Category: Amazon Business

Keeping an eye on competitors' pricing on Amazon is in great interest for an eCommerce business. Tracking and maintaining the price history on Amazon helps businesses keep up with the competition. eCommerce sellers need to reprice their products due to increasing competition and improve their chances of winning Amazon buy box so that they don't lose sales.

Tracking your competitor's listings, getting sales estimates, and maintaining Amazon's Best Seller Rank using the Amazon price tracking tool can give you a clear picture of how your competitors are making more sales by making changes in prices.

Amazon sellers can use the competitors' price information and adjust their product listing accordingly to improve the chances of getting an Amazon buy box. Let's understand what Amazon price tracking is and why it is a must-have in every Amazon seller pricing strategy.

What is Amazon price tracking?

Amazon price tracking is a strategy to track, compare, and monitor pricing from your competitors' product listings. It is also known as a price monitoring tool that collects important information such as availability, visual representation, offers, and customer reviews along with Amazon sale prices. The Amazon price monitoring tool will send a notification to the user when the pricing of the competitors' product changes or a new offer is available.

The tool offers live price monitoring to help Amazon sellers optimize their product pricing vigorously. The tool also enables sellers to predict demand changes related to pricing, so Amazon sellers can list their products with correct pricing. Some Amazon price tracking tools offer features for comparing prices of several sellers, while other tools can provide a detailed price history of a specific product listing.

How does the Amazon price tracker work?

The Amazon price tracking tool uses machine learning and data science technology to provide Amazon sellers with accurate price monitoring along with other parameters like market analysis, demand and supply, deals, visual representation, product availability, and more. Some tools can also provide tracking of the product description, reviews, images, keywords, etc. Amazon price tracking tools can also store the collected information into its database so users can check the data in graphs and evaluate as and when needed. The price-tracking tool works the same way as Google scans a website to rank it on the Google search results page.

An Amazon price tracking tool scans Amazon and evaluates product titles, availability, and pricing. Some price monitoring tools even scan product descriptions, images, customer reviews, and other important aspects of product listings. The tool will then store this collected information in its database. Users can check this information stored by the tool on their dashboard or in a specific layout.

How is Amazon Price Tracking beneficial for your Amazon Selling Strategy?

Creating an effective Amazon seller pricing strategy is not easy. It can be even more difficult if you are new in the market and have to compete with the enormous competition. You need to evaluate the product listings of your competitors to decide on the price.

Also, the strategy is helpful in analyzing other factors like demand and supply, minimum margin, the product cost in local and international markets, etc. When you don't have an effective Amazon selling strategy, it can impact your business profitability.

Hence, it is crucial for eCommerce businesses to use the Amazon price history tracker to analyze competitors' pricing and evaluate their competitiveness. Here are some benefits of using Amazon price tracking in your Amazon selling strategy:

1. Understand the competition in the market

Using a price tracking tool is an important part of your Amazon seller pricing strategy. Since the growth of any business depends on its profit margins, understanding your competitors' pricing strategy is the key.

When the pricing of your product is low, you may see strong business. However, if the profit margin is lower than competitors', it may be difficult for you to grow and match the competition. The goal of every business is to grab more customers than competitors. While reducing your product prices can be a great way, this may reduce your profit margins too. Amazon sellers can use the Amazon price history tracker tool to evaluate price trends and modify their Amazon pricing strategies to take up their share of the market.

2. Watch the competition

A sudden drop in your competitors' Amazon sales prices could mean that the competitors know the trend in the market and are more tuned with the customers' needs. As a small eCommerce business, you may be very effective in the market, but you may not be familiar with sudden changes in demand and other important market research positions.

Adding a price monitoring tool in Amazon pricing strategies will help you track price shifts so you can update the pricing and stay ahead in the Amazon price war to gain maximum from the rising product demand.

3. Opportunity to become the lowest cost vendor

If the product is in high demand, it is highly beneficial to become the lowest-cost vendor. Your potential customers might already know what they want to buy but are looking for the product listing with the lowest pricing. And when you offer the product at the lowest rates, you may be able to enjoy the competitive advantage and grab more sales for your product.

Also, when your product is priced lowest, there is a higher chance of winning the Amazon buy box. This will further improve your conversion rate and boost your business sales. Hence, by monitoring the prices of your competitors' products, you can easily decide your pricing strategy. By using Amazon's dynamic pricing strategy, you can get the majority of the orders.

