Repricing is a tool that helps you as a eCommerce webshop owner to sell your products for the best price possible. The tool give you insights into your competitors’ prices. Nevertheless is that not the only thing that Repricing measure. Repricing also measures; demand volume, stock availability and purchasing costs.
Why should you use Repricing?
There are multiple reasons why you as a eCommerce webshop owner should use a Repricing tool. The first reason is that you can sell your products for a better price then you competitors’ are doing, so you always have the best price. Another reason is that it is found that almost 90% of online buyers spend time online to search for the best offer for the product that they want to buy. So if you sell your products for the best price the online customers will find you and buy the specific product from your webshop.
How does Repricing work?
Repricing work very simple. The tool initially looks at the product information that it receives. Consider product information such as; EAN, SKU, Product name, Manufacturer SKU, etc. The software then searches for matching products with the competitors that you have supplied. The tool can also look for new competitors who sell their products at market places.
When a Match is found between one of your products and the same product from a competitor, a price difference is considered. This is done with all competitors who sell the same product. Now you have an overview of all competitors and the prices they charge.
There are two options for implementing the price changes;
1. Modify everything manually based on the information obtained.
Benefit: You decide for yourself whether you want to raise or lower a price or leave the price that way.
Disadvantage: It takes an enormous amount of time and when you have made the last price adjustment you can start all over again.
2. adjust the price based on the rules you entered.
Benefit: All your prices are adjusted immediately when a price change takes place.
Disadvantage: Data integrity of your webshop is necessary