One of the most influential factors for customers is pricing. The price must be right. One method for moving merchandise is to reprice. Buyers often use price comparisons to decide if they are going to take the leap and make a purchase or move on to pursue the best value. Marketplace repricing also plays a big role in how you are viewed by eBay’s Best Match algorithm. This is significant because items are grouped by keywords and descriptions on the same page, making it easier for buyers to find what they are searching for.
The problem with Best Match is that it isn’t turned on by default and therefore is not automatically working on access. Some items are unique and don’t have matching items. Sellers could potentially peruse through multiple pages of items that contain similar keywords and reprice them, but this is painstaking, and takes a long time to view every listing. You could also simply price your items to match the lowest market value, but you might end up losing money on your inventory. Also, customers often see very low prices and wonder if there is something wrong with your products or it they are of lesser quality.
A simpler way to implement competitive pricing is to use a repricing tool. Repricing software automatically reprices the items in your eBay store. It does this by scanning the eBay website and finding items with matching Global Trade Item Numbers (UPC, ISBN, EAN) and keywords. It then reprices your items according to the Floor and Ceiling prices you set. For example, if the lowest amount you are willing to take is $20 and the highest is $60, your items will be repriced somewhere between those two prices. This ensures you don’t bottom out on your sales. It makes it easier to know where your prices lie and filter out competitors that are selling below the price you are willing to go.
As with any software products and apps, there is a multitude of repricing tools. StreetPricer works with several different eCommerce platforms such as Magento, Shopify, BigCommerce, and eBay’s Seller Hub. It also uses an AI Radar that can pick up on both cataloged and uncatalogued items. Using keywords helps narrow down the search even further for more efficient matching. StreetPricer differentiates itself by supporting multi-variation listings or products that come in larger sizes or multi-packs. It also supports all eBay sites and a variety of currencies for international sellers. For those of you who offer rare items and collectibles that are difficult to match, velocity-based repricing is available.
Anyone involved in sales understands that running a successful business is about how well you can compete with other sellers. Having the best products at the best prices is paramount to running a lucrative enterprise. eBay sellers now have an option that simplifies how they can compete by creating a thriving and less chaotic marketplace