In the 1990s, during the beginning stages of the Internet boom, finding a place to sell products and services was relatively limited. Sellers could create their own website or post listings on simplified eCommerce sites. One of the first sites to pop up on the World Wide Web was Amazon but at that time, they only offered book trading so buyers still had to rely on brick and mortar businesses or dubious listings on unfamiliar websites. When eBay broke through the mire of zeros and ones to surface on the Web, both sellers and buyers were ecstatic. Someone was finally offering a safe and transparent way to shop online.
eBay has undergone a multitude of changes over the years, in order to stabilize and improve the website, PayPal was introduced then purchased by eBay. This was considered a huge adjustment because exchange methods were and still are vital to any kind of commerce. Sellers could adjust their pricing but most remember the “good old days” of clicking through page after page seeking similar listings. Sometimes, they used keywords and hoped matching listings had the same spelling and were not mislabeled. Once again, eBay changed things by presenting the Group Similar Listings feature. This feature groups listings by their titles, keywords, and pictures. While helpful, it’s not always turned on and there is still the issue of misspellings and listings with no pictures or descriptions.
Since getting the right pricing is crucial, what can a seller do but spending hours and hours knuckle down and search? They can use a price optimization software. Which one to choose is the biggest question but StreetPricer seems to satisfy that need due to its unique features and ease of use. The main objectives for price optimization are:
- Ability to identify competitors through automated algorithms
- Ability to search by Item Specifics
- Ability to search by keywords
- If none of the above applies, ability to optimize your pricing by sales velocity
How does StreetPricer stack up against other repricing software providers?
Ability to Identify Competitors Through Automated Algorithms
The whole point of using any software is to complete tasks efficiently which saves time and effort. When an Internet user logs onto their computer, they expect to set up the software to do what they want and not have to constantly think about what they need to do to make the software work for them. Thus the popularity of AI or Artificial Intelligence. AI processes the commands given by their users and automatically completes the tasks.
Using AI is one area in which StreetPricer specializes. The user inputs the highest and lowest prices they are willing to take while deciding which rules to implement. That’s it. The software does the rest. The value of automation is priceless. The time spent poring through listings that may or may not match could be used to enhance the listings images or descriptions. If the user inputs keywords as well, the search is pared down even more, giving them an edge over their best matched competitors.
Ability to Search By Keywords
Searching by keywords is an important aspect of repricining. Sometimes, GTINS aren’t available or are not specifically cataloged. A vendor can simply type in “Fake Spring Flowers in Pink” and come up with fake Spring flowers that are either all pink or include pink. Silk and plastic bouquets that are listed under a different category will pull up for repricing.
Other eBay repricers, such as PriceSpectre offer this service but more often than not, the keywords alone are difficult to match completely which is necessary to get accurate results. With StreetPricer, a seller can choose to use a keyword search under specific rules and pricing specifications. This means it pushes for search parameters beyond keywords by also searching for GTINs and titles.
Ability to Search by Item Specifics
Say someone wants to sell value packs of Valentine’s Day cards. Potentially, they can use a repricer that searches for the keywords “Valentines Day cards” which will bring up a plethora of different cards forcing the seller to view each listing to find the exact pack of cards. The solution is to add a search parameter like GTIN. By searching for matching UPCs, ISBNs and EINs the vendor can find that exact product.
Again, other repricers have the feature. RepricerExpress provides a way to specify by GTINs and keywords but StreetPricer not only does this but they also have a way to search by multi- variations or multi-packs. Their “Mark Variations in Bulk” features cut down the time needed to take out listings that don’t offer those product amounts.
Ability to Optimize Pricing based on Sales Velocity
For merchants who sell products without direct competitors, setting pricing based on sales velocity is the most efficient way. If an item is not selling, or not selling at a satisfactory rate (hence the term “velocity”), then it is probably priced too high, and you should consider gradually lowering the price until it gains traction. On the other hand, if an item is selling excessively fast, maybe you are way too cheap and no one else is selling at such a low price, that you could raise your price to maximize your profit!
Adjust pricing based on whether you’re selling or not, or addressing slow-moving inventory with discounting, is what retailers do every day. Why shouldn’t that translate to online selling?
From the perspective of time saved and money made, StreetPricer is by far the best value. They offer a variety of plans at optimum prices that are specific to each type of seller’s needs. The ability to find competitors automatically using various search methods escalates listings in eBay’s search results and brings in more buyers without having to sacrifice hours of valuable time. StreetPricer also offers a free trial for up to 10 SKUs so sellers can experience this value for themselves.