Ed. Note – Before reading any further, check out this article that will help you understand what repricing really is (and isn’t.)
More and more Amazon sellers are turning to repricing software to increase their profits, boost sales and to help them remain competitive as the number of offers on many items continues to grow. But choosing repricing software can be confusing.
Making the wrong choice can be frustrating, confusing and even costly. The right repricing software for you should save you time and make you money.
Know What You Need
Before looking at the options available to you, evaluate your needs.
- How many items are in your inventory? Bigger inventories will require more powerful software.
- How much automation do you need? Do you prefer to have total control over your prices? If so, you may not be interested in a solution that only allows automatic repricing. But remember to be flexible. Just because you’ve always repriced items manually doesn’t mean that’s the best or most efficient method. Be open to adjusting your workflow if it will save you time and make you money.
- What products do you sell and what is your business model? Is your business based around retail arbitrage and lots of one-off sales? Do you have wholesale contracts that allow you access to a steady supply of inventory? A little bit of both? You’ll need to understand how repricing software fits into your business model. You’ll find that some tools are better than others at repricing groups of similar items, rather than lots of unrelated items.
- How many Amazon marketplaces to you sell on? If you’re a global Amazon seller, you’ll need software that can keep up. You don’t want to have to deal with multiple tools to manage your listings on different marketplaces. Look for an all-in-one solution.
- What’s your budget? Depending on the size of your business, you may need to start with lower-cost repricing solution. Know what you’re willing to pay, but also remember that higher-priced solutions may offer additional benefits. Paying $100 a month may seem like a lot to some sellers, but if you end up saving an hour or two a day, that software can pay for itself in the extra time you have to go out and scout.
- How do you run your business? Are you online everyday? Do you use Windows or Apple computers? Do you need a cloud-based solution that can be accessed by multiple employees? Is your Internet connection reliable?
The Basics
All software isn’t created equal. Here are important questions you should ask first.
- What platforms does the software run on? Is it for Windows or Apple computers? Can you access it from your smartphone or tablet? Is it cloud-based or do you download it and run it from your computer.
- What support is available? Is support email or phone-based? Is additional set-up and installation help available?
- How much does it cost? Is there a flat monthly charge or are you charged based on your monthly sales? Are there any additional set-up fees? Is there a contract or are you free to cancel or change your service at any time?
The Nitty Gritty
- Is there a minimum price? A minimum or floor price is what keeps your repricing software from making sales that lose money. Find out if it is calculated automatically or if you have to set it yourself.
- How flexible are the repricing rules? What options are available to you? Can you reprice up or down, depending on the situation?
- Factoring in and filtering the competition? Are you able to compete with exactly the sellers you want to? Can you identify and filter the competition by name? Can you specifically compete with or ignore Amazon’s offer? Can you ignore items in better or worse condition?
- Inventory management? Does the software track your orders? What keeps you from selling the same item twice?
- FBA? How does the software fit into your workflow? Does it print labels/manage shipments? Does it work alongside other software programs or does it integrate with the tools you already use?
- The Buy Box? Winning the Buy Box is a key to selling (and profiting) on Amazon. Does the software you’re looking at have options that let you specifically compete for the Buy Box?
- Repricing speed? How many SKUs can be repriced per hour? If you have a huge inventory, you’ll need a repricer that can keep up. If you’re only repricing a small fraction of your inventory every hour, then you’ll be missing out on profits.
Once you know the answers to these questions, you’ll be able to make an informed decision about the repricing software that’s right for you.
Did I miss something? Tell me what you look for in the software that powers your Amazon business.