When you sell products on marketplaces that are also offered by other providers, you don't automatically win the Buy Box (also often called the Buy Box). If you are not listed in the Buy Box with your listing, your chance of selling drops significantly. Whether you win the Buy Box depends on several factors including delivery time, seller performance and price.
You cannot adjust delivery time and vendor performance in real time. Adjusting the price real-time manually is often not feasible either, especially when you have large numbers of products. In the latter case, a repricer can help. In short, the repricer ensures that your price is adjusted with the goal of winning the Buy Box.
Now many people think that with a repricer you evaporate your margins very quickly, but this is not the case when used correctly. In fact, in many cases, a repricer can also help maximize your margins.
There are several strategies that can be used with the repricer. Below we highlight some of them.
Minimum price
Repricer with minimum price is the simplest strategy, but that does not mean it is not effective. With this strategy, the price of your products that do not win the Buy Box is reduced to a minimum limit that you set for each product. The price drop is done in preset steps, which you determine in euros. This price decrease continues until you win the Buy Box, or the set minimum limit is reached.
Maximizing margin
This strategy can be used when your goal is to increase your margin whenever possible. By setting a minimum price as well as a maximum price (higher than the standard selling price), the repricer will increase your price at the time when there is no competition or when the competition carries an even higher price.
Specifically on bol, there are opportunities that you don't have on other marketplaces. On bol, your product gets a number of price stars (1 to 5) that bring certain benefits. The more price stars your product has the more benefits. At 5 stars, for example, bol puts extra budget into advertising your bol product on Google Shopping. By using a repricer you can optimize your price with the goal of achieving a number of price stars and thus boost your sales.
Price stars (sphere)
Specifically on bol, there are opportunities that you don't have on other marketplaces. On bol, your product gets a number of price stars (1 to 5) that bring certain benefits. The more price stars your product has the more benefits. At 5 stars, for example, bol puts extra budget into advertising your bol product on Google Shopping. By using a repricer you can optimize your price with the goal of achieving a number of price stars and thus boost your sales.
Integration software from Channable
Channable has built into its integration software the repricer that you can use to increase your marketplaces sales. However, setting up this repricer tool can be challenging. First, it is important to determine the right strategy. Second, it is very important to make a good calculation of your minimum price so that you have enough margin left over. This can be different per product category or even per product. All kinds of rules need to be set in Channable. For example, which products should or should not be included and with which calculation.
In short; there are many possibilities and opportunities when using a repricer. However, it is important that you set it up correctly so that your margins remain healthy and your sales grow.
Want advice on using the repricer for your assortment, or need help setting it up? We would be happy to help!