4. Increase pricing when there is little to no competition

If you are selling a product that has little to no competition, you can increase your profit margins and be more profitable. This Amazon seller pricing strategy can be used on products for which you are a preferred or the only supplier. A competitor analysis can help you find products where you are the only seller. If you find a product that only you are selling on Amazon, you can increase the prices.

However, if you use this strategy and increase the prices too high, you may encourage new sellers to enter the market, ending your monopoly in the market. Also, you may end up losing all sales to new competitors who will be willing to sell products at lower prices.

5. Track price history

Amazon price history tracker can be a valuable feature for Amazon sellers. This feature will help you understand where and how your competitors have changed product prices and let you compare it with your own price history to gain valuable insights. The tool is also beneficial in analyzing where you have impacted your competitors and how they have impacted you in the past.

You can also evaluate price history to analyze how you can schedule product pricing throughout the calendar. When you make a long-term Amazon selling strategy, it allows you to predict the profits and business growth for the whole year.

Now that you know the benefits of monitoring competitors' pricing let's look at the four Amazon pricing strategies that you can use to decide the price of a product in high competition.

What are the 4 pricing strategies?

When it comes to pricing a product on Amazon, there are four different strategies a seller can use. The seller with the lowest pricing doesn't always get the Amazon buy box; a lot of factors come into play. Here are four Amazon pricing strategies that you can use on Amazon:

1. Economy

This strategy uses minimum profit margins along with a low advertisement cost. The strategy is aimed to make the product more affordable so you can target a larger market. Usually, this strategy will include no shipping costs and doesn't rely on sale prices. This type of marketing is effective for daily need products, such as soaps and detergents.

2. Premium

This strategy takes a completely opposite approach compared to the economy pricing strategy. The product is priced heavily and uses the name of a brand to generate traffic and sales. However, as the brand names generally don't have an impact on Amazon, sellers who are using this strategy usually opt for discounts and offers to grab customers' attention.

3. Skimming

It is an adaptable Amazon pricing approach in which sellers often start with a higher price and then lower the pricing to match the competition. Sellers who have a unique product to sell in the market use this strategy and then lower the price when they anticipate competition.

4. Penetration

This Amazon pricing strategy is used when sellers place the product prices lower than their competitors to gain market share. This strategy is normally used by a new brand or when an existing brand launches a new product. The product's price is increased after reaching the objectives to gain higher profit margins.

Conclusion

An Amazon price tracking tool can provide Amazon sellers with crucial marketing intelligence, and sellers can use this intelligence to create their Amazon pricing strategies. By using the price monitoring tools that can automatically provide competitors' price analysis, Amazon sellers can make the best decisions for the growth of their brand. The decision can be to lower the product pricing to match the competition or increase the price to gain more profit when there is little to no competition.

Want to make your Amazon store stand out from the competition? Contact Amazon listing optimization experts from Vserve for all your Amazon listing requirements.

Over time, the eCommerce sector has experienced rapid expansion. If you run a business, you may have considered selling on Amazon. As you can see, selling on Amazon is labor-intensive. To successfully scale your firm, you must be well-equipped with the necessary knowledge. It's a wise decision to enlist the assistance of Amazon marketplace experts.

As it expands, professionals now provide a wide range of services for Amazon, including Amazon PPC, Amazon order processing, Amazon inventory management and Amazon order fulfillment. They provide assistance, advice, and training on account suspension appeals, product advertising, Amazon SEO suggestions, and many others. Although there are a growing number of Amazon marketplace experts and companies, not all of them have the same level of experience. 

Some have experience working for Amazon, while others have worked there for a long time. Others who have sold well on Amazon want to impart their experience. Read on to discover more about Amazon marketplace experts services and the advantages of hiring consultants from Amazon.

What Are the Top Ten Benefits of Working with Amazon Marketplace Experts?

The top 10 reasons you require Amazon marketplace experts are listed below.

1. They Assist You in Determining Whether or Not Your Company Is Lucrative

Your Amazon marketplace experts will first assess and analyze the state of your company. Your sales channel, target market, and rivals will be examined. Additionally, they'll evaluate how you should position yourself, run your commercials, and work with your budget. The expert also determines whether Amazon is the appropriate distribution channel for your company.

