As an online seller, have you ever wondered what it would be like to use automated repricing software? If you’re elbows-deep in selling online, chances are you’re always looking for ways to stay ahead of the curve. And, if you’ve ever considered using a repricer, you may have found yourself asking the following questions:
• What can a repricer really do for my e-store?
• Will it make my life easier? And if so, how?
• What are the risks involved, if any?
• How much does it cost?
• Can I actually make that much more money by using a repricing software?
• What are the short and long term results?
Rather than hearing about what Informed.co can offer straight from us, we thought we’d give the floor to David Rifkin, President and CEO of MicrofiberProducts.com and AFitnessTrend.com.
How David Rifkin started using Informed.co for automated repricing
Rifkin has been selling online for 12 years now and averages one million packages per year among all of his e-stores which include Amazon, eBay, Yahoo, NewEgg, Sears, Shopify, and his websites. His vast range of products allows for mass appeal, and therein, steady sales.
“We are steady year round as we are in all selling categories but of course we spike for major holidays,” explains Rifkin.
As the head of such a large online business, it’s Rifkin’s job to know what’s going on in eCommerce. He began experimenting with repricing software about two and a half years ago. Because of an increasingly saturated ecommerce selling market, Rifkin was looking for a way to keep an edge over his competitors.
“The competition for keeping up was too arduous manually, we used to spend hours a day manually repricing.”
“Most of the experiences I was having with repricers were horrible. Either they didn’t work, or they were charging too much. Many take a percentage of your sale, which adds up quickly.”
Although Rifkin hadn’t come across a repricer he was completely happy with yet, he did recognize the potential it had for his business’s growth.
“We all make money in our sleep because we sell on eCommerce, but with a repricer, I discovered I could make even more money in my sleep. The problem then became finding one that best suited my needs. It was then that I found Informed.co. I attended the Rakuten West Expo in late January 2013. I came across the Informed.co booth and immediately found them to be different than any other repricer I had used.
"Informed.co’s pricing was the most reasonable I had encountered, and I loved that they charged one flat monthly fee. So I setup my profile on the spot. Since then, any question I’ve had was answered by a friendly person and quickly — which says a lot being that I’m on the west coast and Informed.co is located out east.”
How Rifkin uses Informed.co's automated repricing platform
Because of how customizable the Informed.co software is, setting up each marketplace’s profile is crucial to success. Rifkin encountered a few speed bumps during his setup, which Informed.co’s customer support was able to sort out.
“I accidentally set my minimum prices to all my listings, instead of just the few I intended, and ended up making a mess of my profile. Luckily, Aaron, the CTO, personally helped me sort it out in just a few minutes. From there, I took the time to read through the Informed.co blog, FAQ’s and support documents to get myself more acclimated with setting up my strategies.”
With the knowledge he acquired from selling online for over a decade and the resources provided by Informed.co, Rifkin had everything lined up to begin maximizing his eCommerce store's potential.
“In order to determine the best strategies for setting minimum prices, I had to separate my listings into two categories — those with prices of which I had little room to play with, and those with prices I could afford to experiment with.”
Once Rifkin established which listings belonged in which category, it was time to put his profile strategies into action.
“For items we were only comfortable playing the penny game with, we set our prices to beat competition by $0.01. We found it holds your margins better. With items we could afford to test broadened price adjustments, we dropped or increased their prices by 2 percent in order to help us secure the Buy Box.”
As an experienced seller, Rifkin is able to successfully manage his own strategies. However, Informed.co recognizes that not every seller is as experienced as Rifkin. For that reason we have automated settings that algorithmically reprice to the seller’s advantage. Rifkin also uses these features.
“Another favorite feature I have in the tool is the Match Price setting. It helps me rapidly liquidate any of my stagnant inventory by automatically matching the lowest competitor price.”
The bottom line on Rifkin's experience with Informed.co
So, how would Rifkin sum up his first full year as an Informed.co user?
“It’s simple. Informed.co works great. It’s easy to use, stable, fairly priced, and I’m provided with timely updates on the statuses of my listings. The best part is that I’m able to manage my marketplaces in one software which also synchronizes my inventory. It’s a one-stop shop so to speak.”
And Rifkin has one other big reason to smile: His Amazon Buy Box ownership is at 77%.
“Using repricing software is a no-brainer. It’s the difference between making money and losing money. It’s insane not to use it, especially when it does all the work for you once it’s set up. Manual or no repricing can put you out of business.”
Join David Rifkin and thousands of other users who have experienced the power of Intelligent Repricing with Informed.co.
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