In this section, I will be going over how to update the rules of your listings in bulk, how to set minimum and maximum prices based on a desired ROI, how to create conditional repricing rules based on inventory age and how to create convenient filters that will help you keep an eye on your listings so you can stay competitive.
First, you want to go to your listings and select the Active filter.
This will show you all of your listings that are currently available for sale on Amazon.
Check this box to select all the listings on this page so that we can edit them in bulk.
Next, click on Bulk Actions and then select “Set Min/Max Price & Rule”.
This is the tab where you can change rules in bulk as well as set minimum and maximum prices based on a desired ROI.
If you want 40% ROI minimum, you turn on “Set Min Price based on ROI” and set your Min Price to 40% ROI.
There are also several other methods by which you can set your desired bulk minimum.
I personally do not turn the first one on, but if you want to use this feature, that is how you do it.
Next, you can set a desired Maximum Price in a similar fashion.
The first time I imported my listings, I had my prices set to my selling price, not my maximum price because I was using a different repricer.
If you are importing for the first time and have not been setting your prices high when you first create listings, you can use the “Set Max Price based on Your Price + Shipping” section to raise your maximum prices by a certain percentage.
In my case, I simply set my Max Price = (Your Price + Shipping + 50%).
For instance, say that I was selling some Power Rangers for $24.90.
This would automatically set my maximum price to be $37.35.
That is a bit high and you might get a high pricing error.
You’ll have to experiment, but 25% should be a good starting point.
Next, you can edit the rules of your listings in bulk by selecting the rule you want where it says “Set Rule”.
Now that I’ve helped you set up your account, integrate InventoryLab buy costs and create minimum/maximum prices for all your listings in bulk, it is time to show you how to create conditional repricing rules.
This is hands down one of the greatest features of Bqool.
This feature helps you save time from having to continously reprice and acts like a repricing deparment for your business that will automatically mark down and clearance out your invetory based on inventory age.
This will keep your sales high and your inventory fresh.
There are several different conditional repricing methods, but the one I like the most and recommend you try out is inventory age repricing.
What this means is that you can set different repricing rules based on the age of your listings.
For instance, you can have new listings to use AI Max Profit, and then after 30 days automatically change it to AI Boost Profit. If an item still hasn’t sold in 60 days, you can use AI Sales Maximizer.
Furthermore, you can also automatically adjust your minimum prices with conditional repricing rules without you having to even login to Bqool. Let me show you how.
Click on Repricing Rules on the main menu.
Then click “Add New Rule”.
Click on “Conditional Repricing”
Next, select Inventory Age Conditions. As you can see, there are a few other ways you can auto-switch between rules.
You can utilize Sell-Through Rate Conditions, which will use calculated sell-through rate percentage so you can drop prices for items that aren’t selling through well and hold profit for items that are flying off the shelves.
You can use Days of Supply Conditions, which will use Amazon’s days of supply estimations to select which repricing rule to use. If you have tons of supply that is estimated to last for a longer period of time, you might want to be more aggressive in your approach and if you’re almost sold out, you might want to raise your price to get more profit, or drop your price to get rid of it faster. It’s completely up to you.
Finally, there are FBA Advanced Conditions where you can literally customize and tweak your repricing strategies based on highly specific FBA conditions.
I recommend you look through all of these sections and experiment to find out what works best for you and your business.
I will be trying out different conditional repricing rules and share my findings on this blog over time.
Now, let’s set up Inventory Age Conditions.
You can copy my settings below, or be more aggressive or less aggressive based on your personal business operating strategy.
The way that this picture below is set up will do the following:
It will use AI Max Profit for the first 30 days.
After 30 days, it will switch to AI Grow Profit, which still increases profit, but drives sales a bit more.
Between 61-90 days, it will switch to AI Sales Booster, which is the most aggressive AI plan that still does not undercut the buy box.
After 90 days, it will switch over to AI Sales Maximizer, which can and will undercut the buy box.
This is merely a starting point and a framework. You may find that this is not aggressive enough to compete with other sellers. You will have to experiment based on your own business, but this may also work out very well for you.
This strategy does not incorporate automatic minimum price adjustments based on a period of time.
We will get into that in the next section.
In the picture above, I’ve demonstrated how you can automatically discount your minimum prices based on a certain period of time.
As you can see, there is a drop down menu that you can access by clicking on “Rule”.
You can switch that to “Rule + Min Price”.
This will allow you to also reset your minimum priced based on certain criterea during a period of time.
Like the rest of these settings, you will have to play around with it, give it a try and see how it works.
