Competition on online marketplace has reached to a new level. Staying ahead of the competition, winning buy box and increasing sales are the major concerns of a online seller. That’s where a repricing software plays it’s part.
What is Repricing Software?
Repricing software allows online sellers to compare their product prices with other competitors prices and adjust according to it.
Price is the main aspect which sellers have in their hand. So seller should have a total control over it. Price can have a major impact on your product visibility, buy box winning chances, and sales.
When number of sku’s is limited, manual repricing can be done, but as the sku’s increases to hundreds, thousands, manual repricing will turn out to be a hectic work. This is the time where repricing software comes into picture.
Repricing software takes care of the total pricing part giving seller a relief by reducing the time taken for repricing and helping seller to concentrate on his or her main business.
Repricing Software like BoxNsights help sellers reprice their products price automatically increasing the visibility of products and the sales over time.
How does Repricing Software work?
Seller need to firstly put their minimum and maximum prices (floor and ceiling prices), this assures that the price will never go beyond seller’s comfort range. Once these min and max parameters are set the repricing software automatically manages the prices and keeps on adjusting them according to the competitor’s price change. Smart repricing software ensures that the price is not lowest but right one which maximizes Sales as well as Profit Margin.
Repricing software also calculates the cost involved in selling on the eCommerce Marketplaces and adjusts the minimum price accordingly.
What should be your Pricing strategy?
Repricing software should work according to your pricing strategy and help implementing it effectively and efficiently.
Pricing Strategies are dependent on various factors:
- Based on Marketplace Analysis
- Based on Competitors pricing
- Based on Seasonal Timings
Pricing strategy should vary from time to time and should be based on realtime analysis of sales, seasonality, your competitor’s pricing analysis, etc.
Analyzing the current marketplace trends and taking action at a fast pace is crucial. For this you need to have the data at your fingertips and charts that help you analyze this data effectively so that you can tweak your strategy to changing customer demands. Some good Repricing software’s provide this data in a very intuitive manner for better analysis.
Setting right price taking into account Competitors prices is very important especially in eCommerce space where price fluctuations are very frequent. Sellers need to respond to the change in competition prices in couple of minutes. Automating it using Repricing software is very important especially if the number of products is high.
Seasonal pricing Strategy
The Strategy which you can use for Diwali, will give you a boost in sales for this season. But the same strategy will not work after a time span. Also with advent of online sales events like Big billion days, Sellers need to keep tweaking their Pricing strategy from time to time.
Implementing the frequent changes in Pricing Strategy is difficult. Repricing Software like BoxNsights helps to set your strategy according to what you prefer and makes an hectic work into an relax job. It is easy to configure and fully automated software helping sellers to set right pricing strategy.