Written by Cardy Chung– Cardy founded StreetPricer in 2016 after 13 years in online retailing and developing software for his eBay store. He holds a B.Sc. (Hons) Computer Science (1st Class) with a major in Artificial Intelligence.
Selling on eBay can be a unique challenge for many sellers. While the eBay marketplace can potentially provide more visibility for your products, it will also increase competition with different sellers. Different sellers will likely sell the same products on eBay, making price a definitive factor for customers deciding which seller to buy from. This competition encourages sellers to run campaigns, blogs, promotions, etc. to boost sales and profit. But they might be missing the point– a simple repricing strategy will keep your products price competitive among the ever-changing eBay market.
Keep It Simple
We’ve all bought online at some point. These days there is an abundance of product information available on the web and buyers usually have a good idea what they’re looking for. They look for these three things:
When we get the basics, we increase our chance of success significantly.
We’ll be focusing specifically on #1 – Price. It is the most important factor for most buyers, especially on eBay. For the same product, available from a list of sellers, why should buyers pay more? If they can get it cheaper elsewhere, they will.
Pricing strategy is the crucial factor in determining success on eBay, yet it is often overlooked. StreetPricer proactively monitors price changes for relevant products on eBay. They reference these market prices to then reprice, or change the price of your product, to be competitive in its market.
There are basically two types of repricing: reactive and proactive. Let’s talk about reactive first. Imagine you’re going over your figures and, for the second week in a row, sales are dropping. You decide to investigate and – found it. Competitors have dropped prices. They’re stealing your business and eating your lunch!
OK, you know the drill. Go through the entire eBay store and reprice everything to the new market prices. 30 cups of coffee and countless hours later, you’ve finally got your product prices to match your competitors’ prices – only to find your competitors change the prices again the following day!
Proactive Repricing: Price Smarter, Not Harder
It’s another day at the office. Your competitors’ prices are being constantly monitored and you’re in that sweet spot between sales and profits. You get the job done and still have time for other aspects of your business.
How can that be achieved? The answer is simple: a repricer software that helps you automate price monitoring and repricing. Sellers who are ahead of the curve have been quietly using repricer software for years.
What’s the Best Repricing Software for Me?
A google search for “eBay repricer” will give you many choices. The most important question to ask is whether the repricer was specifically designed for eBay or not. For each product there is only one listing on Amazon. But a search for the same product on eBay will most likely see multiple listings, all with different titles and data in the ItemSpecifics. Because of these different systems, Amazon repricers are not as efficient for repricing on eBay as those built exclusively for eBay.
Easy and Powerful
StreetPricer did over 9 million reprices in March 2019 alone– doing no less than 300,000 reprices per day. With all the repricing data they see, there is a definite correlation between repricing and sales turnover. Implementing a repricer for your eBay store is straight-forward. You can easily get going in under 30 minutes and it will make a great impact on your sales.
StreetPricer and ShipStation are here to make your ecommerce experience efficient and easy. Through the end of June, StreetPricer is offering ShipStation users 40% off for 6 months. Click here to get started and take control of your eBay store!