For beginners, selling on eBay may seem fairly straight forward. You source it. You list it. You sell it. But as is the case with most things, making a success out of it requires a little more effort!
We’ve all heard the phrase: time is money. And nowhere is this more evident than in the world of eCommerce selling. The most profitable sellers automatically readjust their prices depending on demand – otherwise known in the trade as ‘repricing tools’.
You could do this manually. But the very best eBay sellers are those who do this automatically, using an eBay repricing tool. These track competitor’s listings and price items based on the rules you set.
Think of it like this. You are working for a shop. You are given a pricing gun to label food products with stickers containing the price. The process of manually pricing products is very time consuming, and if your boss wanted a price change, it would mean sticking the new price on each of the products.
But with automatic bar codes, the price can change across all of your products depending on all sorts of different factors. This is also how eBay repricing tools work. Cool, huh?
So, let’s dig a bit deeper into the world of eBay repricing tools!
The Group Similar Listings Feature
eBay has only recently begun to replicate Amazon’s lead with the Group Similar Listings feature, amalgamating sellers listings onto one page.
But this is turned off by default, requiring the buyer to turn it on. What has this got to do with repricing I hear you ask? The software needs to compare itself to competitors selling similar products.
This is critical as if the incorrect products get matched, it could set your price much lower or higher than it needs to be.
eBay repricing tools use a variety of techniques to accurately match items, regardless of whether the Group Similar Listings feature is turned on or not.
- Using UPC’s
- Using keywords to find specific listings
- Using EAN’s
Eyes on the Competition
Repricing tools are handy when your competition is low on stock.
Intelligent repricing tools will sniff out when your competition has low stock levels, meaning supply levels are too low to meet demand levels. It will then automatically increase your profit margin within the boundaries you set.
So you could be doing your shopping or enjoying a coffee, and the software will be doing all the work!
This aspect to eBay repricing software dispels the common misunderstanding that these tools are always a race to the bottom through undercutting the competition. This proves that if used astutely, you can actually intelligently drive your prices up!
Dispelling Another Myth!
Many believe eBay repricing tools are only for large, established sellers.
The cost of subscribing to such a service can justify the time saved.
Some services also offer free trials and various price plans which are based on the maximum number of simultaneous listings managed at once.
So there really is something for everybody!
eBay selling can be a tough sell. Give yourself every chance using a dynamic repricing tool that alters your products prices based on the rules you set.
Joe is a content writer at Pearl Lemon Property who has written on a Linkedin Lead Generation Guide, from colored diamonds to SEO software. In her spare time, she enjoys singing, sketching, cooking, and video games.