The expert will then create effective methods for your merchandise. Additionally, you will learn how to optimize your listings for higher placement in Amazon search results.

2. They Assist You in Managing Your Funds and Creating Effective Procedures for Your Shop

When you alter your workflow, you'll be amazed at how much time you can save. Creating an effective workflow can minimize your workload and devote more time to providing your clients with high-quality services. For managing customer communications and producing reports, your consultant might recommend hiring a virtual assistant.

Amazon marketplace experts not only assist you in setting up a productive workflow but also keep track of your progress and offer financial assistance. Running an Amazon store involves a wide range of expenses. You may manage your money and keep track of them with the aid of a professional. 

3. They Aid in Preventing Inexperienced Errors

The Amazon marketplace experts you engage will keep you from making pricey beginner errors. Beginners frequently spend a lot of money on PPC advertisements that don't work well. Alternately, they must suffer fines for failing to pay FBA fees and tax responsibilities. With the aid of a consultant, you can steer clear of financial mistakes and move right down the path of earning.

4. They Provide Legal Services as Well as Assistance with Suspension Appeals

Every seller's worst dread is to have their Amazon account suspended. It has an impact on their reputation in addition to their sales. It's advantageous if Amazon marketplace experts have experience drafting appeals for suspensions. 

Some are qualified attorneys who can handle intellectual property disputes and suspension appeals. They can assist you in managing the process by offering you a Plan of Action or reviewing your current one. Finally, they can create supplier agreements to safeguard your company against retailers who wish to replicate your goods. 

5. They Assist You in Taking Your Store Global

Do you intend to pursue foreign markets? There are consultants with specialized knowledge in selling abroad. They can assist with listing translation, customer service, and customs duties. Finally, they can advise the best shipping companies and rules.

6. They Assist You in Enhancing Your Listing to Add More Brand Information

Optimizing your listing is crucial if you want to raise brand awareness and visibility. Consultants with a focus on optimization exist. They assist you in enhancing your listing to boost conversion rates. Additionally, consultants can make additional recommendations on how to represent your brand and keep you up to date on the most recent technologies.

7. They Assist You in Making Your Marketing Strategies Better

PPC is frequently challenging for many vendors. Sellers often operate their campaigns poorly because they lack a plan. A consultant can help you set up your campaigns and will work with you to develop a procedure for managing them over time.

You can have someone who can provide you with sound guidance on bidding tactics if you hire an Amazon marketplace expert. Spending less on advertising will help you draw in the correct clients. Lastly, the information gathered from the advertising will let you know how your keywords are doing and enable you to use this information for retargeting.

8. They Assist You in Determining How to Enhance Your Product Offers

A key component of becoming an Amazon seller is decision-making. Winning your company's correct product and process choices is crucial since they can be the difference between making and losing a transaction. Whether or not to remove a product is one of the choices you must make.

Amazon marketplace experts can determine whether the issue is with the product or your marketing initiatives. They can advise you on whether or not to market a product. They may suggest that you improve some features or package the purchase with other goods.

Additionally, a consultant can provide you with a second view on whether a product is worthwhile to pursue. They can also make recommendations for other goods that complement your current offerings. You'll save a ton of time and money by doing this.

9. They Facilitate Communication with Your Clients

Customer relationships are essential to fostering brand loyalty. You must provide the best service if you want your clients to keep buying your goods. However, some circumstances, such as delivery delays, could be beyond your control, which can harm your rapport with your clients. This can lead to a bad review of your page.

Consider the unfavorable evaluation an opportunity to enhance your processes and products rather than being offended by it, and develop strategies to lessen its effects. It is advantageous to have a capable consultant who understands how to respond to critical input. They have a sound system to reduce negative reviews, so they are not merely there to solve the issue. They are also adept at using the influence of favorable reviews.

10. They Keep You up to date on News and Developments

The e-commerce sector is constantly expanding. Because of this, Amazon's policies also evolve to reflect the expanding market. You can prevent suspension by working with a consultant who monitors these changes.

The Best Ways to Choose an Amazon Consultant

Now that you know the necessity for Amazon marketplace experts and where to look for one, let's look at how to choose the ideal consultant.

