With the burning desire to support sellers in dominating the Buy Box and maximize profits, BQool has reinvented Amazon repricing with their all-new exclusive AI-Powered Repricing.
This complex AI repricing algorithm was heavily researched and developed to reflect various relationships between key data points that affect Buy Box wins/price.
The Goal of the AI Creation
The goal of the AI-Powered Repricer is to streamline the creation of the Repricer rules. It will automatically factor in a wide range of competitors’ metrics that will impact the Buy Box win rate, including ASIN, fulfillment, the list price, seller metrics, and more. This enables the AI to outperform and compete more effectively against competitors with different seller profiles under every ASIN.
The Logic behind the AI Repricer
The system filters the price adjustments based on historical data to construct a range that we think has the highest chance of winning the buy box. This range represents the price adjustment based on competitors. The more data we collect, the smaller the range will be, until we know the most favorable price to acquire the buy box. The image below illustrates the list price configuration process of BQool’s AI repricer.
5 AI Strategies
There are 5 variations of our AI Repricing rule, based on the level of competition.
- AI Sales Maximizer
- AI Sales Booster
- AI Equalizer
- AI Profit Booster
- AI Profit Maximizer
Sales Maximizer: Sets up the system operating to reprice aggressively to get the Buy Box and maximize Sales Targets. Therefore, the time the Buy Box is kept is longer, and the chances of maximizing sales are greater. However, as the price range is larger, profits may be relatively lower.
Profit Maximizer: Sets up the system operating to reprice aggressively to get the Buy Box and maximize Profits Targets. Therefore, the price range is narrower, and it may take more time to get the Buy Box.
Suitable for: You have much lower inventories/ The price of each item is higher/ You have fewer than 5 competitors.
Please refer to the below illustration of the 5 AI Repricing Rules Strategy Introduction:
How to Set up AI Repricing Rule
Step 1: Add New Rule
Click on the “Repricing Rules” menu followed by “Add New Rule” to get started.
Step 2: Choose Rule Type
Choose your AI-powered repricing rule type, and set up the “Rule Name” and “Rule Description” accordingly.
Click “Next” to continue.
Step 3: Choose Repricing Measures
After understanding the categories of 5 AI-Powered Rules, the following repricing measures based on 6 scenarios below for selecting AI-Powered-Rules can be set up:
- When you are the Only Seller: you are the only seller under the ASIN. It is not necessary to set a lower price and lose profits. Therefore, you can choose Do Not Reprice or other options to boost profits.
- When your product is not Buy Box eligible: Your product is NF (Non-Feature Merchant). For example, if your product is NF (Non-Feature Merchant), you cannot get the Buy Box. Therefore, you can can choose to use Buy Box Price or other options.
- When Buy Box is suppressed: Amazon has suppressed the Buy Box on this ASIN. For example, the price of the same product is lower on another e-commerce website (e.g.: eBay) Amazon won’t provide Buy Box Ownership to any sellers to get them to lower the product price until it is the lowest price across every e-commerce website.
- When your Item Condition is Used: The profits from second-hand products are usually low, and competition is more complicated. e.g., FBA/ FBM or Non-Special Sellers. Therefore, using AI-Powered Repricing Rules to get the Buy Box will reduce profits. You can change to other functions to reach profit targets.
- When your Product is Back-Ordered: You can continue to use the main AI-Powered Rules or other functions to sell your products.
- When the Adjusted Price equals or is below the Min Price: The AI lowers the prices of the product to be equal to, or to be lower than the Min Price to get the Buy Box, and you should use the functions depending on the scenario to set up the price.
If you select Lowest Price in AI rules, the system will find the lowest price with the same fulfillment type and item condition as the listings.
- For FBA new listings, FBA Lowest Price with new condition will be applied. If FBA Lowest Price is not available, the listing will not be repriced.
- For FBM used listings, FBM Lowest Price with used condition will be applied. If FBM Lowest Price is not available, the listing will not be repriced.
If you choose to use Your Price or the Buy Box Price to set up your New price, there are two points you must consider:
- If there are two Buy Box Sellers at the same time, the lower Buy Box Price will be used automatically to set up the price of this listing by the AI system.
- AI will calculate the price automatically and then meet your price settings in sequence. However, no matter which rules are used, if the Estimated Price is lower than, or equal to, the Min Price, the last rule will be used for repricing.
If the listing is correspondent with two or more scenarios, the AI will follow the rules in sequential order as the outlined below:
Step 4: Schedule
Schedule is not a compulsory setting, but user can choose from either Repeated Schedule or Fixed Date Schedule.
Set up the Repricing Paused Time and the price of the listings depending on your requirements (Either Set Repeated Schedule or Set Fixed Date Schedule)
For a more detailed functionality walkthrough, please visit the Repricing Schedule
Step 5: Save the Rule
Go back to the Active Listings page->Select the rules->Click Save.
Congratulations! You are good to go!