Happy Labor Day! I hope you get a nice little break. You’re gonna need it – think about the boxes you have to pack tomorrow. This is game on for Q4!
Everyone talks about more sales. Sure… but what about more profit? So I combed through the stats and analyzed our top 50 sellers’ settings. I learned how they set up their StreetPricer. Here’s what I found. These 3 simple tricks are most prevalent amongst the highly successful sellers:
1. Match the lowest – but only if your sales drop
This is so smart! It happens all the time – yes someone is cheaper but you have the better pics and description, and you’re selling well. Why should you drop the price? We have the feature to implement this policy – but it is at the bottom of the page and most people missed it. Here I have an example of
“if I’m selling 5 or more in the last 7 days, leave price unchanged”
2. Use Velocity – 5%+ price drop to get eBay send out those price reduction emails
Have you ever wondered how you could get eBay to send these emails out? The answer is the magic 5%. If a price reduction is more than 5%, it triggers a re-rank of their search algorithm, and quite often they will send these “Price reduced by” emails on your behalf, at no cost to you! This is gold.
So if you use Velocity repricing and consider dropping the price, try to enter a value that is greater than 5%.
3. Update Floor prices – as often as you can
Setting floor prices is the most effective way of protecting your profit margin. It is a simple lever to decide whether you are chasing turnover, profit, or somewhere in between. We have several ways to set floor and ceiling prices, such as using AutoFloor, CSV, or we can help you set up FTP or API. The successful sellers update their floor prices regularly.
Give these top money-making tips a try. Find the right formula for you:
If you get stuck, you know you can count on us. We’ll always be here for you.