Let’s be honest; running an online business can be hard. Especially with over 1 billion active listings on eBay, standing out and beating your competitors is crucial. This is almost impossible without the right tools. Read on to find out why beating your eBay competitors is important and how you can easily do this with one step.
Why is it that important to stay on top of the competition
With so many listings on eBay, you must stay on top. The majority of people today don’t have the attention span they used to, so they won’t sit around looking at sellers for hours. They will find one that is most attractive to them and move on. You must stand out with your competitive and affordable pricing, so customers will shop from your store. With more people buying and rating your products, your reputation will also go up. Future customers are more likely to purchase from sellers with lots of reviews and high ratings as they seem more trustworthy. If you aren’t working hard to beat your competitors, then you are losing lots of potential customers. A very easy way to achieve this is by using a repricing tool.
What is repricing?
With the market constantly changing, prices will also change. To keep up with customers and your competitors, you must start repricing. This involves modifying the price of your products to match the changing market environment. If the general prices become lower, and yours stay high, you will be missing out on potential customers. The same applies to the opposite situation. So, in order to seem most appealing to viewers, you must use repricing.
This process is done automatically, and software such as StreetPricer will change your product price when the need for it is detected. All it takes is one step, just set up your account and preferences in the beginning. Then you can just relax and watch your revenue grow thanks to your competitive prices.
For further reading, check out our introduction to repricing.
Why should I use repricing?
In a word, if you don’t, you are losing to your eBay competitors and losing potential customers.
Many people assume that changing pricing means losing money. But, this is not the case here at all. In fact, repricing actually puts you at the top, and you will always be one step ahead with your pricing. Your products will always be placed at the right price, and customers will keep purchasing. So, your turnover rate and profit will steadily increase.
Repricing will also help you earn more in case your products are at a lower than the needed price. Inventory flow will also start to increase along with accurate prices.
As you can see, repricing is an essential part of any online business in order to beat your competitors and jump ahead of the game! If you aren’t repricing, you are losing customers by the minute. So what are you waiting for? Start repricing!