Are you preparing to launch your product on Amazon? How do you make your listings stand out with badges, savings, and deals? Look no further! This blog post will cover three powerful Amazon FBA pricing strategies that can boost your product's visibility and sales. Amazon product price tracking and strategizing is a valuable practice for sellers.
These strategies are effective during the launch phase and can be applied to existing products for continued success. So, let's dive right in!
Amazon Pricing Options
Before we delve into the strategies, let's understand the three primary pricing options available in Seller Central. Amazon price tracking allows sellers to stay competitive and adjust their pricing strategies accordingly.
Price (Standard Price)
The "Price" or "Standard Price" is the regular retail price that customers will pay to purchase your product on Amazon. It is a crucial element of your listing and is usually marked with an asterisk (*) to signify its importance.
It is the baseline cost at which customers can buy your product without discounts or special deals. For a seller, product price tracking and setting an appropriate and competitive standard price are essential for attracting potential buyers and maintaining a profitable business on the platform.
The "Sale Price" is a temporary, discounted price you can offer for a limited period on Amazon. Amazon price tracking and discounting effectively create a sense of urgency and lead customers toward a purchase.
During this promotional period, customers will see the original price crossed out, replaced by the sale price, and the percentage of savings displayed, encouraging them to take advantage of the deal before it expires.
List Price (MSRP)
The "List Price" or "MSRP" stands for the Manufacturer Suggested Retail Price. It represents the price at which the manufacturer recommends selling the product. As a seller on Amazon, setting your standard price (regular retail price) below the List Price is essential.
This pricing strategy can help increase your product's perceived value and drive higher sales on the platform. With Amazon price monitoring, customers also can identify the best time to purchase a desired item, taking advantage of price drops or special deals.
Amazon Pricing Strategies
Now that you're familiar with the pricing options let's explore the three pricing strategies that can significantly impact your Amazon FBA business. Customers today are very conscious of price variations. Various tools and websites offer Amazon price tracking services, allowing users to receive notifications when prices change. Hence, it is essential to price your products accordingly.
1. Set a Sale Price
By offering a limited-time deal with a prominently displayed "Limited Time Deal" badge, you can grab customers' attention and boost click-through rates. Once customers click on your listing, they'll see the original price scratched out, replaced by the sale price, and the percentage savings highlighted in red. Amazon price tracking can help sellers optimize pricing to attract customers and improve sales.
2. Provide Coupon Clipping
Coupons or vouchers are highly effective in enticing customers. By displaying a green "Discount" badge beneath your standard price, customers are more likely to visit your listing. The trick here is that customers must actively tick the coupon box during checkout to avail of the discount. However, even if they forget to use the coupon, you still make a sale at the standard price, ensuring a win-win situation. With Amazon price tracking data, you can determine the best time to provide consumers with a coupon clipping.
3. Add a Scratch-Out Price
While this strategy may require more effort, it can be highly effective. Setting your standard price slightly higher than your future scratch-out price can create a perception of value when you eventually lower the price.
Amazon will display the scratched-out list price (if your product has been sold at or above that price in the last 90 days) along with the new standard cost and the percentage savings, which can entice potential buyers. Thus, Amazon price tracking enables shoppers to make well-informed decisions and purchase items at their desired price point.
Remember, generating positive sales history at a higher standard price is crucial before gradually lowering it. Constant Amazon price tracking and strategizing will help you avoid issues with the buy box and maintain a consistent pricing history.
Combine Multiple Strategies
To maximize the visibility and appeal of your Amazon listing, consider combining multiple pricing strategies to showcase multiple badges along with Amazon price tracking. For instance, you can pair a scratch-out price with a coupon clipping or offer a sale price with a coupon. By doing so, you create a layered approach to catch the attention of potential customers.
The scratch-out price adds a sense of value by showing the previous higher price, while the coupon clipping entices shoppers with additional savings. Meanwhile, a sale price creates a sense of urgency and encourages customers to act quickly.
This combination of strategies with Amazon price monitoring can significantly increase click-through rates and conversions, boosting your product's overall performance on the platform.
The three Amazon FBA pricing strategies discussed above are powerful tools to attract potential buyers, especially when launching a new product or dealing with a need for reviews. By strategically using these tactics after careful Amazon price tracking, sellers can create a compelling and enticing listing that stands out amidst the competition.
Offering limited-time deals, coupon clippings, and showcasing scratch-out prices can significantly increase click-through rates and customer engagement.
If you require assistance with product price tracking, Amazon price monitoring, or competitor price tracking, look no further than Vserve Amazon Listing Services. Their expert team can help you stay on top of market trends, analyze competitor pricing strategies, and optimize your prices for maximum competitiveness.
This blog is inspired by the video, ‘Change your Amazon FBA Price NOW! 3 Amazon FBA Pricing Strategies - Amazon Launch Strategy 2023’ by Dan Rodgers.