In my previous post I talked about how you can manually reprice items through Amazon’s SellerCentral. This is great for a few items at a time and for an inventory fewer than 1000 items, but when you have many items to reprice, you’ll want to use technology to make it easier. Scan Power, which I use to list, price and prepare my inventory for shipment, comes with Scan Power Repricer for FREE. Many of you reading this may not even realize you have it already!
It is free for those who do an automated reprice of their inventory 10 times or fewer times a month. If you want to reprice more often, they have a fee structure you can check out. You can also buy Scan Power Repricer as a standalone product for $25 a month, if you’re not using Scan Power. It comes with a two-week free trial.
I used to use another repricing tool and I switched because none of the other repricers I tried (most have free trials) understood FBA sellers and they were confusing and complicated. They were pricing my items against merchant sellers and/or sellers with bad ratings. Their rules were adjustable enough that I could reprice books and media by adding in shipping to the lowest price, but not all my other categories – toys, electronics, software, home goods…you get the idea.
Click here to get a 22-page “step-by-step” walk-through of Scan Power Repricer application with large screenshots. Kindle readers, you’ll want to download this file and print this off before you use Scan Power Repricer the first time.
To use it, go to http://repricer.scanpower.com and login using your Scan Power login.
There’s a lot of “it’s depends” around repricing. You will ultimately make your own rules so look at what I say in this post as a guideline to get you started. The walk-thru has more detail:
- When do I need a repricer? – Once your inventory gets too big to manage manually – which is a personal decision. I didn’t use a repricer until I had more than 1000 items in inventory.
- How often? – I reprice about once a month except during the holidays when I’ll reprice certain items like toys more often – generally all my “condition: new” inventory gets extra attention Nov-Jan.
- How long does it take? In my case, it generally takes an hour to all day, depending on my rules and outliers. I will take the repricer report, sort it and then look for outliers (prices that don’t make sense to me). If I feel the repricer has dropped or raised the prices too much; I can ignore those items in my repricing, or I can check them manually.
- Shouldn’t I just be the lowest price? NO! Gasp! Do you trust those other crazy sellers to have the right prices on their items? This is how a “race to the bottom” starts. One person’s repricer lowers the lowest price by 5 cents, then the next one comes in and lowers it by 2 cents and then the next one…all of a sudden, that $10 book is now selling for $2.50 – for no good reason! Unless you believe that Amazon is only going to sell one more of that book/toy/software/etc. ever (and why would you send in a product that is only going to sell one more unit, ever?), then there is no reason why everyone can’t make $10 on this item. Let those crazy guys lose their shirts at $2.50 and wait until the price is up to $10 again.
- What if I need the money now? Repricing should be about “right pricing,” but sometimes there is no right price. Perhaps there are too many competitors for an item and not enough demand, or you simply need the money so bad, you’d rather lose margin. In these cases, I strongly recommend you reprice select items manually rather than reprice your entire inventory for poor margin.
- What are the right settings for my repricer? This is a big “it depends.” In the walk-thru, I explain how I use the settings so you can decide for yourself what makes sense. In addition, Scan Power has a detailed explanation of each individual setting here: http://www.scanpower.com/features/scanpower-repricing/
- What are the biggest mistakes people make when repricing? 1) Going for the lowest price – that rarely makes sense and 2) Making it too complicated. If you’ve got too many rules; it will make the repricing cumbersome and confusing. Keeping it simple is the best idea. If you want different rules for different categories, then reprice one category at a time.
- Can I test my settings before applying them to my whole database?
Absolutely! I recommend it! Here’s instructions for how to test your settings in Scan Power Repricer. The walk-thru has more information on specific settings.
- Go to your settings page.
- Click “Show Execution Order” and click the categories that you want to reprice.
- Start with some simple rules and then add more later if you need to
- Click on “Preview rule application” under “Categories” and step through the selected rules. The program will highlight the current rule in purple.
- If you want to preview a specific inventory item, go back to the main grid and enter the MSKU in the input field. This becomes the preview SKU.
- Save your rules once you are satisfied.
- Click Reprice on the main page (for Page-by-Page repricing) to see your rules in action.
This does not change the price in Amazon so feel free to test as many combinations as you like. When you are ready to send your updated prices to Amazon, click “Send Price Feed” for the current page.
- I see that some of my prices actually went up! How does that happen? Sometimes your price is actually too low and you are leaving money on the table (hooray!). Sometimes someone has come in with a ridiculously high price that is throwing off the curve. This happens especially when you are set to price within the five lowest offers. If the fifth offer is $500 and the first offer is $10, to which one should you be closest? When I see that the price has gone up significantly, I’ll check it manually. This is what I mean by “outliers.” Very quickly your eye will train itself to spot prices that are out of whack.
- I’m not getting the results I want in my repricing, can I get help with my settings?
Yes! If you can articulate what you are trying to achieve in your repricing, the guys at Scan Power will review them with you Free! [First time – ask about pricing if you need more]. Send an email with what you are trying to achieve in your repricing to: firstname.lastname@example.org.
Where’s that walk-thru again? Click HERE.