For this interview, E-Commerce Nation contacted the Marketing Manager at Seller Snap: Danielle Zalniker to discuss pricing strategy on marketplaces. Specifically, we talked about Amazon.
Rightly so, as Seller Snap is looking at artificial intelligence to help its online sellers build an automated pricing strategy, allowing for increased conversion rates and massive competition.
This interview was held as part of #AmafestUK, an event for Amazon professionals in Manchester.
Can you introduce Seller Snap and its activity?
Seller Snap offers a fully automated, AI-powered Amazon Repricer and Analytics Tool. Seller Snap’s learning algorithm analyzes thousands of price decisions every minute to detect the behavior of your competitors.
Our AI repricer then automatically selects the optimal strategy to outsmart your competition, while avoiding price wars. Seller Snap’s repricer is driven by Game Theory principles, we apply a cooperative strategy to secure your entitled Buy Box share and maximize profits.
What is the advantage of using artificial intelligence for your tool?
Seller Snap designed an AI repricer to tactically outsmart your competitors The popularity of rule-based repricers can very quickly trigger a “race to the bottom”, through sellers continuously under-cutting one another.
This results in sharing the Buy Box at your minimum price. On the other hand, Seller Snap’s AI Repricer will seek the optimal strategy for each Amazon listing and apply the most strategic approach for each specific situation. The advantage of this to an Amazon seller is gaining the Buy Box share they are “entitled” to, while keeping the price high.
How important is the pricing strategy on Amazon?
Implementing a pricing strategy on Amazon is integral to the success of your Amazon business. There are certain variables that are considered when making pricing decisions, such as the nature of your product, the market price of the product, your competitors’ pricing, current marketplace conditions, the target audience, production costs and external costs.
In regards to these variables, in order to stay competitive, most Amazon sellers who are competing for the Buy Box will use a repricing software such as Seller Snap that utilizes AI to win the Amazon Buy Box at a higher price point and avoid Amazon price wars.
You offer an analytics tool to your customers, could you share some more on what these analytics include?
Seller Snap offers business intelligence and Amazon seller analytics to our customers. While our AI repricer does most of the decision making for our customers, it is important for a seller to understand the performance of their products. Our analytics allow sellers to see changes in revenue and profit, and track the sales velocity for each individual listing to clearly identify the best and worst performing products.
By having access to Seller Snap premium, users are able to access advanced data tools that give them the capability to create customized data-driven insights and reports, which will help a user focus on issues that are most critical to their business.
What is a tool within the Seller Snap platform that users greatly benefit from?
A great tool within the Seller Snap platform is the customizable & scheduled reports. Users can pre-define data points and time-frames to trigger automated daily, weekly or monthly reports that are sent directly to their email inbox.
What are the elements to keep in mind when a seller launches on Amazon?
Be sure to research products thoroughly so you invest in high demand inventory, as well as setting up Amazon seller tools to help you create more efficiency in your new business.
You are participating in the 2022 edition of Amafest UK. Is it the first time? What is the added value of this event?
This will be Seller Snap’s first time attending Amafest UK. We are excited to further enhance the Seller Snap brand to the UK audience. We offer our services across the UK and Europe, so we hope to meet some of our clients at the event!. We are also looking forward to the opportunity to network with other Amazon seller softwares and create new relationships that could turn into potential partnerships.
If you want to know more about Seller Snap or #AmafestUK, you can head to the event’s website:
