Your step-by-step guide to using Flashpricer's custom repricing rules to crush your revenue goals.
Are you ready to elevate your repricing game and maximize your profits on Amazon? Flashpricer empowers you with the widest range of customization options to create effective repricing strategies tailored to your business goals. Let's dive into the process of crafting winning repricing strategies that will set you apart from the competition (or lack thereof).
Choosing Your Main Objectives
When creating a new custom repricing strategy, you'll want to start by defining what you would like it to accomplish. There are five main ways to compete against any seller on Amazon:
Lowest price: Compete against the lowest price on the listing.
Buy Box: Compete against the seller currently holding the Buy Box.
Lowest FBA: Compete against the lowest FBA seller on the listing.
Lowest FBM: Compete against the lowest FBM seller on the listing.
Specific sellers: Target specific competitors you want to compete against.
Refine Your Competition Strategy
When it comes to repricing strategies, being specific can give you an edge over your competitors. After you choose your overall competition strategy, you have the opportunity to customize your repricing rules even further by telling the system if it should ignore anyone in particular.
Ignore Amazon as Competitor
This option is valuable because Amazon often operates as both a marketplace and a seller, and its pricing can be highly dynamic. By excluding Amazon as a competitor, you can better maintain control over your repricing strategy without being influenced by Amazon's frequent price changes and aggressive low-price offers.
Ignore Non-Buy Box Eligible Competitors
Competing against sellers who aren't Buy Box eligible can be counterproductive. Ignoring these sellers allows you to focus on those who are eligible and more likely to win the Buy Box, ensuring your repricing efforts are directed towards more profitable avenues.
Ignore Low Feedback Score Competitors
Sellers with low feedback scores might indicate a lack of customer satisfaction or reliability. Ignoring such competitors can help you avoid getting into pricing battles with sellers who might not be providing a quality customer experience. You can demand a higher price than they can, because of your superior reputation.
Ignore High Handling Time Competitors
Sellers with extended handling times might not be as efficient in fulfilling orders promptly. Ignoring these competitors can help you maintain a competitive edge by avoiding price wars with sellers who might not be able to deliver orders as quickly as you can. Buyers who want their orders shipped quickly and reliably will be willing to pay a higher price.
Ignore Specific Seller IDs
This option grants you the flexibility to strategically choose competitors you'd prefer not to compete against. For instance, if you have insights that a particular competitor always engages in aggressive pricing that's not profitable for you, you can exclude them from your repricing competition.
By providing these options, Flashpricer ensures that you have fine-tuned control over your competition landscape. Each choice allows you to tailor your strategy to your business objectives, avoid unnecessary pricing wars, and concentrate on the competitors that align with your goals. It's all about empowering you to make strategic decisions that optimize your performance on Amazon.
Set Up Your Specific Repricing Rules
Once you've selected your main objective and competitors, it's time to customize how Flashpricer reacts to the scenario you've defined. Some ways that you can do that are:
Your prices will match the competitors you selected. So for example, you've chosen to compete against the lowest FBA seller on the listing, and to ignore low feedback score competitors. Flashpricer will look at all the FBA offers on the listing with a favorable rating, and match the lowest-priced option.
This option allows you to strategically increase your prices compared to your competitors'. Let's say you're selling unique, high-quality products and want to position yourself slightly above the market average. You choose the "Add" option and set it to add $2 to your price compared to your competitors'. If a competitor offers a product at $20, Flashpricer will set your price at $22. You can also offset by a specific percentage.
If you're looking to be more competitive and capture the attention of price-sensitive buyers, the "Subtract" option is handy. Imagine you're competing against the Buy Box holder but want to consistently offer a lower price. You set "Subtract" at 5%, and if the Buy Box price is $30, Flashpricer will set your price at $28.50. You can also offset by a specific dollar amount.
Set to Min
This option will reduce your price to the lowest acceptable threshold that you've specified. It's great to use on listings where you have too much inventory and want to liquidate it. It also might be beneficial if you're an FBM seller on a listing where the only other offers are FBA. In that scenario, you'll need to beat the FBA price by a pretty wide margin to be successful.
Set to Max
This option will increase your price to the highest acceptable threshold that you've specified. This might be good to use on listings with very few competitors, or when other competitors run out of stock. It could also be profitable if you're the only FBA seller on a listing. You can command a higher price when this is the case and still see success.
Do Not Reprice
This option means that a particular item or product should not have its price changed or adjusted. There might be scenarios where you have complete control over your product's price or where rapid price changes aren't beneficial. If you're selling limited edition items or exclusive merchandise, "Do Not Reprice" ensures your carefully set price remains unchanged, preserving the exclusivity of your product.
You can also use these rules to specify how to reprice when there's no competition, when the Buy Box is suppressed, or when your item is out of stock. These customization options enable you to adopt various strategies, aligned with your business goals and the dynamics of your products and market. It's about giving you the tools to navigate the complexities of Amazon with precision and effectiveness.
Optimize Price Algorithmically
Once you've secured the Buy Box, Flashpricer offers a unique option: algorithmic optimization. This feature gradually increases your price until it identifies the optimal point that retains the Buy Box against competitors. This ensures you're getting the most out of each sale without compromising your position. It also minimizes the complexity of mixing and matching too many rules.
Unleash Your Own Custom Repricing Strategies
With Flashpricer, the power to create profitable repricing strategies lies in your hands. Mix and match these customizable factors to craft the perfect strategy for your unique needs. Whether you're creating specific rules for different groups of listings or applying broad strategies across the board, Flashpricer offers the flexibility you need.
Try Flashpricer's customizable repricing strategies free for 14 days and experience the difference in your Amazon performance. Your e-commerce success is just a click away!