During certain seasons, you may have to adjust it to increase sales. Other times, you might want to just plug it and play.
I’ve showed you how to set it up, now it’s your turn to customize it to your own business needs.
There is no one size fits all approach. Everyone has different businesses, different sourcing methods and different risk tolerances.
If there was one repricing strategy that would work for everyone, it would work for no one because then everyone would be doing exactly the same thing.
Now that you’ve set up your conditional repricing rules, go to your active listings, select your listings in bulk and then bulk set your listing rules to your new conditional repricing rule.
If you’re going to use conditional repricing, you can go back into your default settings (Settings -> General) and set your default repricing rule to conditional repricing.
Next, I’m going to show you how to create useful filters to keep an eye on certain listings.
In filters, click on “Missing min price” and “Active”.
Press “Save as Favorite Filter” which is located below all the available filters.
Name it whatever you want and save it.
This will show all the listings that you have active at Amazon that are missing a minimum price.
If a minimum price is missing, repricing will be turned off.
If you are setting minimum prices automatically, you can skip this, because your listings will go live immediately and Bqool will set your prices based on the parameters you’ve inputted.
The next filter we will create will show you active listings where your competition is below min price.
This is useful so you can pinpoint items that are not currently selling because your competition has undercutted your minimum.
While conditional repricing is great because you can automatically lower your minimum prices over time, sometimes you want to get a glimpse into what is really going on with the competition so that you can choose the best moves to make.
Select “Competition below min price” and “Active” and create a filter in the same manner.
Finally, I’m going to go over price-looping which is my new favorite Bqool feature.
I previously used ChannelMax because of this feature alone.
Now that Bqool has incorporated price-looping, I’m completely sold that this is the best repricer available on the market.
Price-looping is currently available only for the AI-Powered Match Buy Box repricing rules, but I’ve heard that they might also incorporate it into AI-Powered Win Buy Box soon.
Even if you are using conditional repricing to switch between repricing rules, the individual settings for each rule will be used.
That means that if you enable price looping for AI Max Profit, it will also apply to conditional repricing rule listings where AI Max Profit is the rule currently being utilized.
What price-looping achieves is that it automatically raises the prices of your listings to the maximum on a scheduled basis.
While this sounds counterintuitive, it is actually genius.
You might be thinking, “won’t that lower my sales?”
The reality is that it won’t, but it can dramatically increase your profitability.
You should always be looking for ways to hold more gross in all your sales.
What price looping will do is raise your prices to the maximum, hold it there for a few minutes, and then renable AI repricing.
This can have a powerful effect in activating your competitor’s repricers to also do the same.
Overall, the market will become healthier and you may notice that your items sell for higher prices.
Selling on Amazon incorporates many concepts of game theory.
It’s like playing chess, where what you do has an impact on what other people do, and vice versa.
When you increase your prices, the probability increases that your competition will do the same.
Even if they don’t, you will be better off by resetting your prices to the maximum a few times a day, because it will allow you to start negotiations off high again.
You don’t want to simply drop your prices all the time.
Prices should go up and down throughout the day and that is how you can maximize sales and profitability at the same time.
When most people reprice, all they are doing is discounting their goods.
Then they are surprised when they go out of business because they never made any money.
The name of the game is to stay competitive, but also get rich by any means necessary.
This is one way you can achieve this aim.
Let me show you how to set this up.
Go back into your repricing rules.
It’s in the main menu.
Click on each of the 3 AI-Powered Match Buy Box rules one by one and change the settings inside.
The 3 rules are AI Max Profit, AI Grow Profit and AI Boost Profit.
Go into the settings to the page that looks like this:
Enable the section that says “Apply Price-Looping strategy”.
I’ve set it to raise my price every 12 hours. You can set it to whatever you like.
I recommend you hold it for the minimum time (5 minutes) so you can go back to crushing your competition.
I’ve laid out the foundation for you to get started repricing right away and start skyrocketing your sales.
Now it’s up to you to improve upon it to suit your business.
You may want to go for all the money and generate even more profit.
Then you’ll have to tweak your settings to achieve that aim.
You may. want to become a price tanker and absolutely hammer the competition.
If that’s your goal, so be it.
You may want to crank out high volume while having certain items that you hold maximum profit for.
Whatever you want to achieve, you can customize the settings to fit your needs.
Use common sense, read the prompts and it’s all very self-explanatory.
Repricing is what will set you apart from the rest.
Constant experimentation through trial and error is absolutely essential to maximizing the results to the best of your needs.
That being said, if you simply copy the settings I’ve laid out for you here, your sales will increase dramatically.
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