You know, for a year, I avoided repricers. I told myself I can do it all on my own. I said things like “I don’t need to waste my money,” “Spending $5, $25, or $50 to reprice my products is not worth it.”
Guys, I take it all back.
Learning FBA was created so you could learn from our mistakes. Avoid the pitfalls, scams, bad ideas, and poor sourcing ideas. Let us be the guinea pigs while you profit from our mistakes.
So what did I learn from Informed.co and repricing software then? I.was.wrong.
1. A repricer is a necessary evil
I’m the first one to tell you, don’t buy products you do not need. Don’t subscribe to services that are fluff, and don’t pay for things you can do yourselves. Repricing is not one of them. You might think you can reprice your 100 items each day, but you truly can’t. You need to consider the concept that your competition, well they subscribe to a repricer. And every product you sell, well, they are going to beat you at the Buy Box game. You can’t be everywhere at once. Let the software work for you. You have better things to do.
2. Software is meticulous but worth it
Informed.co has some fun settings on their repricing software. You can set a minimum, a maximum, or just your magic number. Okay, I’m calling it a magic number, but its just a fixed price that won’t fluctuate.
How does this minimum, maximum thing work?
If Widget A is currently selling for $29. You know after fees that you must make $8 to break even, you can set your minimum for the bare minimum you want to accept, and yes, the maximum to keep a reality check on products.
Don’t worry, the repricer won’t automatically drop you down to $8. It will only go 1 penny below your closest competition.
Bad news? If Widget A’s competition has a repricer with a minimum price, too, then you might go back and forth until you both reach the minimum prices.
Why a maximum you ask? Well, some people like to throw numbers from nowhere into the sales price field. Like one bottle of shampoo could be priced $999. Well, if you’re the only other competition, and the bottle should sell for $19, guess what will happen? Yes you will be $998.99. I don’t configure the maximum price for all of my products, but for ones I’m only competing with one or two others for, I’ll add a maximum for good measure.
Isn’t setting these prices up a pain? Yes, having to set a minimum price on every product is kinda of a pain in the butt. However, complete it once, and never again! Well, unless you change services. I had quite a large number of active SKUs so this took me several sit downs. I would just knock out a page or two each day for a week and I was done.
To make it as easy as possible, Informed.co allows you to upload your costs in bulk using FTP or using our open API. If you change anything on the spreadsheet you have linked to Informed.co, it will continually pull information from it and refresh it in our system, so you only have to link it once.
Then, to make setting your min prices as simple as possible, you can choose to set your mins based on your minimum desired profit, so you'll always earn a profit on every sale you make. For instance, let's say you create a strategy for certain FBA listings where you want to earn a minimum profit per sale of $2. By entering "$2" in the Min profit field, any listings associated with that strategy will automatically have their min prices calculated to the price that'll earn you a profit of $2 per sale.
It's the easiest way to set your min prices on any repricer.
3. Repricing software updates while you sleep. And well, if you don’t have a repricer… you can’t. Because you are sleeping.
I think this would be the best tagline ever: “Repricers work while you sleep. You can’t, because you are sleeping.”
Okay, it needs some work. However, repricing software love to work. Well, they would if they had feelings.
What I love is my repricing software works for me every hour like clockwork. I imagine as the holidays come upon us, this will become handier. I can’t wait to see this go full speed soon.
4. The verdict is, I like Informed.co
It works while I’m sleeping. If that’s not enough, I averaged about 12 hours of work in the last two months. Do you really think I want to spend my free time repricing?
5. One last point: Informed.co was easy
The design is clean. Set up is simple. It took me no more than 3 minutes to sign up, and start repricing. I can’t do anything in 3 minutes. I enjoyed the fact credit card info wasn’t taken during my trial. That actually was a big selling point. I hate sneaky billing methods. I knew instantly how to change prices, manually price set, and could scroll and sort quickly.
All-in-all, my thought is get a repricer. Don’t wait. Don’t believe me? Review step one.
Take one small step to make your business easier to manage:
Try Informed.co free for 14 days.
You'll get to experience the power of Informed.co's automated repricer risk free.
And if it drives profitable sales and proves to be as simple to use as advertised, you'll be able to improve your business fast and with nothing to lose.
If you're not ready, no worries:
Keep reading about repricing on our blog until you're ready, or send a note to our Customer Success team at firstname.lastname@example.org with any questions.
Click the image below to visit our site and get started on your free 14-day trial: