When you’re setting up your business on Amazon, knowing what prices to set is one of the most important parts. But what if you have dozens or hundreds — or even thousands — of SKUs? And all your regular work on top of that? Using an automated pricing tool like Repricer.com can help save you time and earn you money. Learn more to see if it’s the right fit for you.
What Does a Repricer Do?
There are essentially two ways you can set your prices when selling on Amazon:
- Manually: You would input the prices on your own for each SKU, raising and lowering them as you see fit based on your knowledge, research and competitors’ actions.
- Automatically: With this method, you’d use repricing software to input min and max rules for your SKUs and the app would change your products’ prices based on your thresholds.
There are pros and cons to using an automated pricing tool, so let’s look at what you could expect.
Pro: Repricers Save You Time
There’s no question that using an automated repricer will save you lots of time. Instead of manually entering in numbers for all the SKUs you have and repeating that process as many times as is necessary, you’d simply set your prices once and let rules handle the rest.
And when your competitors change their prices, you won’t have to worry about changing yours, too, because your repricer will have your rules there to do the work for you. You can say goodbye to gathering data, analyzing and applying it, and altering your prices. Plus, repricers work around the clock so you don’t have to get up in the middle of the night to make changes.
Con: Repricers are Only as Good as the Data You Input
You’ll have to do a bit of legwork at the beginning to understand what pricing rules are best for you, but the repricer will take over after that. It’ll go off the information you put in, the min and max rules you set, and the thresholds you indicate.
But what if you make a mistake when gathering data? Because the repricer is automated and doesn’t think for itself, it could be enacting pricing changes that aren’t beneficial to you. However, if you’re careful about your research and do your due diligence, you can sidestep this potential con.
Pro: Repricers Limit Human Error
Think back to every time you tried to do work when you were tired, stressed, hungry or feeling anything else that put you in less-than-top-shape form. How successful were you? How many mistakes did you make?
When it comes to automated repricers, the potential for human error is gone. It’s a computer app that’s not prone to the same faults as people are, so it’ll never mix up numbers because it’s tired or rush through a task because it’s hungry.
Con: Repricers Don’t Bend to Individuals’ Learning Capabilities
If you’re the only one using the repricer and you rock at it, fantastic! But if your company is growing at all and you need to offshoot repricing tasks to other team members, the app could pose potential obstacles and that’s because it’s a skill to learn like any other.
Training staff members to understand your business and pricing strategies and translating that to a repricer, which takes an additional set of skills to learn, could present a steeper learning curve than you’d like. But if you train your team well and watch them carefully until they get a strong footing, you can sidestep this potential con, too.
Pro: Repricers Can Increase Sales and Your Chances of Winning a Buy Box
Because repricers work around the clock, you’re putting yourself in the best position possible to capitalize on sales. You’re also increasing your chances of winning a Buy Box because your products will have the most competitive prices (at all hours of the day), which is a very important metric when it comes to nabbing a Buy Box.
Con: Repricers Can Be Costly
As awesome as it would be, repricers aren’t free. It takes skilled labour to create the apps, as well as maintain them, and that has to be paid for somewhere along the line. Good repricers will have competitive prices that are tailored to your inventory size so you don’t have to overspend.
Interested in saving time, boosting sales and making better margins? Automating your prices with the fastest repricing tool like Repricer.com could be the solution you’re looking for. Book a demo today to learn more about how Repricer.com can help you optimize your prices on Amazon, eBay, Shopify, Walmart and more. Or get started right away with our free 14-day trial, no credit card needed.