What is Algorithmic Repricer?
Customers are always looking for great deals at lower prices. Marketplaces have fierce competition between them. Also the online sellers on these marketplaces have a cut throat competition between themselves. With increasing online sellers selling on these marketplaces every day, finding effective ways to win Buy box, boost sales with profit is a challenging task.
Consider that there is a tool that dynamically reprices and helps you maximize sales at higher margins – on all days including holidays, even when you are sleeping – this is algorithmic repricer.
What are Advantages of Algorithmic Repricer?
Win Buy box: Repricer monitors the competition on real time basis and ensures that seller win the Buy box and in turn increases the Sales significantly.
Increase Margin: An efficient algorithmic repricer must not always reduce the price. It should also increase the price according to competition. For e.g. you are selling a product at 500 and you are in Buy box and your immediate competitor is selling the same product 700. Then why to sell at 500? If you sell product at 690 still you will be in Buy box with more margin. The algorithmic repricer does this for any number of products.
Avoid price wars: A good algorithmic repricer evaluates all the data and then determines a best pricing strategy in price wars. Since price is not the only factor taken into account, the repricer will not engage in price wars unless the data shows that doing so will bring ultimate result. For example, knowing the estimated base price of competitors means that pricing your merchandise a little lower can result in gaining the Buy box. Algorithmic repricer also takes into consideration seller ratings, seller ranks, Amazon fulfilment etc while repricing.
Actionable Insights and enhanced visibility: Algorithmic repricer provides additional insights like charts, reports, actionable real time data for Competition analysis, margin , profit and loss analysis and based on these results, you can continuously tweak your pricing Strategy.
Accurately Calculate Cost: Sometimes low price can get you in the Buy box but that could lead to losses. Algorithmic repricer accurately calculates the overheads involved in selling online including commission, collection fee, shipping cost, taxes, etc. Algorithmic repricer calculates minimum price by adding base cost, minimum margin expected and overheads and never allows the price to go below this minimum price.
Time Based Pricing Strategy: Sales can be increased by setting right pricing strategy at right time. Algorithmic repricer will set the pricing strategy based on buyers pattern which differs based on time of the day and seasons. Good Algorithmic repricer takes these factors into account while setting the pricing strategy to maximize the Sales and Margin.
BoxNsights is an easy to use and highly configurable Algorithmic repricer that offers competitive repricing functionality along with customized repricing strategy. BoxNsights also provides Advanced Inventory Optimization and Reconciliation for online sellers.