1. Look For Weak Points in Your Company

Before beginning the consultant search, you should examine your company and identify any persistent issues. Once you have determined the problem area, you must choose the severity of your issues and write a thorough brief for your experts.

2. Choose a Consultant Who Can Talk to You Clearly and Solve Your Concerns

If you notice a problem in your account that requires immediate attention, your Amazon adviser should be personable and straightforward to get in touch with. Additionally, they must be able to convey suggestions and be approachable when you have questions effectively.

You must arrange a time and date when you can speak with the expert if you happen to run into someone from abroad. Getting in touch with your consultant at an odd hour can be impolite. However, a local expert is your best choice if you like to learn in person.

3. To Ascertain Their Level of Knowledge, Pose These Questions to Your Consultant

You can quiz them on Amazon and what they would do in a particular circumstance to see how much they know about Amazon. Hiring Amazon marketplace experts with phony credentials and reviews could endanger your company, so you should avoid doing so. Therefore, inviting them to an interview where you ask them Amazon-related questions is a valuable way to evaluate their abilities.

Start by providing them with a thorough overview of your company's services, how it operates, and—most importantly—what the problem is and what you need them to perform. Ask them what they would do for you and how they would get the outcomes you want based on the information you supplied. Legal services issues are an exception, though, as you can always choose to hire a competent attorney.

Final Thoughts

When selling on Amazon, there are various things to consider. It can be stressful, especially if your firm gets off the ground. However, if you work with Amazon marketplace experts and Amazon marketplace selling experts, you can get professional guidance on the issues you need assistance with.

You must first comprehend your company and determine where to enhance it if you want to achieve the most outstanding results. Find amazon marketplace experts and amazon selling experts as soon as possible. At Vserve Amazon Listing Services, we have a group of specialists who can offer you store-related guidance.

Amazon is overhauling the e-Commerce platform and making customer interaction service a new paradigm. Although Amazon did not start the trend of one-click shopping, one thing Amazon has contributed significantly to today's society is its personalization of customer experience. With a staggering revenue of $233 billion annually, Amazon is unrivaled and unparalleled. 

The ability of Amazon to sell has now invited millions of sellers into the digital world. Sellers competing among each other got a tight road to drive. But, with the right navigation and proper utilization of the customer interaction service of Amazon, sellers can reach the top of the food chain. 

Questions now arise as to how customer interaction services of Amazon can be an advantageous feature of Amazon. If you are unaware of its advantages, then probably you are still new and haven't explored Amazon features. With its complexities, we cannot say that it's your fault that you are not aware of these. However, we can guide you through the fantastic benefits of customer interaction services for your e-Commerce business. 

Innovative Delivery and Returns Options

With various alternatives aimed to deliver things from their warehouse to your doorstep with the least amount of user work, Amazon has been at the forefront of multiple improvements in its logistics operation. Froom delivery to returns, Amazon got all innovations.

The lack of effort is the unifying denominator here; whether purchasing or returning a product, the process is simple, and customers are more than happy to exchange their allegiance for it. Therefore, you must make an effort to make things easier for your customers to attract them with convenience and excellent customer interaction service for their purchases.

Options for delivery services - The "now" economy and figuring out how to get people to receive the products they buy are two of Amazon's most significant problems as an online store. Amazon has offered several shipping choices to make delivery simple for customers. Starting with free delivery, all Amazon customers who spend $25 or more qualify for free shipping, and $119 a year, Amazon Prime members get access to free shipping on tens of thousands of items. Amazon recently unveiled Amazon Lockers, which it refers to as "self-service kiosks," where customers may select to have packages delivered to make package pickups easier.

Some customers have a hard time figuring this out. You might encounter times when they need assistance and would chat to you immediately. In these times, you may utilize Amazon chat support from the customer interaction service built by Amazon. 

Options for returns of products - It's crucial for retailers, especially those operating online, to consider their customers' preferences about returns. Customers can return things to Amazon with ease. Many products include a pre-paid, printed return label, but you can also get those labels online through the returns site. For customers who would instead make physical delivery, Amazon and Kohls started collaborating last year to install return kiosks in a few key locations.

The customer interaction service makes returning products easier for customers. It will not be a problem if you have email support 24/7 catering to your customers. Through a well-established customer experience for returning products, they would not be leaving out distasteful feedback on your page and would admire how you interact with your customers.

