The Repricing Tool
The repricing tool allows you to automatically adjust your product prices to the currently lowest prices on Amazon.
Minimum and Maximum Price
WP-Lister for Amazon will apply automatic repricing only to items which have a minimum and maximum price set. These work as a safety net: Your price will never go below the minimum price nor above the maximum price.
Your minimum price should be the lowest price you're willing to sell the item when there are competitors.
Your maximum price is the price to be used when there is no competition - usually your regular price.
To get started, you should not use the repricing tool on your entire catalog right away. Instead, we recommend that you set min/max prices for a smaller number of products (10-20) which will be easier to follow and understand how the repricing tool works.
Editing Min/Max Prices manually
The easiest way of setting minimum and maximum price for a smaller number of products is enable the edit mode in the repricing tool:
- visit Amazon -> Tools -> Repricing
- click the Edit Prices button above the table - all price fields will become editable
- enter minimum and maximum prices (use Tab to jump to the next field)
Changes are saves instantly when in edit mode so there is no need to hit an "Update" button.
Applying Min./Max. Prices in bulk
You can also set minimum and maximum prices for a larger number of products in bulk, based on your existing prices (regular price, sale price or MSRP) and a custom formula (increase or decrease by a custom percentage and/or amount):
- visit Amazon -> Tools -> Repricing
- find some products you want to enable automatic repricing for and select them
- select Set min/max prices from the bulk actions drop down and hit Apply
- a window will appear where you can define custom formulas like for example
- set the minimum price to 10% off the regular price
- set the maximum price to the MSRP price
- click Update Prices to set minimum an maximum price for all selected items according to your formula
Using the Repricing Tool
Once you have set minimum and maximum price for some of your products, you can trigger the repricing process in different ways:
- manually for selected products by using the Apply lowest price to selected items bulk action,
- manually for all products (with min/max prices) by clicking the Apply lowest price to all items button, or
- automatically in the background by enabling the Automatic repricing option on Amazon -> Settings -> Advanced
Eventually, you'll want to enable the automatic repricing option to set it on "auto pilot". However, we suggest you first use the Apply lowest price to selected items bulk action on some items as this will show you exactly what happens to your price based on which competitor price.
Buy Box vs Lowest Offer
In order to know the lowest competitor price, WP-Lister for Amazon has to query the Amazon API both for information on the current Buy Box price as well as for details about other "lowest offers". Unfortunately, only the Buy Box data indicated whether the current Buy Box price is yours or not - the Lowest Offer data provided by Amazon does not flag your own price, and what's worse: It sometimes provides incorrect information.
For example, your price for a specific ASIN might be $21 and there is another competitor offering the same item for $29. It's not uncommon for the Amazon API to say "There are 2 offers at $21." in this case - which is technically wrong:
You'll see all the information provided by Amazon by clicking the Details link below the Lowest Offer price. This is the data that WP-Lister for Amazon has to use to calculate its target price, and if this data does not reflect what you see on Amazon correctly, you might see your price jump between the lowest price and your maximum price. Or your price would stay at $21 when WP-Lister should increase it to say $28.50, but it can not do so as long as Amazon keeps telling "There are two offers as $21".
The price that is shown in the Buy Box column can be green, orange or red - depending on whether you already have the lowest price and you current minimum price:
- Green means you either have the lowest price or you have the Buy Box. (read "all is good")
- Orange means you don't have the lowest price nor the Buy Box - but the lowest price is higher than your minimum price (or equal), so you should be able to get the lowest price eventually (read "work in progress")
- Red means nothing of the above is true, so you won't get the lowest price unless you lower your minimum price (read "your action required")
In order to track what changes a price has gone through recently, you can click on the Changelog link on any particular item.
This will present an overview of all price and quantity feeds submitted to amazon, with their date and price as well as min/max prices. It will not include information from Listing Data feeds (yet), so the results will usually show the activities of the repricing tool alone.
Visit Amazon -> Settings -> Advanced and you will find the following options to further tweak how the Repricing Tool works:
Update lowest price info (every x hours) - select the time after which items have their lowest price information is refreshed from Amazon. (Note: The number of products that can have their pricing data updated per hour depends on the update interval or how often your external cron job runs. With a cron job running every 5 minutes, WP-Lister for Amazon can update 2400 items per hour.)
Enable automatic repricing - apply the lowest price automatically in the background, for all listings which have minimum and maximum price set.
Upprice based on (Buy Box / Lowest Offer) - select whether only the Buy Box price should be checked (default), or whether the lowest offer / next competitor price should be used instead. (This option is still experimental.)
Repricing undercut - the amount you want to stay below your competitors lowest price. By default, WP-Lister for Amazon will only match the lowest competitor price. Enter an undercut of at least 0.01 to make it go below the competitor price.
Limitations: Shipping Fee
Currently, the repricing tool will only work properly for items that use free shipping. WP-Lister for Amazon does not know about the shipping fee that you assigned on Amazon, so it can only use the product price as it is. We are working on a solution for this problem.
Limitations: Sale Price
The sale price is a promotion that supersedes the regular price, and have different columns in the feeds processed separately. Generally whenever there is a sale price in WooCommerce, it is sent as sale price to Amazon unless it's disabled as explained in I don't want to use sale prices for Amazon.
All price changes made by the repricing tool are submitted as a "Price & Quantity" feed to Amazon - and this feed does not have a column for the sale price, so it can not remove the sale price as part of an update.
The repricing tool would never touch neither the sale nor regular price in WooCommerce. It only works on the custom "Amazon Price", which does supersede the regular price, but not the sale price. Therefore the repricing tool should not be used on listings that have a sale price.
To learn more about the Buy Box, repricing tools and strategies you should check out this extensive guide to marketplace repricing published on webretailer.com.