{"id":390,"date":"2019-07-15T22:50:51","date_gmt":"2019-07-15T22:50:51","guid":{"rendered":"https:\/\/powdesigns.com.au\/?p=390"},"modified":"2019-07-15T23:05:26","modified_gmt":"2019-07-15T23:05:26","slug":"amazon-pricing-secrets","status":"publish","type":"post","link":"https:\/\/powdesigns.com.au\/amazon-pricing-secrets\/","title":{"rendered":"Amazon Pricing Secrets"},"content":{"rendered":"\t\t
Before thinking about the final price of a product, you must consider all the costs along the way. From manufacturing to shipping to inventory to marketing, online retail has many costs you need to consider when setting prices.<\/p>
You should remember that when you enter the realm of Amazon, you have to deal with the dreaded marketplace fees<\/a>. The fees can vary significantly from one product to the next, which is why you need to do proper research prior to listing your product.<\/p> It might all sound basic, but adding up all the costs and double checking that you will be earning a tidy profit is something all online retailers need to do before they add a new product. If you would like to know what the costs are likely to be for your business, you can use the free estimator by Whitebox that shows you just how much you can expect everything to cost.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Just as ranchers brand cattle before allowing them to graze, it is important to consider branding before selling your products. You need to follow some general rules, depending on whether you are selling a premium brand or a low-cost leader.<\/p> Low-cost leader<\/a> products are typically straightforward \u2013 depending more on knowledge of other products as well as changeable pricing. You should also consider adhering to the .99 cent rule to ensure that your products seem as low cost as possible.<\/p> When it comes to premium products, it is important to build a sense of quality, which could mean going for more consistent albeit slightly higher prices. You should consider setting up a minimum advertised price policy (MAP)<\/a> to maintain a certain threshold in pricing while protecting your brand image. Instead of setting a price such as 99.99, which indicates a low-cost item, set your price at whole figures such as 100.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t It would be nice to say that you are now done after you set that initial price, but it might not be realistic. Flexibility is key, since the market is constantly changing. Don\u2019t forget that you should never advertise a set price unless when selling a premium product, since in all likelihood, this will probably change often.<\/p> Some Amazon sellers prefer using auto pricing. Auto pricing is quite simple: It allows for price changes in response to other seller\u2019s changes. It can be an excellent option for retailers that sell products with a lot of competition. It can be particularly important when it comes to holding onto the sneaky buy box, so that you never miss out on sales.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Keep in mind that the idea is always to encourage customers to make purchases from your website<\/a>. Without the massive fees from third party marketplaces, you can earn a higher profit. The easiest way to do thus is making sure that you set Amazon prices at least slightly higher than on your website. You should also consider adding promotions only available on your website.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\tPrice according to the brand: <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Keep It Flexible: <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Drive customers back to your site: <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Follow the $10 Law: <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t