Options for brick-and-mortar stores - To provide immediate access in crucial markets for enthusiastic customers to the frictionless and quick Amazon shopping experience, Amazon opened Amazon Bookstores, Amazon Go (a grocery store without checkouts), and buying Whole Foods. Amazon also offers "Amazon Fresh." This store enables same-day or scheduled deliveries of groceries to your home for a fee, and "Amazon Restaurants," which gives delivery of meals for same-day orders, for customers who are less likely to buy at physical stores but still need things urgently. These are all optional but could be an excellent way for you to explore.

Purchasing options 

Amazon has invented methods like one-click ordering and "Dash" buttons to simplify purchases. Instead of requiring many clicks to complete an order, Amazon's one-click ordering feature enables buyers to buy an item using pre-set settings (such as credit cards and shipping addresses). With "Dash" buttons, Amazon acknowledges that particular consumers may need to re-order specific items and gives them access to one-touch ordering choices. 

What's more interesting about this customer interaction service is that you can pair it with Amazon chat support to guide your customers further. This feature also retains your customer's attention on your page because they have someone guiding them throughout the process.

Curation of digital experience

A successful product experience includes taking the customer's digital expertise into account. Amazon established a model for e-commerce as one of the earliest online merchants.

Application setup - The Amazon app is one of the simplest ways to access Amazon and promotions, especially around Prime Day. Prime members can set preview sale products in the app and choose to receive notifications when they become available. Additionally, they can access Amazon restaurants for same-day meal delivery and place orders for goods via standard online ordering methods or Dash buttons.

Prime Day can be the most hectic day for sellers, which is why customer interaction service in the application of Amazon makes it easier for sellers and customers to get responses from one another. However, if you do not have the time to struggle with the complaints and queries of customers, you should avail Amazon chat support or email support 24/7 service lines open. 

Social Media - Customers expect a response to a complaint in under an hour, 72% of the time. Social media customer service is essential today. Seven days a week, in seven different languages, Amazon monitors the @AmazonHelp Twitter account. Amazon has been able to carry the experience across numerous platforms, whether through its website, the app, or social media. They recognize the importance of making an impression and offering the same high-quality customer service that encourages loyalty on other channels whenever you contact their business. 

Differing product experiences

A fantastic product is a crucial component of the consumer experience. Amazon's ordering mechanism includes several features that modern consumers take for granted.

The convenience of searching for products -In addition to having a search function similar to Google's, Amazon also offers the option to sort results by Brand, Average Customer Review, Price, and Availability, as well as by categories relevant to the Brand. Beyond the usual selections, I was able to sort by connectivity type (Wireless preferred), machine kind, and speed this morning when looking for a new router to assist speed up our at-home internet. This feature allows customers to choose their home's setup best. This instance exemplifies the importance of exploring your Amazon product listing enhancement. Availing services for A+ content on your page increases your sales. Utilize this feature for a return on investment. 

Product information - Amazon also allows you to discover more about how a product satisfies your demands to aid in your decision-making, primarily through ratings and reviews. Customers can read these reviews to learn more about how a product performs in contrast to the information supplied in the description. A helpful recommender system is also available on Amazon to assist customers in determining which products, based on terms they have searched for or items that other customers have purchased together, could be the most excellent fit for their needs. Creating good product descriptions while maintaining exceptional customer interaction service is the key to a successful e-store. 

Equipped with artificial intelligence 

To further its goal of making life simpler, Amazon has advanced beyond browser-based recommender systems to include intelligent goods like Alexa, which it debuted in November 2014. Alexa can help with more than just shopping; she can also play music, set alarms, give news updates, and manage networked intelligent gadgets. Alexa's objective, like that of most Amazon goods, is to make your daily tasks easier while also learning how to offer better suggestions. You may also utilize this by availing of an Amazon chat support service that is well-adept with technology. Customer interaction services do not always have to be in traditional form.

Harnessing all of these benefits from the customer interaction service of Amazon wouldn't materialize if you are not familiar with them. Availing services that will enhance your usage of these beneficial features will help. Assistance can be in Amazon chat support, email chat support 24/7, or phone support easily accessed with Amazon Listing Services. Through our experts, we make your business and your customers' lives easier. You won't need to get into the nitty-gritty process of setting up your e-store because we'll handle them all for you.