Amazon Price Tracker-An Effective Tool for Both Sellers And Buyers
With thousands of sellers and even more shoppers, Amazon is among the most popular marketplaces and there is hardly anyone who doesn’t know about it. Whether anyone wants to sell something online or buy anything online, this is the number one choice of many people all around the world. But with so many people offering the same and different types of goods the competition here is quite high as well.
When you think of introducing anything on this platform you have to focus on a lot of factors to achieve success. From product research and FBA fees estimations to optimizing your listing and tracking reviews and prices, you must pay attention to each and every aspect in order to generate high sales and income.
For example, if your listings are not optimized through the relevant keywords they won’t appear in the search queries of the shoppers and if your goods and not visible to buyers they won’t be able to purchase them.
Did you know there is another factor which will affect your ranking in search result besides the total sales? It is the “Price/Cost” of your goods. You read that right, the selling price of your item plays a big role in how the items are ranked on the search results.
This means you must track the prices of your rivals and modify the cost of your goods accordingly so that you have the best price and hence the higher search rank. You can keep an eye on the price drops of different items through the amazon price monitor. This is a great time-saving tool. Not only sellers but shoppers also need this tool so they never miss any sale or discounts.
In this world of advanced technology, it is easy for online merchants to run their business more efficiently by using different tools and technologies available to them. These technologies not only save you from the inconvenience of spending hours on gathering data and putting it in spreadsheets but also provide accurate results.
In this article, we will discuss in detail the importance of the cost of the goods on Amazon along with the best tools for monitoring price and how to utilize them to determine the best price.
What is Amazon Price Tracker?
It is a very useful tool for both sellers and buyers as it lets them track amazon prices of the items they are interested in and immediately notify them when their prices drop. Furthermore, it allows the users to check amazon price history through graphs to help you understand the price patterns of different goods. The efficient tool saves time and provides users with accurate results.
Importance of Price Tracking for Sellers
Since this tool lets the sellers keep tabs on the price of items similar to their group, they can use it to adjust the price of their goods which is very important for increasing sales.
Most of the buyers are always looking for the low price yet high-quality goods. So if the price of your item is higher than the price of the similar item sold by other sellers they will definitely go for them. Think of yourself as a buyer, you would always choose the item with less price.
Moreover, the selling price of your goods has a great effect on your search ranking as well. The Amazon A9 algorithm for ranking goods is based on the no. of sales, relevant keywords and cost of the goods because sellers want to see those items in search results that are most relevant to their queries and have the best price.
However, Amazon also allows the shoppers to sort products by high to low or low to high price filters which means buyers also have a great say in how your goods are ranked based on their costs.
The price tracker lets you select a competitive cost for your item and hence boost your sales. Not to mention, with the right prices you have more probability of getting the buy box order. The buy box is that box on the item’s page which shoppers use to purchase the item. Since one item usually has more than one seller, there are different options for buyers which means only one seller will win the sale.
Importance of Price Tracking for Buyers
Buyers are always looking to purchase their favorite items at the cheapest price which means they continuously look for sales and discounts. However, since you can be busy with other stuff in your life, it is not easy to monitor the price of products all the time and can miss out on sales and discounts.
Since there are so many buyers on this platform and most of them are waiting for discount offers, your favorite item can run out of stock quickly which is why many shoppers use amazon price tracker app which notifies them whenever the price of items drop so that they can quickly purchase it. Furthermore, some apps also alter you about the availability of the goods.
Top Amazon Price Trackers
There are several price monitors developed by different companies that bring you accurate data and the best part is most of them are free to use. Below we have listed some of the most efficient ones along which all their features.
- Amazon Price Tracker by DigitalInspiration
A smart tracking app is the one that tells you instantly when the price of your desired item drops, that what Camelcamelcamel does.
Considered as one of the best tools for keeping tabs on the prices of different items by many sellers and buyers all around the globe, this tool is not only accurate but free to use. Furthermore, the tool has a simple interface and is quite easy to understand that can be used by anyone. Not to mention, it displays several useful stats.
