In the world of eCommerce, Black Friday is the highlight of the year. It’s the ultimate opportunity to attract customers, sell slow-moving stock and increase profits. In the bid to stay competitive, the strategy of many Amazon sellers is to cut prices. But what if we told you there was another way?
Using a repricing strategy means you can remain competitive without having to discount your products — and make more profit. Here, we’ll give you top tips to boost your sales performance and make the most of the Black Friday buzz.
Win the Buy Box and Maintain Your Margins
The coveted Amazon Buy Box is the ultimate prize for sellers. Its purpose is to make purchasing products easier for customers, and it shows — over 80% of sales on Amazon are through the Buy Box. As a seller, winning means access to these customers and a huge increase in sales.
NB. Securing the Buy Box doesn’t mean lowering your prices, which is a common misconception.
What it does mean, is that while your competitors make deductions on their products, you can adjust your prices strategically and win the Buy Box a different way. By looking at seller metrics such as location, stock availability and ratings, Repricer helps you to optimize your prices and secure the Buy Box more often, so you can maintain your margins and boost your sales, even if you’re not the cheapest option on Amazon.
Repricing software gives you a huge advantage when trying to win the Buy Box, but there are other things you can do that will also stand you in good stead:
- Make sure your products are in stock and always available
- Maintain good reviews with excellent customer service, product quality and shipping times
- Use an Amazon FBA to give you more visibility and sales
- Be competitive with your pricing — this is where smart repricing software comes to the fore, so you can always be one step ahead of your competitors
Simply put, using Repricer increases the chance of you winning the Buy Box, and winning the Buy Box will make you more money. So while your competitors are stuck lowering prices, you can maintain your margins and boost your sales at the same time.
Ride Market Demand with Dynamic Repricing
When customers think of Black Friday, they think of price cuts, sales and reductions. Which is why eCommerce sellers often panic and drop their prices quickly, thinking this will bring more sales, even if they end up losing profit.
What they’re really missing out on is peak pricing opportunities. We’re here to tell you there’s an alternative way to ride this surge in customer demand and make more profit — dynamic repricing.
Tools like Repricer adjust your prices in real-time by looking at market conditions, customer demand and competitors’s pricing. These metrics are focussed to meet your goals and increase profit:
- Listing price: Repricer looks at competitors’ pricing and adjusts your listing price to focus on improving your sales performance
- Market conditions: prices will automatically adjust to reflect what’s happening in the market, so you can sell at higher prices when demand is high
- Inventory levels: get slow-moving inventory shifted by raising prices when stock is low or demand spikes
- Buy Box status: dynamic repricing helps you to win the Buy Box and boost sales
Repricer knows that timing is everything, especially during the intense Black Friday and Cyber Monday sales. Dynamic repricing adapts itself at the right time, everytime. So you can sit back and relax knowing you’re making the most of customer demand and increasing your profits.
Reprice Based on Seller Metrics
Getting caught in a price war with competitors is any seller’s worst nightmare, and on Black Friday, this can end up being a race to the bottom where nobody profits. Rather than just looking at price, Repricer assesses multiple factors such as your stock levels, shipping times, and overall seller performance to give you the edge over your competitors.
In addition to automatically raising your prices for increasing sales and dropping prices if sales are declining, Repricer reacts to your stock levels. It ensures you capitalize on fast selling products by increasing your offer price and maximizing your profit margin, both when sales are good and when products are low in stock.
Repricer keeps you Buy Box focussed by evaluating your ratings and shipping times. Sellers with higher ratings are perceived as more trustworthy and reliable, which directly influences their chances of securing the Buy Box, especially when other factors like pricing and shipping speed are similar. Repricer takes all this information and maintains competitive pricing based on your sales performance. This way you make more profit per sale without the need to lower prices.
Stay on top of your competitors by leveraging these metrics and using Repricing to maintain profitability without having to sacrifice your margins.
Optimize Your Profits with Smart Repricing
As one of the most flexible and comprehensive solutions for all your Black Friday and Cyber Monday needs, Repricer already makes 4.9B changes on Amazon a week, for 1,000s of sellers.
Repricer works on all 22 international Amazon marketplaces — with more to come as they’re released. There are endless ways to customize, tweak and perfect your pricing rules to match your exact needs. You can be sure to maximize your profits by securing the Buy Box, riding market demand and utilizing seller metrics.
If you’re not already letting our features make smart selling decisions for you, start a free, no-obligation trial today.
