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How does Amazon Repricing work?
The first thing we need to discuss is Amazon Repricing and how it works on a in-depth level.When a competitor changes their price on one of your listings Amazon sends Repricer a notification. This Price Event Notification (PEN for short) contains vital details about your ASIN and the prices of your competitors. Using the data supplied in this PEN, Repricer is able to instantly reprice your product based on your repricing rule and upload that new price to Amazon, keeping your product competitive.
This is a very surface-level explanation of the Repricing Lifecycle. If you'd like a more detailed explanation, take a look at our article here.
Let's talk about Repricing Rules
Now we know how Repricing works, let's talk about how you use Repricing Rules to reprice! Using Repricer's powerful rules you can build out your own custom strategies, telling Repricer how you want your price to be changed based on your competitors and how your product's price is developing.Within Repricer you can bring up your Repricing Rules by selecting Repricing Rules on the sidebar on the left of your Repricer app. There are four kinds of Repricing Rules within Reprier, each with its own purpose, with Standard Rules being the most common.
Standard Rules
Standard Rules allow your products to compete with other sellers on your ASIN. They allow you to target the Buy Box, price against the cheapest seller and generally try to secure more sales by competing with other sellers. They are the most common type of rule when it comes to repricing, and are available for both Amazon and eBay.We have two articles you can use to look at Standard Rules in more detail. Click here to look into Amazon Standard Rules, or here to look into eBay Standard Rules.
Sales Rules
Sales Rules are most commonly used by White Label / Private Label sellers who don't have competitors but still want to reprice. More importantly, they're useful for all sellers, even if you have competitors! Instead of using your competitors to guide your price on Amazon, Sales Rules allow you to use your total sales or the velocity of your sales (increasing/decreasing) to guide your price.Here is an article that gives you a more detailed breakdown of our Sales Rules and how you can use them.
Business Rules
Business Rules allow you to control your Amazon Business prices from within Repricer. You can determine how much of a discount to give business buyers and apply any quantity discounts (if any) you wish to offer.Here is an article that gives you a more detailed breakdown of our Business Rules and how you can use them.
Replicator Rules
Replicator Rules allow you to pass your Amazon Repricing results from Amazon over to other marketplaces or your webstore. Using a Multichannel Replicator you can send, for example, your Amazon price to your Shopify webstore, or eBay store.Here is an article that gives you a more detailed breakdown of our Replicator Rules and how you can use them.
How about Minimum & Maximum Prices
Now that we've discussed Rules, let's talk about Min Max prices. If your rules are how your product is going to reprice, your Min Max prices are the bounds within which your rule can operate. They are, in simple terms, the floor and ceiling prices for your product.Your minimum Price should be the lowest price you are willing to sell your product at when you take into account your various costs. Your Maximum Price should be a realistic price for your product but high enough to secure a good profit.
The next important thing to note is that your Minimum and Maximum Prices are made up of both your product's sale price and shipping. From the perspective of your Minimum and Maximum Prices, if your product is selling at $10 + $2, this is $12, not $10.
Important Note: You should always consider the worth of your product when assigning Maximum Prices. If you wouldn't buy a product at it's Max Price, then it's too high! It's better to make a smaller profit and actually get it, vs pricing high and never selling your product.Another important note about Minimum and Maximum Prices is that within your Amazon seller account you can also set Minimum and Maximum's. However, Repricer will not update your Amazon Minimum and Maximum Prices as these are your final safety net. If you set these Minimum and Maximum Prices on Amazon you will need to ensure that either they are kept up to date with changes within Repricer or you set them with latitude for changes to avoid potential pricing errors on Amazon. Learn more about how you can update your Amazon Min Max Prices from Repricer here.
Learn more about how you can assign your Min Max prices to products in this article.
Understanding what Repricer is doing
Now that we've discussed Rules and Min Max Prices, let's consider how you know what Repricer is doing and how you can evaluate your product and account performance. Through this section, I'll take you through some of the common parts of Repricer you might want to review.
Recent repricing activity
The first trick you can use to review your repricing is to simply look at products that have recently been repriced to ensure Repricer is pricing the way you expect. 9 times out of 10, if Repricer isn't putting your product to the price you expect, your settings can be tweaked to suit your needs, as catching those situations early is ideal!
On your Repricer Product Screen, you can filter for products that have recently been repriced. Let's show you how,
- Login to Repricer
- Select Products > Amazon
- Click the filter icon (top right)
- Open the Product Filters tab
Here you will find the Last Price Change option. You can filter for products that have recently been repriced (Less Than 1 Hours) or ones that haven't been repriced in ages (More than 7 days ago). Just remember when filtering for products that haven't been repriced add additional filters to exclude products that shouldn't reprice, such as those unconfigured or out-of-stock products. Here is a quick link you can use to bring up a list of products that have been repriced in the past hour.
Event History & Product Insights
Sticking with product-level feedback, let's consider two other ways you can review what Repricer has been up to. First, for each product, you can bring up your Repricing Activity. Repricing Activity is a timeline of every time Repricer has repriced your product. It comes with useful insights such as why it was repriced that way, which rule was applied, and even what rule feature might have triggered the reprice. Powerful stuff! You can access your Repricing Activity by opening any product on your product screen and clicking the Repricing Events button at the top.
Now directly to the left of Repricing Events, we have the Product Insights button. Let's click it next! Product Insights gives you an overview of your product and how it's been behaving in a more graphical manner. We offer a number of timelines and charts you can use to review your performance. Let's take a look at what each section offers,- Product Details: A quick overview of vital and current details about your product
- Product Timeline: A timeline of Min, Max, and Repricing Rule changes along with when you won or lost the Buy Box
- Repricing Movement: A high-level overview of how many price changes have occurred on your listing
- Buy Box Owners: An overview of who has won the Buy Box on this product and how often
- Sales Trend: An overview of recent sales for this product
Talking about Repricing Movement, you can click the spyglass icon to open up another chart that will give you a timeline of price changes on your listing including your Min, Max, Current Price, Buy Box Price, and Lowest Price.
Review Rule Performance
Repricing Rules, as we've discussed are vital to Repricer. They let you determine different repricing strategies and even try out new strategies. But how do you compare the results between rules or even just keep on top of how each is behaving? That's where our Repricing Rules Screen comes in, keeping you informed of all the vital statistics for products tied to your rule and its performance.To bring up your Repricing Rule Performance, open your Repricing Rule Screen and click on any Repricing Rule. This will expand your Performance Dashboard.
Review Account Wide Performance
Last let's consider how you can keep tabs on account-wide performance. Your Repricer Dashboard is your main port of call to review this sort of data. We have an entire other article that breaks down the Dashboard and the various insights available here, so I won't repeat them here!
Further Reading
To learn more about using eBay with Repricer, check this article.To learn more about Cross ASIN Repricing, check this article.