To use this tool go to its website where it will ask you to enter either the keywords or URL of the item you want to track. Once you do this and hit the search button it will provide you the option for creating the price watch for that item. To create the price watch, users have to enter the email address they want to receive notifications of the price drop on.
Next, you have to specify at which price level you want to receive the notifications. For example, if the item you are tracking has the current cost of $130 and you want to get notified when its price drops to $100, you will enter this amount. To get the alters you must sign up which can be done without any cost.
Moreover, the tool will show you the price history graph along with the current, average and lowest and highest price of that item so that users can identify trends such as which price generates the highest no. of sales, etc.
With the browser plugin for Chrome and Firefox, you can analyze the details without leaving the product page. An Andriod app and Siri shortcut for iOS users are also available. The tool works with several amazon sites including the USA, Australia, Spain, and the UK.
Keepa is another popular tool for monitoring the prices of any item. This app brings you the price history chart and details of any item with a few seconds. Imagine how much time it would take if you have to dig in the details and history of different items and put it in complex spreadsheets to analyze it later. The tool also tells you when was the last time the price of the product changed.
To track a certain item, you need to provide its URL. Once the product is found by the app it will ask you to enter the price drop on which you would like to receive the notifications. You also need to specify how long do you want to track this item for such as 2 weeks, 1 month or 10 years. There are three tracking modes Basic, Advanced and Pro with different filters.
Notifications can be received through Telegram, Facebook, email or RSS. Furthermore, you can also get alters for the availability of the items you are interested in. Not to mention, international Amazon prices can also be tracked and compared.
One of the best features of this tool especially for buyers is that it shows you best deals daily based on the highest price drops. Users can also choose the deal types such as new, used, etc. and apply filters such as drop percentage range, price range, and sales rank range.
Keepa supports different Amazon pages such as the US, Europe, and Asia. The tool is also available as a browser plugin for those who want to analyze price history charts right on the product page.
In addition to price tracking, Keepa also offers detailed data of thousands of items, product finder, and best seller lists. However, to use these features you have to subscribe to a monthly package available at 15 € / month.
Amazon Price Tracker by DigitalInspiration
This tracker by DigitalInspiration is among the most efficient and effective tools for monitoring the prices of different types of goods. The tool not only supports every Amazon site but is quite simple and easy.
To track the items, you need to make a watchlist consisting of the goods you want to track. It will then ask you to provide the threshold price drop on which you want to get alerts and that is it, the tool will automatically send you email alters whenever the price of your items reach the threshold value. Users will also get price changes email digest of the items on the list.
This smart tool can be used by purchasing one of the two pricing packages; personal and enterprise. For new and individual sellers the personal package is ideal as it provides only one user license but can track around 600 goods. It is available for only $29 per year. On the other hand, the enterprise plan can be purchased for $299 per year but gives license for unlimited users.
Honey is another free tool for keeping tabs on your favorite items. Available as a plugin for different popular web browsers including Chrome, Firefox, and Safari, the tool shows can be used while browsing on Amazon.
You simply have to download the plugin and then when you visit the page of any item the icon will give you the option to add the item for tracking. You will have to select the maximum price drop on which you want to get notified along with the duration you want to track the item for and voila, you will get alters whenever the cost of the item goes below the amount you set.
A great feature of this app that attracts many shoppers is that it applies all the coupons or discounts available for a certain item automatically. Furthermore, the price history charts can be used to determine the trends of what is the right time to purchase a particular item.
This tool is one of the most favorite tools among sellers because it not only tracks the price but places the order on your behalf when the price of that item goes below the amount you mention. This way you will never miss any discounts or sales on your favorite goods and you don’t also have to worry about the item running out of stock. Orders can be reviewed in your account on Amazon.
The tool will also show you price history so that you can select the maximum price drop and buy the items at the lowest prices. To use this time-saving tool, you can simply sign up with your Amazon account.
How to Determine the Right Price for A Product?
The right price of any item is the one that is profitable. Here, by profitable we mean the price of the item should be more than what was invested in each unit. Basically, the most common practice is that you either sell products at the lowest possible price that is profitable or the highest possible price for maximum profits.
