Today, eBay is one of the most popular online marketplaces in the world. There are currently over 1.3 billion listings on eBay, and this number is getting higher every day. Many listings are good for the buyers, but it means there is much more competition between sellers. To stand out, your product must be at a reasonable price. This is where repricing comes in. Many people have false assumptions about repricing, when, in fact, it is the most beneficial thing you can do for your online business. Read on to find more accurate information on repricing and how it can help you.
What is repricing?
The market is constantly changing, and with these, the prices do too. In order to keep up, you must start to reprice. Repricing involves changing the price of your product according to the current market and competitor prices.
This is usually done automatically, and certain software will change your product price when it detects the need for it. When using a repricing tool, aside from setting your preferences in the beginning, there really is nothing else you must do.
What are the benefits of repricing?
Many people assume that changing the price of a product means a one way trip to the bottom. But, this is not true at all. In fact, repricing puts you at the top, and you are always one step ahead of your competitors.
Firstly, your turnover rate is surely going to increase. Since your prices are rapidly changing due to market changes, your prices will always be competitive. You will also get more profit when you reprice.
Sometimes people underestimate the price of the product they are selling and end up selling it for too cheap of a price. In these cases, repricing will help raise the price so you can get what you should from that product. Inventory flow will also start to increase once you start selling for accurate prices and gaining more traction.
How to reprice?
Repricing is usually done with online software. These are highly beneficial, as they will save you a lot of money. Instead of hiring a whole team of workers to deal with your products’ pricing on eBay, you will only have to pay a small subscription fee for a repricing software.
An example of this software is StreetPricer. When you sign up for the service, you will have to select a floor price and a ceiling price, and the system will do the rest. You will be presented with the most optimal price for the product you want to sell. If you are unsure, you can start with a free account before upgrading your plan.
As you can tell, repricing is in no way a step that will bring your business down. If you plan on having a flourishing business on a digital marketplace like eBay, then a repricing software is the best investment you can make. So what are you waiting for? Start repricing!