Starting @ 34.99 Per Month for 500 SKUs, RealTime
What is 'Real Time' repricing ?
That is the question every seller has. Other applications may call it "Continuous Repricing". But if you ask me, it correct word is "Real Time Reactive" repricing. Why "reactive"? Amazon has two APIs to work with dynamic pricing management, first and rudimentary one is "Products API" and the more advanced one is "Subscription API", the reason its more advanced because Subscription API returns more data points, data points such as SellerName, FBA indicator, BuyBox eligibility, LeadTimeToShip etc. It's always advisable that you use "Subscription API". Now the question is why its "Reactive"? It's reactive because with Subscription API, when there is a change in price, Amazon gives notification via Amazon AWS's SQS service, then ChannelMAX picks these notifications and reacts to it by either lowering and raising the price.
BuyBox maximization has two parts.
One is how many of your items get BuyBox and the other one is at what price items are getting BuyBox !! Both are equally important. Getting more BuyBoxes will surely get you more sales, but getting BuyBox at higher price will get you more profit. ChannelMAX Amazon Repricer woks on improving both these parts of BuyBox maximization. The core of BuyBox maximization is Algothimic repricing that you can read on the next topic, i.e. 3 of 20. Say you holding BuyBox at $10, then ChannelMAX will try to see what is the maximum price that you will bet BuyBox at? $10.10 or $10.11 or $11.00. However just getting BuyBox is not enough, will buyers think that your price is now too high to buy and sales drop off. ChannelMAX Amazon Repricing software handles it automatically.
People generally get very excited hearing the word "Algorithms".
No, it's not an Einstein type of work. It's simpler than that. The algorithm helps get away from configuring 1c higher, 1c lower etc. ChannelMAX uses big data and analysis to figure how your items should be priced. Say you continue getting BuyBox at $10, then ChannelMAX will automatically raise the price to see if you get BuyBox at a higher price, if it gets, great, stay at the price, else come back to the older price where you had the BuyBox. This keeps the perennial downward pressure on price at bay.
ChannelMAX uses Big Data to crunch numbers. For algorithmic repricing, the system has to self-learn, it's like Artificial Intelligence (AI). Algorithmic repricing is based many many parameters that ChannelMAX needs to use intrinsically. This intrinsic data needs to be gathered and then applied with statistical models to arrive at the correct price. We use information such as BuyBox, SalesRank and Sales Velocity etc., and then we combine this information along with sales target and apply it to our ALGORITHM.
After years of analyzing the best possible repricing rule, ChannelMAX has consolidated these rules into one Default strategy. This default strategy takes into account the listing type of the seller and who it's competing with. For example, when your FBA SKUs compete with other FBA SKUs, how it should react, if your FBA SKUs complete with other non-FBA SKUs, how it should react, if your FBA SKUs compete with Amazon itself, how it should react, etc. Same is true for your non-FBA SKUs. The default strategy also takes into account if your SKU is not new, say used or refurbished.
Being FBA is always privileged. But that privilege is shared when you complete with other FBA sellers. In ChannelMAX, the default setting is to share the BuyBox with other FBA sellers, however, ChannelMAX algorithmic repricing tries on its own tries to push price up.
In ChannelMAX, you can actually target a specific BuyBox Rotation percentage. Say you have an SKU with huge inventory stock and you want to sell it fast. Then you can set to get 100% BuyBox and no BuyBox Rotation. On the other hand, say you an SKU with limited stock, then you can set to get BuyBox say 20%, this will make sure your price is high and you get the desired BuyBox too.
When your listing is FBA, and your FBA listing competes with another BuyBox eligible non-FBA listing, then your FBA listing can be higher than the non-FBA listing and still maintain BuyBox on your FBA listing. Now the challenge is, compared to the non-FBA listing, how much higher the FBA listing should be ? Since Amazon randomizes the BuyBox allocation criteria, it's hard to guess. ChannelMAX's algorithmic repricing finds the maximum distance and maximizes your BuyBox price.
Also called Amazon YoYo.
It's nearly impossible to get BuyBox when Amazon is selling. But if you can make Amazon go higher and come down at a faster pace, then you surely can get some BuyBox, and get some sale. What happens if this process is repeated over and over again, you surely can benefit.
Just like all 5 fingers are different, your items that you selling on Amazon may need a different strategy. Some are high demand, some are ok demand and some are not selling at all. You can define multiple repricing strategies and assign these strategies at SKU level, that way you can personalize your dynamic repricing by SKU group.
Amazon Business Pricing means that you sell to an Another business.
Hence the term business pricing. Business pricing works in conjunction with standard pricing. However it can get more sophisticated with Quantity Discount and Price Discount. Quantity Discount means that more the business buyer buys from you, more the discount will be be. Say for 1 qty, no discount, but for 3 quantities, there is a discount of 2%. For Price Discount, it depends on total price. If some one buys above $100, say you give 2% discount, and if someone buys above $500, you give 4% discount and so on. Amazon also offers notification if there is an inquiry from a business seller for high quantity purchase and you have happen to give that discount.
Are you the only seller on the ASIN?
As a seller you will notice that many of your items have no competition, you are the only seller. It may be because you could get the first supply of this item, or the item is hot enough for others to sell. Or it may be a Private Label item, meaning only you have the exclusive right to sell that item. In all these cases when you are the only seller, how an Amazon Repricer, meaning a competitive repricer that takes competitors' prices into consideration to determine your price, will help? Interesting, it not it? ChannelMAX address exactly this situation. You can use ChannelMAX Sales Velocity feature to understand the demand and supply equation of this item.
