E-commerce software provider Zoovy has announced a pilot of its Amazon Repricing Engine, which is designed to automatically adjust product pricing on Amazon to match or beat similar products offered by competitors.
The new Amazon Repricing Engine will monitor competitors’ stock-keeping units (SKUs) to maximize time for Zoovy’s customers’ products in the Amazon Buy Box. The Buy Box is a coveted place for sellers’ products to appear, as sales are typically much higher for a product in the box versus products that aren’t.
For example, one Zoovy retailer has experienced a six-fold increase when his products are in the Buy Box. As more entities begin selling on Amazon, the more competitive the Buy Box becomes. While many factors figure into which product is featured in the Buy Box, one of the most important factors is price.
Zoovy’s new repricing engine aims to remove the guesswork from this process with no integration hassles or manual data import/export.
“Currently, sellers must either use a third-party repricing tool to keep their data synchronized between Zoovy and the third-party tool – or they must manually reprice their items periodically through the day, which is an incredibly laborious process,” says Brian Horakh, founder and CEO of Zoovy. “With our Amazon Repricing Engine, we’ve created a highly function-based tool that will offer greater efficiency and success in manipulating pricing in the Amazon Buy Box.”
Because the Amazon Repricing Engine is designed to integrate with each seller’s existing store, merchants can configure repricing settings via the same interface they already use to manage their products. Additionally, sellers can alter pricing strategies while simultaneously performing other tasks that commonly affect how repricing is handled – such as managing inventory and monitoring supplier availability – thus leading to better decision-making.
Zoovy says that its sellers who take advantage of Amazon Repricing Engine can expect to see anywhere from a 300- to 900-percent increase in sales velocity for items that were previously repriced by hand. Sellers can expect to see a modest increase in sales velocity for items that were already being repriced with another tool, but will realize an even greater savings in time and management overhead.
The Amazon Repricing Engine is currently available at no cost as a pilot to existing Zoovy customers. Once user feedback is obtained and testing is complete, Zoovy will take the feature into general release.