One of the top questions I get is: “How often should I reprice?”
On one hand, you should reprice as often as you can to keep your prices competitive.
On the other, there is such a thing as repricing too much.
Generally speaking, repricing more than 3 times a day is probably excessive. I’ll get into more specific numbers in a second, but that’s a good starting point. This is purely opinion, so keep that in mind.
What are the consequences of repricing too much?
I call this “over-optimizing,” and the major downside applies to higher demand items. Particularly with items that are selling multiple copies per day, there is no reason to be repricing these multiple times daily.
The prices for high demand items is so volatile and goes up and down so many times per day, you can be the 5th lowest price, lowest price, then 7th lowest, then 2nd lowest, then lowest again – all in a span of 6 hours.
Adjusting prices frequently for something with a price that jumps around so much just isn’t useful.
So, how often should you reprice?
The vague answer is “as often as you feel like it.”
The specific answer is: “At least once per day.”
A lot of people work it into their daily routine, and reprice along with checking sales and other daily maintenance.
Other sellers have a more frequent routing of repricing once in the morning and once in the afternoon.
Still others do a morning / noon / night routine, and reprice 3 times daily.
And still others have virtual assistants or employees who they have repricing many more times per day.
Reminder: Repricing more often will translate to more sales. Increased sales volume isn’t necessarily the most important metric you should be chasing, but repricing does increase sales.
Video: How often should you reprice?
Any questions? As always, let us know.
-Peter Valley & Team Neuro