The Best Amazon Repricing Tool for Every Online Seller in 2022: Complete guide
If you’re familiar with repricing and the many benefits, you can skip to the service comparison section.
If you are new to the concept of repricing or want to know more, I will start with some basic information.
What Is A Repricing Tool?
The basic idea of a repricing tool is a software that automates the process of price adjustment.
For an Amazon seller, winning the BuyBox is the biggest factor and drives 80-90% of sales. After all, to the customer it determines which seller is giving them the best value. There are many factors behind Amazon’s algorithm in deciding which seller is listed in the BuyBox, but ‘price’ is undoubtedly the most important one.
If you want to win the most sales, you have to keep your listings price-competitive. However, such a task is very exhausting for business owners. We all know the pain of spending hours searching for each and every competitor, analyzing their pricing strategy and manually changing your price, it just isn’t sustainable for long term success, let alone repeating the same process every day to stay on top. It can be absolutely exhausting, especially when your inventory grows along with your business. This is where a repricer is key for lasting success.
A repricing tool provides near complete automation to the process of identifying real competitors and comparing prices to make adjustments, which the best of them can do in near real time. Whenever your competitor changes their price, the repricing tool would be notified and run analysis to determine what adjustments need to be made, if any. Once the new price has been decided, the repricer would then notify your Amazon account and make the changes for you, all without any input needed.
Different Types of Repricing
1. Manual Repricing
This method refers to performing repricing yourself without using any repricing tools. You go through the hard work of searching competitors and matching prices manually on your own. As I mentioned before, this is massively time consuming, more so if you have a large product catalog. It can work for businesses that have a smaller inventory but even then takes far too much time to make sure you’re always competitive, especially knowing your competition can be responding to the changes you make 24/7 using software like a repricer.
2. Rule-based Repricing
This method refers to setting a ‘rule’ for your price to follow. For instance, you set your price to always be $5 lower than the lowest price. The repricing tool will then always search out the lowest market price and reduce by $5 as your final price. It’s easy to understand and use BUT does have certain drawbacks. With rule-based repricing, there is a high risk for a ‘price war’ to occur. If your competitor set a similar rule to yours, both parties would constantly try to reduce their price, resulting in a ‘race to the bottom’. Eventually, it only damages the market stabilization and erodes business profits. So be careful when using this type of repricing method.
3. Algorithmic Repricing
Algorithmic repricing is far more sophisticated as it uses Big Data to determine the right action. It doesn’t just reduce the price to undercut competitors (which is what most people assume). Rather, it undergoes price optimization to reduce or increase price when necessary. For instance, lowering price could be a temporary strategy to beat your competitors and win the BuyBox, but say the demand unexpectedly spikes up more so than the market supply. Customers are willing to buy even if the price goes up, so the repricing tool would raise the price to make sure you are not selling too low leaving profit on the table.
The above is a very simple scenario that illustrates how algorithmic repricing has far more complexity and better performance, but the core concept always revolves around ‘maximising profits’. Additionally, you can also typically set a price minimum and price maximum to make sure that your product prices are within your expectation.
There are a great number of repricing tools out there in the market, even Amazon has its own integrated repricer. Choosing the right repricer for your business is essential to long term success. Most repricers offer different subscription plans depending on your SKU count and other related features. Do some research on the different plans of each brand to find the best one for your business needs.
1. Amazon Automate Pricing
This is Amazon’s own integrated repricing tool which is free for sellers that have a professional selling account. However, I personally would not recommend relying only on Amazon Automate Pricing due to it only using rule-based repricing. I’ve mentioned the risk of racing to the bottom for this method before, which can very easily happen with this type of tool making sure no one wins.
The good thing is that it is free eligible sellers so there is always this alternative if you have a limited budget. However, if you can afford a third-party repricer, it is absolutely worth the cost and will pay for itself many times over. Most of them use both algorithmic and rule-based repricing so if you have one there’s no reason to use Amazon Automate Pricing, at the end of the day, we all want to maximize profits and limit the time we have to spend staring at numbers on a screen.
