A repricer that looks for opportunities to raise your prices is essential to increasing profits.
If you're an online seller on Amazon and Walmart marketplace, you know that optimizing your product prices is crucial to increasing your sales and profitability. While many sellers focus on lowering their prices to gain an advantage, repricing upward can be just as effective, especially if you offer unique or high-quality products.
How to initially win the Buy Box
Obtaining control of the Buy Box is essential when repricing upward, but it can be a challenging task. The Buy Box is the box on the right side of a product page where customers can click to add the item to their cart. Amazon and Walmart use complex algorithms to determine which seller wins the Buy Box, taking into account various factors such as price, shipping time, seller feedback, and fulfillment method.
To obtain control of the Buy Box, you need to focus on several key factors that influence the algorithm. Let's take a closer look at these factors:
Competitive pricing
Your price should be competitive with other sellers offering the same product. A good repricer can help you find your optimal selling price. If your price is too high, you are less likely to win the Buy Box. However, if your price is too low, you may not make enough profit.
Product availability
Your product should be in stock and available for shipping to win the Buy Box. If your product is out of stock or on backorder, you are less likely to win the Buy Box.
Shipping time
You need to offer fast and reliable shipping to win the Buy Box. Shipping and handling times are one of the largest factors for winning the buy box. If your shipping time is longer than other sellers, you may not win the Buy Box. Make sure to update the marketplace settings for those items with faster shipping and handling times.
Seller feedback
You need to maintain a good reputation as a seller to win the Buy Box. If you have low feedback ratings or negative reviews, you are less likely to win the Buy Box.
How to keep the Buy Box while raising your prices
Once you have obtained control of the Buy Box, you can focus on repricing upward to increase your profits. One way to do this is through the use of repricing software such as Flashpricer. Flashpricer is an automated repricing tool that can help you algorithmically optimize your price upward once you obtain control of the buy box on both Amazon and Walmart marketplace.
Flashpricer uses advanced algorithms to analyze the market and adjust your prices accordingly. With its upward repricing strategy, Flashpricer can help you raise your prices without sacrificing your Buy Box control. This can lead to increased profitability and a higher return on investment.
To use Flashpricer, you need to set up your repricing strategy and select the option to algorithmically optimize price when you've obtained the Buy Box. You can then set your minimum and maximum price limits and let Flashpricer do the rest. Flashpricer will continually monitor the market and adjust your prices upward as long as you continue to maintain Buy Box control and the price is within your predetermined price limits.
Try algorithmic repricing for free
In conclusion, repricing upward can be a powerful strategy to increase your profits on Amazon and Walmart marketplace. However, it requires obtaining control of the Buy Box first, which can be a challenging task.
Once you have control of the Buy Box, you can use an automated repricing tool like Flashpricer to algorithmically optimize your price upward and increase your profitability. By implementing these strategies, you can stay competitive and grow your business on these online marketplaces.
What are you waiting for? Try Flashpricer FREE for 14 days and our onboarding specialists will help get your strategies set up so that your can win more Buy Boxes while pushing prices upwards.