Google Shopping Repricing tool launched to help retailers optimize their pricing.
Google has introduced an automated pricing solution that allows merchants to manage their product pricing. The repricing tool helps to adjust merchants’ prices to compete with other merchants, driving sales on e-commerce.
This blog post will explain what Google Shopping Repricing is and why you should use it. Then, we will understand the advantages of using a repricing tool and see quick and actionable tips for your Ecommerce store.
Let’s dive in.
What is Buy on Google Shopping Repricing?
Google repricing is an automated system to reprice your products based on price rules and price floors that you have determined.
Repricing tools allow you to see whether or not you offer the best price on the platform. So, it’s an excellent way to observe the competitors in Ecommerce. By monitoring competitors’ prices, you can price your products competitively and increase sales! Or, you can set different pricing strategies for each group of your products as you wish!
To learn more about Google Shopping Repricing, visit here.
To use it, you have already been allowed to participate in the Buy on Google pricing beta. If you still need to, reach out to your Google contact.
Repricing tools sound great but why should you use them in the first place?
Let’s explain the reasons for using an automated repricing tool and see the benefits of it!
Why Should You Use a Repricing Tool?
As an Ecommerce merchant, you know that there are thousands of online stores, and hundreds are being created daily. Giving an exact number of online stores is not possible. In that crowded ecommerce space, attracting customers can take time and effort. Pricing, customer reviews, delivery, and product quality are significant factors in purchasing online shoppers. According to Shopify’s Future of Commerce Report 2022, price is a key factor influencing 74% of consumers.
An effective pricing strategy can keep target customers in your store. By using an automatic pricing system, you can offer the optimal prices. If you are performing your products on Google Shopping, Google Shopping Repricing can be highly effective for your business.
Setting an effective pricing strategy can be an ideal way to keep target customers in your store. By using an automated pricing system you can set the right prices.
Pricing tools track your competitors’ prices. After observing frequent price changes and different prices on the market, you can set different prices. For example, if you keep your eyes on your competitors and understand their pricing strategies, you will be one step closer to success. This is because you will use competitive intelligence skills, improve your competitive edge, and make informed decisions backed by data. Automated pricing tools can consistently track competitors’ price information when a competitor has raised or lowered prices across different channels.
Using that information, you can set competitive dynamic prices in your store and generate higher sales!
Benefits of Using a Repricing Tool
Pricing tool helps merchants to determine pricing options that best reflect their product’s or service’s value. It allows online stores to grow, optimize pricing strategies, and maximize profit margins.
Let’s see some benefits of using a pricing tool.
- Observe Price Changes. The pricing software will automatically inform you when there is a price change. There is no chance of missing a discount when other merchants do seasonal sales. Seasonal sales are significant in the retail fiscal calendar. This is because customer traffic and conversion to online stores are climaxing.
- Minimize Costs. Tracking competitors’ prices manually is time-consuming and not effective at all. Manual trackers commonly create an Excel sheet by adding other merchants’ different prices. It’s a lot of time-consuming and very possible to make mistakes. Price tracking software is more effective and economical than manual tracking.
- Stay Competitive. The right price can make a difference when selling a great product or service. But, determining how much to charge can be overwhelming since there are lots of factors to consider. Working with a pricing tool can be your guide. You can stay competitive by understanding the live data sets about competing prices on the market.
- Make More Accurate Forecasts. Data gathered by pricing tools is not only about making informed decisions; it can play an essential role in planning for the future. By using an automated pricing tool, you can focus on data analysis, which will result in more accurate forecasts. And you will have opportunities to shape the future of your business better.
Quick Tips for Repricing Tools
- Keep your prices flexible; pricing is an ongoing process. Keep monitoring your competitors’ prices and set your prices accordingly.
- Set price rules. You can set different price rules for other products with the pricing engine. For example, you can set the rule by “10 dollars higher than the most expensive” for your best-performing products. Your product prices will be adjusted according to the rules you have determined. Using pricing for Google Shopping repricing can be quite effective.
- Track out-of-stock information. You can charge different prices by observing competitors’ stock availability. Imagine that competitors are out-of-stock and you are the only store selling that product. Now you can set higher prices and maximize your profit margins.