Since profit is calculated by subtracting expenses from revenues, you need to calculate all the expenses associated with selling that item beforehand. Now, there are different types of costs that sellers have to pay, these include referral fees, fulfillment charges, and monthly charges.
The referral fee is the amount that you will pay to amazon every time you sell a unit through their platform. The percentage of this fee is determined by the category of your item but it is usually less than 15% for most of the categories and even less than 10% for categories like electronic devices.
However, for several categories such as Gift cards or clothing and accessories, it is a bit high. This means the category of the goods must be decided carefully to reduce the expenses.
Then comes the fulfillment costs which depend on the method of fulfillment you choose. The most common method used by many sellers all over the globe is “FBA (Fulfillment by Amazon)” through which Amazon takes all the responsibility of storing, packaging and shipping of your goods.
The FBA fee is the total of all the expenses for the storage, packing and shipping services Amazon provides you. Furthermore, it also includes the customer support that amazon provides on your behalf to your buyers and is charger per item.
The weight and dimensions of the item are the main factors that determine the amount of this fee. So, to minimize your expenses it is best to pick the items light in weight and small in size. The reason for this is that such items are easy to handle and deliver, hence they have less fees.
Then there are subscription charges. Anyone who wishes to sell on this platform must subscribe to one of the two packages offered by Amazon namely individual and professional. Users of the individual plan are required to pay $1 on every unit sold while the Professional plan users pay a subscription cost of $39.99.
Which package should you choose is based on the sales you are expected to generate. If they are less than 40 choose the individual plan otherwise go for the professional one. All of these expenses can be calculated within a few minutes with any of the sales estimators available by providing basic product information. Some of these even allow users to compare the expenses of both methods.
However, expenses are not the only factor for determining the right price of your goods. You must also analyze the prices of other similar items sold by your competitors and adjust your price accordingly because shoppers always go for a reasonable price.
Is Right Product Price Everything for Generating High Sales?
The right price of the product sure has a great impact on your sales and search ranking but it is just one of the several factors for increasing your sales.
If you haven’t chosen a profitable item for selling, no matter which strategy you use it won’t work if your item is not desired by the shoppers. This means proper product research greatly contributes to the performance of products which in turn means you must analyze the data of several items similar to yours to determine the potential of your product. This can be done in no time by using a product research tool which scans the data of thousands of results and shows you important stats such as total no. of sales and average revenue.
Moreover, if your item has low ratings and more negative reviews, the price of the item will not be able to help you in selling more items because buyers these days trust the feedback provided by other shoppers. To deal with this issue, sellers use the review tracker tool that scans their reviews daily and shows them negative and fake reviews.
To deal with negative reviews, respond to the reviewer and try to resolve their issues such as refunds and exchange as quickly as possible. As for the fake reviews, they are mostly left by your competitors to dent the reputation of your goods so that shoppers can purchase their products. You can contact Amazon support to get them removed.
Correctly optimizing your listing is another important element for both better search rank and increasing sales. Listings are optimized by using suitable keywords in the title and description feature without stuffing them. This makes your goods land on a higher spot in the search results of different queries of buyers which means your item is more visible to them, hence the high probability of your goods being purchased by them.
Tracking price of different Amazon items is beneficial to both shoppers and sellers. Buyers can use it to buy the items at discount and sales which is what every shopper wishes for while merchants can use it set a competitive yet profitable price for their goods.
Since the cost of the item also affects its search rank, tracking prices of similar items and adjusting the price of their goods accordingly is quite important for increasing sales. Furthermore, the right prices help the sellers in winning the buy box, the aim of every merchant on Amazon.
However, tracking prices of different items on a daily basis is quite tiring which is why more and more people are now using the tracker tool which not only notifies the user immediately about the price drops but also show them the price history charts so that they can get useful insights into the price trends of the goods.
Several free and paid tools are available with different functions, you should choose the one that has the features you require.
Q: Is the price tracker useful only for merchants?
A: Absolutely not. It is a very useful tool for shoppers as well especially for those who don’t want to miss out on discounts and offers on their favorite products as the tool alerts you as soon as the price of the item in your list drops.