Competitive pricing is critical for success in Amazon. But how do you keep your prices fresh? Automated pricing is a fast and convenient way to make price updates. Maintain sharp prices by automated rules. Identify the maximum and minimum price limit you are comfortable with and automate pricing will automatically adjust your prices within the prescribed range.
We have come across multiple sellers in Prime Seller Hub who were requesting us for a tool which could automate pricing. Multiple expensive tools were available in the market but finally, Amazon has launched the “Automate Pricing” tool for all their sellers.
Automate Pricing allows you to automatically adjust prices on SKUs in your catalog in response to events such as the Buy Box winning price or lowest price, without having to revisit the SKU every time you want to change your price.
For sellers who are new to Amazon “Buy Box” is the box on the top right of a product detail page which houses details on the product that the customer is looking for, such as the price and “add to cart” and “buy now” buttons. “Buy Box Price” is the price specified inside the Buy Box. Please refer to the image for better understanding.
So how does this automated pricing work?
Let’s say you want to match the price of the buy box price. When the buy box price changes automate pricing ensures that your price matches, exceeds or beats the buy box price by a percentage or an amount that you specify within your minimum or maximum price range or limits. Once you create a rule you can apply it to a single listing or a multiple numbers of listings at once.
You create a pricing rule, set the rule parameters, and then select the SKUs to which the rule applies; automated pricing is applied only to the SKUs you designate, not to your entire catalog. You can start and stop automated pricing rules at any time, as well as change your rules or the SKUs to which your rules apply. You control the prices by defining rule parameters, setting minimum and maximum price boundaries, and selecting the SKUs on which to automate pricing.
If you manually update your price or stop automate pricing you list the price you last set. You don’t need to automate your entire catalog.
You can execute the following tasks easily using the automated pricing tool.
- Create a pricing rule
- Add SKUs to a pricing rule
- Pause, resume or delete a pricing rule
- Move SKUs to a new pricing rule
- Modify a pricing rule
- Review price history for SKUs with automated pricing
- Remove an SKU from a pricing rule
- Stop repricing an SKU in a pricing rule
- Minimum and Maximum Price Validation
To know more about automating pricing tool or how it can be implemented in your Amazon seller account please get in touch with us.