As part of my monthly repricing series using RepricerExpress, something I should have done from the get go was to take you on a tour of what to expect and what you will encounter to set up your account once your trial or ‘real’ period begins. No, I will not be giving you our exact settings in this post however if you start a free 15 day trial membership on RepricerExpress using the code ScanFBA10 and then continue on with a paid plan we WILL give you access to our exact RepricerExpress settings. Hopefully I can remove the questions you may have using a repricer and show you how easy and powerful one can be.
You finally decided to give it a go and start a 15 day trial membership on RepricerExpress: Best decision you’ve made doing FBA either part time or full time, whatever you’re currently undertaking. The first thing you will see once logged in is the dashboard below (our current data):
Let’s start at the top and see the Active SKUs (not total items but SKUs), Items that need a Min/Max (more on this later), Items with a Fixed Price (set by us) and then # of items are at the lowest price on Amazon, # of items at your Min allowed price and # of items at your Max allowed price. Of these items, the one you need to pay attention to immediately are the ‘Need Min/Max’. Why? Because if there’s no Min/Max set then those items are not going to be repricing. So you might be asking ‘Why Jeff do you have 76 items not repricing?’ The reason for this is that our default setting for newly added items in our Amazon inventory is to ‘not reprice’. The reason for this is that we have 3 different repricing settings for items based upon our preference on pricing for each, some more aggressive and some less so. As you can see I have 76 new items I need to go in and choose one of our pre-set repricing rules for each. Once I do this, its hands off.
Next you see both a line and pie chart breaking down the movement of your inventory’s overall status in terms of where you stand both with respect to date and as a breakdown of your total inventory. Very useful information to show you exactly where you stand and to give you a visual on the selling status of your inventory at this exact moment.
Work down a little more and you see how many items you have in the Buy Box (119 for us) and in the Top 20. Finally you see the total # of price changes both in the last hour (3), last 24 hours (62) and last 7 days (605). Yes, RepricerExpress is busy at work trying to sell our inventory as we see fit. Finally, we can see the the system is active and we can feel good about our account being cared for.
Repricing Min/Max Settings
One of the most important things you will need to do once in the RE system is to set a Base Min and Base Max price. As you can see below, you not only have to put in a Current Price plus or minus a % but also a Shipping Cost. Being FBA sellers our shipping price will always be 0. These settings are purely based on your business’s comfort level and need to be set very carefully. To get our full thoughts on how to handle the below settings you can join RepricerExpress and once you start their paid version (after the 15 day trial) you will get access to our full settings.
Next up is your exact repricing rules dashboard. In a separate post for next month’s repricing series I will show you the full repricing rules area where your real decisions are made. That area needs a full blog post to itself and will get that next month. You can see that we have 4 repricing rules that we apply to items specifically. A vast majority of our items are under 1 rule with exceptions made for other items we either want to sell off fast or those we want to hold at a certain price or higher and can afford to do so.
When you want to go in and see you inventory and each item’s current status you will see the following (items and SKUs blurred out for competition sake 🙂 )
You can search each item in many ways including SKU, New/Used, Item Name, etc but most will just use the Item Name. You will see your item’s Base Min and Max price based upon your settings from that section along with YOUR current price on Amazon. The great thing about how RE displays your inventory is that you can see it’s current status in terms of Best Price/Buy Box and its status similar to the main dashboard only now you’re seeing it for each individual item. You can sort things based on the color (status, not item) and get a better picture of items you may want to edit in terms of repricing rule and those you get a feeling will probably sell soon. Very very useful info here.
Convinced yet that a repricer is the right thing for you? Like I said in my previous blog post, in my opinion 90% of part-time FBA Sellers and 100% of full time sellers should be using a repricer if they want to succeed. The number of FBA sellers is growing rapidly and you simply can’t seriously compete without one.
Free RepricerExpress Trial + Special SOS Reader Bonus
When you sign up for their free 15 day trial and are then ready to continue with their paid service, you can use the code ScanFBA10 to get 10% off of your first paid month.
As a BONUS to Scanontheside users, once you sign up to their PAID monthly service using the code ScanFBA10 (enter at trial signup) you will receive access to my personal settings within RepricerExpress. If having to deal with all of the settings is stopping you from getting started you can just copy our settings and away you go.
**To get this Bonus settings access, once you sign up after the free trial using the code ScanFBA10 send us an email to firstname.lastname@example.org with the email connected to your RepricerExpress account and we will confirm your signup and pass along our settings data.
– See more reasons to use a repricer at: http://scanontheside.com/2015/04/30/give-repricerexpress-a-try-free-trial-reader-bonus/