If you’re unfamiliar with what auto repricing is on Amazon, here’s the quick explanation: Auto repricing is a software tool that takes whatever it is you’re selling on Amazon and reprices it higher or less than the competition. Tools like these are absolutely essential to any Amazon vendor who sells 10 or more items on Amazon.
Why use an automatic repricing tool? Well imagine this for a second: Say you have 10 items or more that you’re currently selling on Amazon. You already know that each item is competing against other vendors who are selling the exact same thing and the people who price their item less are appear higher on the list.
The higher an item, the more likely it’ll catch the eye of someone looking to buy it, meaning that being on top is absolutely important. The problem is each time you price your item less than someone else, another vendor or someone you’re already competing against will re price theirs to beat you. This basically means that there’s constant competition to be at the top.
Truth be told, if you sell 1, 2 or even 5 items, constantly monitoring and re pricing your items to appear at the top isn’t difficult, however if you sell 10, a 100 or more items, then it becomes almost impossible to do this, not to mention the fact that even trying this will drive you nuts.
That’s where an auto repricing tool comes into the picture. So let’s use the same example of someone who sells say 100 items on Amazon. The auto reprice tool takes all of these items, and automatically reprices them less than the competition (or more if you choose so) which basically saves you a lot of time and stress.
One other thing vendors often encounter when selling on Amazon is how much to price their items less than the competition to 1. Appear higher on the list and 2. Still make the maximum amount of profit. Is there really any ideal number? As a matter of fact there is and it’s 1 penny, literally.
Just that one penny less than the competition stands out like a sore thumb (but in a good way!) and will catch the buyer’s attention right away. And if your competitor should reprice their item/s a penny less than yours, turn it around and make it 1 penny less. That way you’ll still be able to make the maximum amount!