I get questions all of the time about how I efficiently manage the repricing of all of my books online. We sell in a variety of categories on Amazon, the Book category only represents just a portion of the pie. At this moment we have over 15,000 items for sale at the Amazon fulfillment centers and of those items 6,500 are books. Currently, we only automatically reprice our books, and none of our other items. My wife goes through all of our inventory sourced online, at retail and thrift stores, and reprices them manually once every other week or so (as soon as Inventory Lab comes out with a repricing program this will all change). The reason why we reprice books automatically, is that they all have a very cheap acquisition cost (we pay, on average less than $2 before commissions) and we are a little more lenient on the final sale price.
It is very important to us to be competitively priced in this category, even if it means that occasionally we sell a book here and there for a little less than we would have liked. I feel overall the repricing program does a great job helping our inventory remain competitive, while commanding top-dollar for our books. Not only are our books repriced down to meet competition, but they are also repriced up. We sold a Math-U-See textbook for over $150 last year. The neat thing was that we originally priced it at $90 to match the lowest used FBA price. When the other seller sold out, our repricing program priced our book up to $150, without us even knowing, and then a few days later it sold!
Besides ensuring that our book inventory is competitively priced, another reason why we decided to pay for some daily, automatic repricing is to save time. We honestly have so many more important things to invest our time in other than repricing our books by hand. It would be much better to leave the repricing up to a computer system, so that we can focus our attention on building up other areas of our business.
We use Repriceit.com to automatically reprice our books. If you are thinking about investing in a repricing program be sure to do some research of your own. The reason why we have chosen Repriceit over the competition is due to the fact that they are affordable, and they meet the basic requirements that we have for books – but, there could be better options out there.
As you can see from the screen shot we ignore “Just Launched” sellers and sellers with a rating below 90%. We hope that this helps us avoid an unnecessary race-to-the-bottom. Also worth noting is our minimum ($10.95) and maximum ($400.00) allowable price. These default prices help to maintain the integrity of our book prices.
We’ve also selected the “Intelligent Repricing” option. If you are unfamiliar with what that is here is their general description of the algorithm:
The neat thing about Repriceit is that you can experiment with their criteria and do a “Test” reprice, and then look at a list of all of the items that would and wouldn’t reprice based on the set criteria. This is helpful in determining which settings to activate and which ones to avoid.
Do you use repricing software? Which program do you use? I’m always looking for ways to make our online business more efficient.
You are really close to getting actionable info to help you take your business to the next level or to start one from scratch.