The e-Commerce industry is currently involved in a highly competitive environment. In large marketplaces such as Amazon or Google Shopping, among others, they need to become the best competitor to stand out from the rest. This makes the use of repricing tools, which help merchants to monitor and adjust their prices automatically (dynamic pricing), almost mandatory for the success of the business. If you want to know what repricing is, why it affects you and how Boardfy can help you increase your sales, keep reading because this post will interest you.
What is repricing and how does it affect you?
In e-commerce, “repricing” is the set of actions and strategies that are carried out to make an automatic price adjustment, in order to be competitive at all times. Monitoring and readjusting the price of each product manually, in all the platforms where the online shop has a presence, is almost impossible to do if the e-commerce product catalogue is moderately important. Therefore, if you are a retailer, using a good repricing software will help you to have a better control of your catalogue, to know at all times the prices of your competitors and to set an intelligent pricing strategy that will allow you to optimise your sales. And if it’s also the fastest, like Boardfy, success is almost guaranteed!
Do I need repricing software?
If you have an e-commerce and you ask us, the answer is: YES. As long as you have a catalogue of products with a minimum profit margin that allows you to make a return on your investment. Although we can already tell you that this requirement is easy to meet. Why do we think it is relevant? Relying on a price monitoring and dynamic pricing tool such as Boardfy will allow you to:
- Monitor and compare your competitors’ prices.
- Create an effective pricing strategy.
- Automate price increases and decreases according to the strategy set to have competitive prices on as many products as possible.
- Optimise your feed to invest only in your most competitive products in real time.
Find out in which items you have no competition in order to increase your margins. And the most important thing: if you don’t do it but your competitors do, you will never be able to overperform them.
When to reprice?
Applying repricing strategies will be vital whenever you sell your products on marketplaces where, due to their high competitiveness, price is the key factor to get the sale. For example, to obtain the Amazon Buy Box. Becoming the featured option on a marketplace is synonymous with an exponential increase in your turnover: around 80% of sales are made this way. Many customers will buy your product without comparing you with others. But to achieve this, having the best price is one of the most important requirements. How can you do this if you don’t keep track of all your competitors and don’t monitor prices in real time? Difficult, very difficult. Not to say, almost impossible. Moreover, to be the best competitor, it is not enough to monitor your competitors’ prices. You need to be able to compare them and extract crucial information to be able to define a good pricing strategy that allows you to besurpass them. And you need these actions to be done quickly and automatically.
How to apply the right repricing strategy thanks to Boardfy
As we have already mentioned, to be the best competitor and increase your profits, you need more than just a simple price comparator. You need to have a real-time analysis of your competitors and have price optimisation rules in place that allow you to have the lowest price with the highest possible margin. You can achieve all this with Boardfy, using our Price Monitoring, Dynamic Pricing and Price Intelligence tools.
The keys to a good repricing strategy
A powerful repricing software can help you achieve your sales goals, as long as you have a good strategy to follow. How does Boardfy help you?
- Know your competitors’ prices: automatically and unlimitedly detect all your competitors, access competitive analysis against rivals and ignore those sellers you don’t want to compare yourself with.
- Monitor your competitors’ prices: control their prices in real time and detect every time they go up or down.
- Automate actions: calculate the costs of your products, define your minimum profit margin and set intelligent pricing rules that are automatically executed.
Let Boardfy and artificial intelligence (AI) work for you.
Win the Buy Box through repricing techniques with Boardfy
The first step to win the Buy Box is to detect who has it. Boardfy is able to identify which of your competitors is the lucky one. Why is this important? Because you will know which seller you have to look out for if you want to snatch it. What else can Boardfy help you with? Getting the Buy Box basically depends on 3 factors: shop ratings, shipping time and price. The first two are on you, but on the last one we can make you the best (as long as your margins allow). Remember that we are the fastest price monitor on Amazon! Our speed and our Dynamic Pricing, powered by Artificial Intelligence, will help you to be always competitive. You will be able to detect almost in real time any price change on Amazon and you will be able to react instantly thanks to automation. Do you sell on Amazon and are you interested in all this? Then click here if you want to know how to be really competitive in this marketplace.
Take your Google Shopping campaigns to the next level with Boardfy
Applying repricing techniques is not only important to win the Buy Box, it is also important to achieve maximum optimisation in your Google Shopping campaigns. Do you want to know how Boardfy takes it to the next level? Once again, our speed will be your best ally. Constantly monitoring prices on Google allows you to know the classification of each of your products almost in real time (top, medium, low). This is the key to getting the most out of your Google Shopping campaigns. For example, raising bids on your TOP products or not bidding on those products in which you are not competitive. And Boardfy does all that for you automatically. Interesting, isn’t it? Let’s talk about figures… Would you like to increase your sales by 15-20% and save up to 35% on your Google Shopping campaigns? In this post “Do you want to optimise your Google Shopping campaigns? Come in and find out how much money you can save thanks to Boardfy!” we explain how we have helped our clients to achieve this.
Boardfy: smart repricing for e-commerce
Boardfy is the world’s fastest dynamic pricing and monitoring platform and helps you, among many other things, to:
- Monitor your competitors’ prices.
- Create an effective pricing strategy.
- Automate price increases and decreases according to your strategy.
- Optimise your feed: invest in your most competitive products in real time.
- Discover in which articles you have no competition: increase your margins in those products in which you have no rival.
All at your service in a single tool from 19 €/month without permanence. And you can also request a free demo! Just fill in the form below. We are waiting for you!