Pricing your products the right way can be quite a struggle. You are stuck between having to price lower than your competitors or being ambitious and pricing higher.
We might have some tips to help you figure out the right pricing strategy for your products, but before that, we need the right products.
What we mean is that having products that are profitable and in high demand can help a lot.
So, how do you find the right products for selling?
How To Find The Ideal Product To Sell On Amazon?
Let's say you have got a product that you think is ideal for selling. It's sitting in your storage space and you've spent a lot of time and money promoting this product. However, it doesn't make that many sales on Amazon.
That was too difficult to hear, right? Well, that's because an IDEAL product has to be profitable and in high demand.
Have you heard of Amazon Online Arbitrage? It's a popular and legit way of reselling products for profits.
All you have to do is get online arbitrage deals lists from Amz Online Arbitrage, buy products from online stores, and resell them on Amazon.
Sign up now on Amz Online Arbitrage and get your desired deal lists. You don't have to spend a lot of time sourcing for products hereafter!
5 Tips For Pricing Your Products On Amazon
1. CONSIDER YOUR COSTS
Obviously right, with the costs, there is no product that came into existence. Hence, you always need to make sure you’re setting prices that cover your costs, otherwise, you’ll incur a loss.
Selling your products cheaper is of no use if you can’t afford to keep your business running.
Hence, you need to consider the cost from manufacturing to inventory to marketing to shipping.
Amazon sellers have a huge number of expenses to take into account when setting that final price.
2. DON'T BE THE CHEAPEST SELLER
It’s a common assumption that you can price your products at the lowest level, and people will turn to your page like a bee.
Well, yes, they will, but not all the time. If you do it often, buyers may think that your products are of poor quality instead of competitively affordable.
Instead of pricing too lower, you can price your products 1.5% above the lowest seller. By doing this, you will stay in the battle, you’re still competitively priced.
3. HOOK YOUR CUSTOMER
Gaining customer attention is every Amazon seller's ultimate aim, and you can do that with pricing also.
Have you ever wondered why most prices are set at .99 cents? Well, it's because people usually pay more attention to those numbers rather than the numbers after the decimal.
Also, make use of deals, coupons, discounts, and special offers to attract customers.
4. ANALYZE YOUR COMPETITION
While selling on Amazon, you are one among the other sellers who are selling the same/ similar product as you are.
That makes buyers go one after another to make their purchasing decision. To stay ahead of the competition, it is important to price your products accordingly.
Let’s say, you have somewhere around 10 competitors. It is vital to consider all of them, and then set pricing for your products.
5. UNDERSTAND YOUR MARKET
Whether you’re selling physical products or digital products, you’ll have to understand your customer’s expectations in order to set prices.
You can't predict market fluctuations or demands, if prices are rising or falling, you’d be wise to adjust your prices to stay relevant and competitive.
Pricing products on Amazon can be daunting, especially when you’re just starting out. As stated above, it doesn't have a properly formulated structure in place.
Some strategies will succeed right away, while with others, you’ll have to do a bit more experimenting. With these tips, you can make the right decision and set prices accordingly.
For more helpful tips on Amazon reselling and online arbitrage, check out the other blogs on amz blog.