A repricing tool allows sellers to dynamically reprice their listings on the marketplace as per the prices listed by the competing sellers to help them win BuyBox. The article will further explain what is BuyBox, how does repricing work and different types of repricers. This will help sellers on deciding which repricer will suite their needs and how to use a repricer to optimize profits.
Marketplaces like Amazon, Walmart offers huge opportunities for online sellers to increase sales and maximize profits. However, as the competition grow, online sellers need to come up with new strategies to beat the competition. The concept of Buy Box is driven by many factors but the product price is the most significant one. Winning a Buy Box has a major impact on the overall sales and profits.
What is a Buy Box?
The concept of buy box is used by Amazon and Walmart. This is the page where the shopper begins the process of making the purchase and can simply add the listing to their shopping cart. The listings on Buy Box can be sold by many different sellers. Winning a buy box has a significant impact on the sales. Using a repricing tool significantly increases the chances of winning a Buy Box.
How does Repricing work?
A repricing tool uses clever algorithms or rules to dynamically evaluate prices for each listing and automatically adjust the prices as per the competitors and based on the price range added by the seller for winning the Buy Box. The repricing tool would first assess the marketplace variables for the listing and then ascertain the best price based on the maximum and minimum price value entered by the seller. Finally, the tool will ensure that the new prices are within the price range set by the seller.
When we have a lot of sellers selling the same product, the question arises on how to be competitive. A good repricing tool enables a business owner to sell more at the best possible price for maximizing price. A repricing tool has to be fast to change prices close to the real time.
A repricer can be rule based or algorithmic. It is cost-effective to have a rule-based repricer however, these repricers may erode on sellers’ profits. For example, if you set the rule for the product price to be a minimum 12% of other marketplace sellers. An algorithmic repricer will be a little expensive however, they are able to automate the entire repricing process by evaluating the entire matrix which helps in winning the BuyBox.
There has been a lot of thinking and re thinking about the applicability of Google shopping for e commerce merchants lately. While it is true that the transition from free to paid listings has not been taken in a positive note by many smaller sellers at large and many have also chosen to move out of the platform for more budget friendly comparison shopping sites. However, not many can argue the fact that Google Shopping is still the most productive platforms to be present in irrespective of all odds. Here are a few good reasons to back this belief…
It is the greatest magnet for buyers of all types and categories
Did you know that this Google as an all inclusive search platform invites around two trillion hits annually? Monthly searches in this comparison shopping site usually touch 100 billion globally and often more. The number of unique monthly visitors is also around a billion if not greater. To many e commerce enthusiasts, these statistics may appear too good to be true.
It is still the biggest traffic booster to motivated sellers
Considering the sheer volume of visitors Google invites, it is only conceivable that being present in this platform will open flood gates of traffic to respective stores. Inviting even a bare minimum fraction of the visitors can result in astonishing increase in sale volume which can assure glorious profit and growth. Not many comparison shopping platforms, even those that rank among the first five can match the size and scope of Google Shopping any time in the near or far future.
It is easy to tame if your strategies are relevant
This King of comparison shopping sites always makes a very worthy addition to any multichannel ecommerce endeavors especially if it involves top performing marketplaces like Amazon Walmart eBay etc. The route to driving traffic to top performing marketplaces through Google is often easy and comprehensive if the sellers’ strategies are well designed and compatible.
Approaching assistance at the right time and the right sources is the simplest way to make the most of this platform without having to worry about costs. Perfect integration with price management assistance through evolved tools and software solutions can create the much necessary cost to conversion harmony which is the key to maintaining a healthy and profitable presence. Learning the art and science of selective listing import, optimization and competitive price management can offer sellers enhanced ranking through weeks together.