Are You Pricing Your Amazon Products The Wrong Way? - Selling on Amazon FBA
Amazon pricing - Are you pricing your products on Amazon FBA the wrong way??
What if I told you that you were selling your Amazon products the wrong way? Specifically, in today’s show, I am going to talk about pricing your products and how most of us don’t put much thought or effort into it. I think that most of us work really hard to acquire products but then we just wimp out when it comes to pricing because it can takes too much thought.
1. Price perception is so true. I have a PL product that I price $20.00 higher than my other products that are exactly the same and my competition products that are exactly the same and they sell. They do not sell as fast but I am ok with that because my margins are crazy good.
2. Ending your price with 9. This sounds silly to me and it almost seems like just an old tradition that everyone does, but apparently according to studies, prices that end in 9 sell better than other numbers often.
3. Free shipping – If you do any Merchant fulfilling you may want to test offering free economy shipping verses charging for shipping. This may seem small, but sometimes getting the free shipping can make a big difference to customers and one of the reasons why so many people love Prime.
4. If you are creating a listing, it is better not to ask customers to compare your price to competitors unless you are going to specifically say why yours is better and why it is cheaper. Just telling people that your price is “cheaper” then the competitor makes people feel like they are being tricked or that yours is not as good.
5. Emphasizing time saved/ease of use over price.
6. Set the Manufacturer Suggested Retail Price or (MSRP) Higher.
7. If you have a listing with multiple variations, change the prices of them even just slightly. Studies show that people are more likely to choose one of the products if the prices are off just by a penny or two then if the prices are all even.
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