Any online retailer knows that Amazon changes product prices hundreds of thousands of times. Keeping abreast of all the price swings and changes is impossible without the right technology. Using Price Comparison software on Amazon allows your business to keep track of your price changes so you don’t miss out on online sales opportunities.
Price Changes on Amazon
Amazon changes the prices of its products an average of 4 times per day. This is particularly true of technology products. This market is one of the most dynamic in terms of price, as the battle is constant. However, Amazon’s price changes are made on all types of products.
Why are Amazon’s price changes worrying to the different retailers selling in this marketplace? Amazon varies its prices to stay competitive with the rest of the vendors. In this way, it is always the cheapest or most profitable seller of all. If you want to sell on Amazon, or already do so, this can be very aggravating for your opportunities to sell more via this marketplace. Monitoring the prices of your online competition is not enough when it comes to selling on Amazon. In this case it is also necessary to have a Price Comparison tool monitoring Amazon that allows the seller to track and compare Amazon’s own prices.
How does Amazon’s pricing strategy work?
Amazon’s pricing strategy remains a mystery even to experts in the field. However, realising price comparisons of Amazon and their products, interesting conclusions can be drawn that show that there are certain patterns that do not meet other online sales platforms, which are just as important but somewhat less successful.
With Minderest’s price monitoring and tracking tool, it has become clear that Amazon’s strategy focuses on matching their price to its cheapest competitor. Once the prices have been matched, Amazon begins to play its cards according to competitor activity. Their goal is to always ensure the highest number of sales with the best possible profit margin.The results obtained after Minderest’s own analysis reveal that, unlike other sales platforms, Amazon does not execute its price changes by specific time slots, but rather performs them ad-hoc, as needed.
Amazon’s price readjustment system is the most dynamic and the fastest in the market, succeeding within 20-minutes following a price decrease by one of their competitors. And how does Amazon implement this pricing strategy? This famous marketplace has its own monitoring system and price comparison. It is an internal tool with which they receive the necessary alerts to make their price offering always the most competitive. As you can imagine, it is inaccessible to users who use its platform.
In addition, Amazon has been very active for imposing the necessary controls to ensure their tracking techniques remain possible albeit that this is negative for their vendors. Amazon employs different systems that prevent internal crawling of their marketplace, for example. Similarly, if tracking were to be done by hand or with the help of unnatural bots, Amazon would return countless test controls and captchas that would make the task virtually impossible.
How does Minderest help you sell better on Amazon?
Price comparison tools on Amazon are essential to implement Amazon price tracking. In fact, they are even used by potential buyers of your products, although these tools only send alerts or historical prices on products of interest to each consumer.
Amazon’s price tracking tool for retailers needs to be more complete, as the information needs of sellers are noticeably different from those of a buyer. With Minderest’s Amazon Price Comparison solution, any seller can check the price of each product within the marketplace and its successive variations. With the reports offered by our system you will be able to verify which are the factors that propitiate the price change and, in addition, to parameterise the actions and response to these changes.
This tool tracks the prices of each and every one of the products indicated by the retailer, recording in each case all price variations that occur and the exact time at which they are carried out. The Minderest tool is clearly a benefit for defining pricing strategies within Amazon. The alerts allow for automated control over price changes and the execution of the different modifications indicated by the seller during its configuration. These, obviously, can be updated at any time and allow you to set limits so that (for example) a price never falls below that product’s minimum profit margin.
On the other hand, Minderest’s monitoring tool not only allows price comparisons on Amazon, but also helps the seller to accurately manage their catalogue within the platform. With this tool it is possible to query stock and compare it with that of other vendors. In this way it is also possible that the availability factor enters into the dynamics of the pricing strategy as a further indicator, equally relevant in the decision making of price change. A tool like Minderest is essential to carry out price comparison techniques on Amazon. This platform has achieved the crowning glory in Internet sales with its secret strategies and algorithms, making them practically indecipherable for any other business. With the help of our technology, you will be able to start selling on Amazon while optimising every step you take within the marketplace, making tighter decisions, truly aligned with the achievement of your sales objectives.