Did you know that Amazon and other sellers that compete in the same product category as you can change the price of their products at any time?
This is because they are an online retailer, and their prices fluctuate to reflect the demand for products. And it can be to try to out-price their competitors in a particular product field.
However, suppose you don’t monitor these changes and adjust your pricing accordingly. In that case, you could be losing out on a lot of revenue or have unauthorized sellers trying to resell your unique products.
In this post, we’ll teach you how to track price changes on Amazon so that you never miss a sale again.
How To Track Price Changes on Amazon Through My Seller Account?
Unfortunately, you cannot monitor price changes on Amazon through your seller account. Because there are no current features that offer this option. If you wanted to try to track price changes manually, you need to have knowledge of all your product’s pricing. And keep tabs on all of your competitors to see how their pricing changes on a day-to-day basis.
However, taking the time to research pricing on your competitor’s products every single day can take a ton of time. And it doesn’t necessarily help further your business in a productive way, especially if you’re a small operation.
Thankfully, there are third-party web applications and programs that offer monitoring services. They can provide you with this important information without you having to figure it out yourself manually.
These programs work by alerting you when there is a price difference in the products you’re selling. When you’re able to see the difference in pricing, you’re able to change the price of your products. It is to ensure that you’re always competitively selling your products and capitalizing on your sales.
Monitor Price Changes On Amazon In A Few Simple Steps
Monitoring price changes on Amazon is a pretty straightforward process. It all starts with choosing the right app or program.
When you choose the right program, you’re investing in your Amazon business’s growth and overall profitability. We’ve laid out the step-by-step ways to monitor price changes the simple way.
Step One: Sign Up For A Price Watch Tool
There are many services available that can watch your product’s price every day or week. They notify you when it falls below a certain threshold. Some allow monitoring by keywords, too, such as “fleece” or “laptop”. There are a ton of popular product price watching tools, including:
AMZ Alert is an Amazon, eBay, and Walmart price-watching tool. It monitors changes in prices on the three largest retailers’ websites for a massive variety of products, including books, DVDs, CDs, electronics, and more.
The free basic plan will tell you when the price has dropped, notifying you via an e-mail or text message. However, if you want more features, you’ll need to upgrade to a premium plan.
Keepa is a free Amazon price tracker that lets you monitor the prices of your competitors. It also has a browser extension for Google Chrome and Mozilla Firefox. It sends alerts with pricing changes in real-time so you can adjust accordingly without ever leaving your web browser.
CamelCamelCamel is a free Amazon price tracking service. There are no sign-up or subscription fees, and the site is also available in English, German, Spanish, French, Italian, and Dutch.
This primary tool helps to alert Amazon sellers about prices on the specific products you choose. However, you’ll have to manually find the URLs you want to compete with, which still takes up a chunk of your time.
The last thing you want to do is miss out on a sale. Because your competitors or unauthorized sellers have changed the price of their products. These are just some of the many programs that allow you to monitor Amazon and other online retailers’ prices without needing any technical skills or knowledge about retail pricing!
Step Two: Choose Which Tool Works Best For You!
Once you have determined which tool is best for you and your needs, go ahead and sign up for an account on the chosen platform by entering in your name, email address, and password.
Once you have signed up for the service, it’s time to set your rules! The duration of how long a product must be below its price threshold before it sends on what suits your needs best and should be based on when you want to receive notifications. This could range anywhere from hourly prices changes all the way down to one day per week.
Step Three: Change Your Pricing Strategies To Optimize Sales
After monitoring Amazon’s prices through your online tool of choice, make sure your pricing strategies are optimizing. While it’s great to get alerts, it’s even more important to act on the information they notify. You’ll want to make sure that you take action once you see that a price has changed.
However, what if you realize the price alert is simply because an unauthorized seller is selling the same products for way less money? Can you get rid of the user if they’re an unauthorized seller? You’ll want to understand what the next steps are in order for you to protect your Amazon seller account.
Getting Rid Of Resellers The Easy Way
While knowing how to keep track of price changes on Amazon is essential, it’s even more important to understand how to get rid of resellers. Resellers can completely mess with your brand name and image, as well as your overall profits and seller status. It’s essential to get ahead of these problems and take back control.
By signing up for Sunken Stone’s Free Map Compliance and Monitoring Software, you’re able to protect your brand from any unwanted resellers, eliminating the need to spend hours of your time manually checking, or losing profit.
When you sign up for an account, you’ll have alerts set up that will instantly alert you if find resellers, along with the steps you can take to get rid of this issue.
It’s that easy and takes less than 60 seconds to sign-up and start today!
Frequently Asked Questions
Amazon is an online retailer, and its prices fluctuate to reflect the demand for products. In this way, they offer lower prices on items that are not as popular, while higher-demand items have a higher price tag. There are other reasons why a product price might change, including :
a glitch in the system that has caused it to be incorrectly priced
an error by Amazon’s seller or vendor team when entering information into their price feed
a promotion that is ending, such as Prime Day (a time where prices are slashed across all products)
Manufacturing costs or material costs have changed, which impacts the price
The pricing strategy that Amazon uses is called dynamic pricing. Dynamic pricing happens when prices are continually changing and being updated, which can be as often as every few minutes or hours in some cases. Amazon tries to keep its prices as low as possible to ensure that customers continue to shop with their platform, versus their competitors like Walmart or Costco.
There are several ways to learn how to keep track of price changes on Amazon. They can be monitored through a software service, like the one offered with Sunken Stone’s free Map Compliance and Monitoring program, which automatically alerts you when a reseller pops up, or prices change.
Resellers can really affect your brand and profits, either by stealing your product from you to sell for a lower price or selling the same products themselves as an unauthorized seller. This can be a big problem for Amazon sellers, as they could lose their seller status and get banned from the site. Thankfully, this can all be avoided by getting rid of resellers as soon as you identify the problem.
Sunken Stones Free MAP compliance and monitoring software keep track of prices changes in online retailers, primarily Amazon. The program alerts users when a price change occurs or if they find unauthorized sellers. This will help you keep your brand protected and make sure that no one is reselling your products without permission from the seller, which could lead to profit loss.
If you’re feeling overwhelmed or frustrated with trying to keep track of changes on your own, sign up now for Sunken Stone’s Free Map Compliance and Monitoring Software. There are alerts set up that will instantly alert you if resellers are found, along with the steps you can take to get rid of this issue. It takes less than one minute to sign-up and get started.