Repricing can feel a bit confusing at times. Even overwhelming when setting up your first repricing strategy.
That's why we created two pre-configured strategies you can start using right away. You'll have to tell Aura how to handle a few things but I'll explain everything in this post that you need to know.
Choose A Repricing Strategy
Right now, we have 2 types of repricing strategies - Pre-configured and Custom.
Within Pre-configured, we have two options - Featured Merchants and Lowest Price.
For this post, we'll focus on Featured Merchants as your first repricing strategy 😉
The Featured Merchants Strategy - Targets sellers who are eligible for the buy box according to Amazon, and have a greater chance of getting the buy box.
Tell Aura How to Reprice When You're Not in the Buy Box
The first settings Aura needs from you is how you require it to reprice against the competition.
You'll need to determine how Aura should price your inventory to get you back into the buy box - price below or price above by a specific amount of percentage, or simply match price.
Next, you'll need to decide if you want to price differently against Prime Seller (FBA and SFP) or against Amazon.
the reason we allow you to price differently against Prime sellers is because your competition type - within the Custom Strategy - could be the lowest price or MFN seller who are not Prime sellers.
This allows you to reprice against so many different situations that can come up on a listing.
As an example, you could choose to price 10% below Amazon when competing with them.
The options are endless and suitable to whatever situation you may find your inventory in.
Next, you'll determine when Aura should use your minimum and maximum prices when the competition gets close, at or below your minimum.
These settings are completely up to you but let's break them down a bit for better understanding.
We want to give Aura flexibility and more advanced functionality. To do that, we give her a ton of situations and some guidelines to handle them.
As an example, we may want to use our minimum price when the competition is below our minimum. Change that within the settings you see above for that specific situation and Aura will handle it for you.
You could even choose to not reprice and that's fine too.
It's fully up to what you think makes the most sense for your listings.
Tell Aura How to Play with the Price in the Buy Box
Now that we've gotten you into the Buy Box, we want to give you a few options to help you maximize your time in the buy box as well.
In the Maintenance section of the strategy builder, you'll be able to tell Aura if you want it to Lower, Raise, Raise and Lower, Do Not Reprice or simple Deactivate the feature.
Choose Your Pricing Strategy
Your pricing strategy is just as flexible as the strategy itself. There are two types of pricing models - Manual and Automatic.
To make your life 10x easier, we'll focus on the Automatic models. We currently offer three types of Automatic pricing models - ROI, Profit Margin and Profit.
With an Automatic pricing model, Aura will use the minimum and maximum ROI percentage - as an example - to automatically set your minimum and maximum prices for every listing you import.
This saves you a ton of time manually creating and adding these to each listing. Just set your requirements using either ROI, Profit Margin or Profit (in dollars) and let Aura do the heavy lifting for you.
Now it's time to name your repricing strategy.
I use descriptive names whenever possible. This saves you while quickly adding multiple strategies at the same time on the My Listings page using the dropdown menu.
Rather than trying to remember which strategy does what, add it to the name.
Here's an example of a descriptive name for our strategy that targets Featured Merchants, matches their price and uses an ROI pricing model with a minimum of 23% and a maximum of 67%.
Now, celebrate 🤓
Now that you have your first repricing strategy, it's time to apply it to your listings and let Aura do all of the hard work for you 😉☕️