In 1691, John Locke said "The price of any commodity rises or falls by the proportion of the number of buyer and sellers" and "that which regulates the price." It is true that the BuyBox is critical to success, but that may not result in a sale, especially when you are the only seller on the listing or you are selling Private Label items. In these cases, what is desired is reaching the equilibrium price point between demand and supply. ChannelMAX constantly monitors the 'demand' of your item (revenue or sales INTELLIGENCE), checks how much 'supply' you have, and adjusts the price, UP or DOWN, reaching the equilibrium point, also known as ALGORITHM repricing.
What is "Related ASIN"?
At times, Amazon will have multiple ASINs for the exact same item, may be by mistake or for a genuine reason specifically for insurance sellers or for sellers who sell their own brand. For example, ASIN A100000 and A20000 may relate to the exact same item and you are selling under ASIN A100000 only. By configuring A20000 as related ASIN for the ASIN A100000, ChannelMAX will make sure you are competitive on the item. Also, many sellers sell in packs, say pack of 3 or pack of 6 or pack of 12. In this situation, you would want to make sure that the price of a pack of 6 is not more than the price of two pack of 3. With Related ASIN featured, ChannelMAX can help.
This feature of ChannelMAX Amazon Repricer is known as either Time Sensitive or Time Variant repricing. Say during the rush hour, you want to raise the prices by 5c, you can configure the timing of the strategy. Say on Saturday, you want the prices to stay high so that you dont sell too many as your shippers of off.
Does your manufacturer enforce MAP (Minimum Advertised Price)?
If yes, please read on. If you are the manufacturer, then we can detect the seller who breaks MAP and gives you a daily report. If you are a seller, then also we can help. We can help two ways: Making sure that you never go below MAP, or if you see other sellers breaking MAP, then you also sell below MAP. When no one selling below MAP, then your price will come to MAP and above. You may also choose a time of the day when to seller below MAP.
After pricing analysis, ChannelMAX bins your SKUs in three buckets so that you which are competitive and which are not. ChannelMAX bins into three buckets: Holding BuyBox, Close To BuyBox (within 5% of the BuyBox price), and finally Deadbeat (that is more than 5% away from BuyBox. You should have fewer items in the Deadbeat category. At times, you will be scratching your head as your sales have slowed down. Looking for an answer is not easy. ChannelMAX provides the SKUs that have lost sales compared to prev week or month. Similarly, ChannelMAX shows the SKUs that have up trend. Gainers and Losers. ChannelMAX is the first company who coined the 'Deadbeat SKUs', these are the SKUs that are not price-competitive.
The Pareto principle (also known as the 80?20 rule, the law of the vital few, and the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes. ChannelMAX has observed the same with Amazon accounts. We have noticed over 100s of Amazon accounts that around 20% of the SKUs contribute around 80% of revenue. As a seller, it's important that your top 20% SKUs and take special care.
ChannelMAX provides the state of the art calculator to help you figure out your MinSellingPrice. ChannelMAX calculator displays the Amazon FBA Fees and the Amazon commission amount. Once you input your purchase cost (from vendor) and then the desired profit percentage or amount, the calculator will display the Minimum Selling Price needed to make the desired profit after Amazon commission and FBA Fees.
Are you a developer yourself? Do you have unique requirement?
If yes, ChannelMAX Amazon Repricer is right for you. You can write your own code, yet you can write your own code and apply on top of the ChannelMAX Amazon Repricer engine.
After pricing analysis, ChannelMAX bins your SKUs in three buckets so that you which are competitive and which are not. ChannelMAX bins into three buckets: Holding BuyBox, Close To BuyBox (within 5% of the BuyBox price), and finally Deadbeat (that is more than 5% away from BuyBox. You should have fewer items in the Deadbeat category. At times, you will be scratching your head as your sales have slowed down. Looking for an answer is not easy. ChannelMAX provides the SKUs that have lost sales compared to prev week or month. Similarly, ChannelMAX shows the SKUs that have up trend. Gainers and Losers. ChannelMAX is the first company who coined the 'Deadbeat SKUs', these are the SKUs that are not price-competitive. At times, you will be scratching your head as your sales have slowed down. Looking for an answer is not easy. ChannelMAX provides the SKUs that have lost sales compared to prev week or month. Similarly, ChannelMAX shows the SKUs that have up trend. Gainers and Losers. ChannelMAX is the first company who coined the 'Deadbeat SKUs', these are the SKUs that are not price-competitive.
ChannelMAX offer integration via FTP to feed your Repricer data points, such as Min, Max, Repricing Model, LeadTimeToShip etc. via FTP. This is a great benefit to seller. With the help of this integration, you can automate the data feed to ChannelMAX from your system.
Are you a data scientist? Or have the penchant for monitoring data for collective gain ? Sure no problem, ChannelMAX will share with you all the data that ChannelMAX sees in your account. You simply setup an FTP account and ChannelMAX will feed you the report of after every repricing process finishes to that FTP.
ChannelMAX automatically imports your SKUs from all marketplaces, including that of Amazon, eBay, Walmart etc. The FBA SKUs are imported every 2 hours, and non-FBA SKUs are imported every 4 hours. For the newly imported SKUs, the MaxSellingPrice is set to the price on Amazon (at the time of import). The MinSellingPrice is left empty. Please note that ChannelMAX does not reprice SKUs with missing MinSellingPrice.
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