. But if you’re a more established seller or a larger brand, then something like Wiser could be what you want. You’ll know which way to go if you need competitive intelligence, high-quality data extracted on a frequent basis, and dedicated customer support to customize the tool to fit your needs.
Best of luck choosing the repricing software that fits your needs!