You’ve searched for good inventory, priced it, labeled it and sent it to Amazon – congratulations! Now what? Besides repeating these steps, you need to add in evaluation to your process in order to be successful. On a regular basis, you need to check your inventory to see if your items are still priced appropriately. Other sellers may have found the same bargain and are undercutting your price. Alternatively, your price may now be too low as other sellers have sold their items and you are the last seller standing. In this post and the next, I’m going to look at repricing.
First of all, what do I mean by regular? That is up to you. On a normal basis, I generally re-price about once a month. Other sellers reprice weekly, daily or even more than once a day. Factors to consider are how many items you have in inventory and how much time you have to reprice. Even with FBA Repricer that is included with FBA Power, it still takes time. In addition, I often find when I reprice that I would rather wait out the low-ball sellers who have undercut me and I don’t change my prices. Generally, I experience a bump in sales when I re-price, so that is a consideration, too.
During the holidays, I reprice my inventory at the beginning (mid-November), right after Black Friday weekend, and then every few days until sales slow (mid-January). Aside from the mid-November repricing, I am not thoroughly repricing my entire inventory during the holidays. I am focusing on toys and items where I have multiples and/or items where the return is high. Competition is fierce over the holidays and I have a lot more invested in inventory.
I reprice two ways – through SellerCentral and with FBA Repricer. If your inventory is small or if you are only concerned with a few items, you may choose to do it manually through SellerCentral. If you have a bigger inventory, you’ll want to use a tool like FBA Repricer. Today’s post is about SellerCentral. Next time I’ll talk about FBA Repricer.
If I only have a relatively few items that I’m tracking – like toys during the holidays – I may check them out with SellerCentral. Why? It is faster. As you’ll see when I talk about FBA Repricer, it takes more time to set up and is better suited for repricing many items.
Go to the “My Inventory” tab in your SellerCentral. Click on “Inventory Amazon Fulfills.” Wait about a minute and refresh this screen to get the most current data.
- Click on “show ASIN/FNSKU.” What that does is give you a link to the product page on Amazon.com.
- Click on the words “Fulfillable.” This will sort your inventory such that the items with the most units to sell will be on top.
- “Submit prices” and “Reset prices” will become active as you change your prices.
You can now quickly go through your items with the most units.
This first item needs to be repriced. It is a bundled product and I used to be the only seller. I click on the “ASIN” link, which takes me to the product on Amazon. While I am still the best-priced seller (if you are a Prime member), my margins have changed with the new Amazon fees and I want to make more off of this item.
Next, I go back to my SellerCentral tab and I change the price to $16.95 and click on “Submit Prices.” If you have other items to reprice on this page, you can wait until you’ve finished on the page to click “Submit Prices.” Once you’ve clicked, it usually takes only a few seconds for the price to appear on Amazon.com.
From this page, you could have also sorted by price. I do this when I have some highly priced items that I want to check on. Just be sure to check under the “fulfillable” column to make sure there are units still for sale. No point in repricing an item that is no longer available!
If you change your mind about your prices, “Reset prices” will take you back.
If you see an item in “reserve,” that means someone has ordered it but it hasn’t been shipped yet.
Lastly, for those among you who wondered why I have some DVDs up there from last year, I’ll do a future blog on “don’t make my mistake!” and talk about how to deal with inevitable inventory mistakes and the pros and cons of waiting out low-ball sellers.