StreetPricer is an Amazon repricer that has come out of the gate with a very impressive set of features using the newest technology available while many of their competitors lag behind. Acknowledging that Amazon is switching its API tech from the previous MWS to the new SP-API, StreetPricer uses the newest Amazon technology to build its platform which offers a better solution for sellers. It offers a wide range of subscription plans for different sellers from small sellers to big enterprise sellers. If your repricer is not delivering the expected results and you’re actively searching for a new tool, StreetPricer is a must to try! Their slogan “More gain. No pain.” proved true in my time with their software thanks to ease of use and an excellent set of features.
Free trial: 14-30 days
Price range: A$0 – A$489 per month (not to be confused, the A$0 is not free-trial but a permanently free plan for 10SKUs or less.)
Pros: Has the fastest reaction time. Most repricing tools take minutes or hours to scan the market and make changes, but StreetPricer works in near real-time! The more advanced AI technology also helps to make smarter decisions for sellers.
Cons: StreetPricer has a great deal of experience with repricing on many platforms but is fairly new to the Amazon repricing market.
BQool is a repricing tool founded in Taiwan and operates in 5 marketplaces including US, Canada, Mexico, EU and Japan. The repricing service offered by them is called Repricing Central, which is part of its business suite that also offers other services such as inventory management, reviews and products tracker, keyword research, etc. As BQool service plan offers up to 15,000 listings for rule-based repricing and up to 50,000 listings for algorithmic repricing only, this tool is more suited for small-medium businesses.
Free trial: 14 days
Price range: $25 – $300 per month
Pros: BQool is well known for its excellent customer-centric approach. They have very responsive live chat, follow-up emails and helpful 24/7 customer support. The customer support team is friendly and patience as well.
Cons: Slightly complicated and confusing than other tools. There is a learning curve for new starter to get used to their system.
4. RepricerExpress / xSellco
RepricerExpress offers services in multiple marketplaces including Amazon, eBay, Walmart, Shopify and more. It is a product of merger from the previous RepricerExpress and another repricing tool called Repricer.com. The merger expanded their features and service over 17 Amazon Channels and over 40+ countries around the world. On their webpage, you could find a big list of features offered, along with explanations and pictures that are easy to understand.
Free trial: 14 days
Price range: £64 – £949 per month
Pros: They have been in the market for many years with a huge customer base. Their products and services are professional and mature, with constant improvement.
Cons: Higher cost compare to other repricer. Even the cheapest plan requires £64 (around $85) per month. The highest could even go more than $1,000 per month. But the highest price offers over millions of listings available (the only repricer offering listings of millions), so such a high price is justified. Just be careful which plan you are choosing based on your business size and your budget.
Aura is available in 3 marketplaces including US, Canada, and Mexico. Unlike most repricer that offers multiple subscription plans with different prices, it only offers one plan with one price for up to 50,00 listings.
Free trial: 14 days
Price range: $97 per month/ $77 per month for annual plan
Pros: You have access to all features available at one price.
Cons: No flexibility in choosing plans and managing costs. If you only sell 1,000 listings, you still pay the same price as someone selling 50,000 listings. You end up paying unwanted and unnecessary costs.
Informed.co was formerly known as Appeagle and has been in the market for more than 10 years. It is available in both Amazon and Walmart marketplace, in over 15 countries such as US, UK, Canada, Germany, Mexico, etc. One differentiator for this tool is its pricing plan. Unlike other repricer, its pricing plan is based on sellers’ revenue, not the number of listings or features it offers. There are, of course, good and bad for such a pricing strategy.
Free trial: 14 days
Price range: $49 – 499 per month (based on your revenue)
Pros: For sellers with low revenue or are just at the starting stage, Informed.co could be a good choice because it helps saving cost.
Cons: For sellers that are confident in growing their business, Informed.co may not seem appealing as the costs increases when revenue increase. It’s almost seemed like a punishment – saying you have to pay more now because you earn more. This could be extremely upsetting, especially when the revenue improvement has nothing to do with using the repricer but you still have to pay more for it.
Each repricing tool has its pros and cons, some might be not covered in this article. Luckily, all repricer brand offers free-trial for users to test the water. If you’re still not sure which to choose, try out some of them! There is no better way of understanding than experiencing it first-hand.
I hope this article proves helpful to you. 🙂