How to Set Up Buy Box Owner Settings for Amazon Seller
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Welcome to Sku Grid! In this video, we’re going to show you how to set up your Buy Box Owner Settings for Amazon Sellers.
Note: Before proceeding, you’ll want to make sure that you’ve already configured all of your other settings in Sku Grid and have already purchased your Buy Box Owner Plan.
Once you’re logged into Sku Grid, click on Settings.
Click Marketplaces.
Click Amazon.
Click on the Country you’re selling on.
Make sure that you’re already set up your marketplace settings on this page and that you’ve already defined a default selling price formula.
Also, Auto Update Amazon Price needs to be set to Yes in order for this to work.
Scroll down to the section labeled Buy Box Owner (Algorithmic Repricing).
You’ll first need to decide whether or not you want to enable Buy Box Owner on all items. If you want to enable it for all items, set Use Buy Box Owner Algorithm on All Items to Yes. If you prefer to just enable it individually for select items, then leave this option set to No.
The next option is Include Shipping Costs in Algorithm. This option is referring to your competition’s shipping costs and not yours or your suppliers. For example, if a competitor is offering an item for $0.99 + $24.99 shipping, they’re clearly using a lower selling price and adding money into shipping to make a profit. With this setting, it’s asking do you want Sku Grid to consider the competitions shipping prices in calculating whether or not you can undercut them. If you want to factor the competitor’s shipping prices in, then set this option to Yes. Otherwise, you can set it to No if you do not want to factor that in.
The next option is What is the Maximum Profit Margin You Want to Have. Enter a dollar amount here. If enabled, if you’re unable to undercut the competition and still be profitable, then whatever amount you have here will be added to the selling price created by your formula.
For example, if you’re unable to undercut the competition and be profitable, and your normal formula would create a selling price of $39.99, if you had entered 20 here, then your selling price would be set to $59.99. Enter a value and move onto the next field.
The next option is “By how much do you want to undercut the competitor’s price?” Enter a value here in dollars and cents. Example, if you want to undercut by $1, you would enter 1.00. Likewise, if you want to undercut by let’s say 5 cents, then you would enter 0.05. If you desire to match your competition, you would enter 0.00. Enter the value that best suits your business model.
The next option in the Buy Box Owner Settings is Use Maximum Profit Margin (above) if we are unable to beat the competitor? Set this option to yes or no. What this does is, if enabled, and you’re unable to be profitable when undercutting or matching your competition, then Sku Grid will add whatever dollar amount you put in the Maximum profit margin field above to your selling price created by your selling price formula.
If you set this option to No, then when you can’t undercut or match and still be profitable, then the Maximum Profit Margin above will not be used. Your item would just be set at whatever price is created by your formula.
Please note: Enabling this setting could cause issues for those selling on Amazon because if you hike your prices up too high above your competition, Amazon will think something is wrong and start flagging your items and sending you notices about it, which would lead to trouble down the line. So you don’t want to go too high on this number if you do choose to use this option.
The last option is Beat Only Competition In. Select Buy Box, if you want to only consider whoever is in the Buy Box as your competition. Select FBA if you want to overlook the buy box and only consider items that are Fulfilled by Amazon as your competition. Select All, if you want all sellers on the ASIN to be consider your competition. This may result in you undercutting the lowest priced seller on the item. Make the appropriate selection for your business model.
Please read the note that says “Please override your items when adding them into Sku Grid to create your minimum selling price or baseline when using Buy Box Owner”. A best practice would be to create an override formula for your items as each item might have a different profit margin and that will be used as your minimum selling price. If you do not override your items, then the formula here on your marketplace settings page will be used to create your minimum selling price.
We will discuss adding items when using Buy Box Owner in a later video.
Once you’re finished configuring your Buy Box Owner Settings, click the Save Settings Button.
Thanks for watching! We’ll see you in the next video.
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