How should you price your products on Amazon? Well… It is just like how you price your products everywhere else. You need to find the best price for your store that will help you meet your pricing goals and put as much money in your pocket as possible. There are, however, some differences between Amazon pricing strategy and other online retailers that are worth mentioning. Today I will give a few tips to better price your inventory on Amazon.
Review your fees – If you are familiar with selling on eBay or other selling platforms, you know that there are unique fees associated with selling in those venues. Amazon is no different and being able to account for those fees in Amazon is important for being able to best set your best price point on Amazon.
The selling fees can be a bit complex for an Amazon seller, but I would encourage you to review the Amazon selling price page to determine what you are going to have to pay for the products you intend on selling. There is both an individual plan and a business plan that you can sign up for depending on the number of products you intend on selling. No matter the plan you choose, make sure to calculate how the Amazon pricing plan will impact your bottom line.
Review Amazon Pricing – If you are selling items on Amazon, it should be fairly easy to search for your specific product inventory items to determine what other companies are selling items for. You can also use a service such as Get4it to help provide you with the pricing research and intelligence to best set your prices. Using Get4it functionality that allows you to search for pricing data by keyword or product code, you can find the information that will empower your pricing strategy.
Research entire market pricing – Looking at the pricing of your inventory on Amazon is important, but your competition is not only other Amazon sellers, but everybody that sells your item within your niche. Look at the pricing of your product on other stores and use tools like Get4it’s eBay Keyword Research tools not only to look at the pricing of specific items, but to gain insights on past sales.
Pricing on Amazon is not some secret wizardry that is much different than your pricing tactics in other segments. If Amazon is your starting point for selling products online, the above information should be enough to get you started with your pricing strategy. Whether you are an eCommerce pro or a relative newbie in the eCommerce world, understanding Amazon pricing basics will help give you a head start.
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