Imagine a one-stop shop for pricing on Amazon — one location displaying solid data you can use to analyze pricing decisions across the marketplace giant. Sound too good to be true? It isn’t.
The Pricing Console is a feature in the ChannelAdvisor platform that provides a snapshot of your products’ pricing on Amazon, including comparisons to your competitor’s products and data indicating your current sales according to SKU and Buy Box performance. When viewed alone, the data provides immediate, valuable information. When reviewed together with other types of sales data, such as historical performance or performance on other channels, these key stats can help you analyze what’s working and what’s not in your Amazon strategies.
The summary at the top of the Pricing Console page lets you see, at a glance, the number of SKUs that:
- Are losing the Buy Box
- Are losing the Buy Box at their minimum listed prices
- Are winning the Buy Box at their maximum listed prices
- Are not included in a repricer rule
- Have no competition and no sales
- Have Amazon as a seller on the ASIN
First, it’s critical to identify those top performers. And no, we’re not talking simply about the Buy Box winners. We’re talking about those SKUs in the sweet spot — the ones that are winning the Buy Box at the maximum prices listed in their repricer rules. They are maximizing profits while remaining highly visible to buyers. These SKUs may deserve special attention for a couple of reasons. Is it reasonable to consider adjusting the maximum price — will the products still remain competitive if you increase the maximum? Have you established a satisfactory inventory stream for these products? How are you capitalizing on buyer interest during this time, and are you engaging them with your brand or company to encourage consideration of sales of related or future products?
For those products that are losing the Buy Box at their minimum listed price, check to see if there is overlap between these SKUs and SKUs with Amazon listed as a seller on the ASIN. Those particular products may be more difficult to sell, and aggressive pricing tactics may not help.
Generally speaking, it can be difficult to edge out the competition and consistently capture the Buy Box. Why not start with the basics? SKUs that have no competition and no sales are low-hanging fruit that could be ripe with opportunity. Those products might not be priced competitively — or their content might need more attention. Optimizing content and fully utilizing all relevant fields within a listing will increase its chances of capturing the Buy Box — and, ultimately, the likelihood buyers will seriously consider purchasing.
And for what it’s worth, the Pricing Console will also show you what SKUs are not included in any repricer rule. When used over time on SKUs that are added and removed from repricer rules, this feature can help you understand the level of effectiveness of automated repricing.
Are you using the Pricing Console? Would you like to take a deeper dive into the data to identify potential pricing techniques and strategies for the future? Our Managed Services team members work in this area all day every day. They can export and review different buckets to help you gain a more thorough understanding of how pricing is impacting your Buy Box percentages. They can also take a closer look at overall performance of a SKU on Amazon, using this tool and others, to suggest specific changes or best practices. Contact us if you’d like to plug into the expertise these professionals can offer.