Product pricing can be a tricky task for many Amazon storefront owners. Price them too low, and you risk losing profit. Price them too high, and you end up pricing yourself out of the market. How do you price your products correctly to maximize profits and remain competitive in your niche? The answer is by using a tool called an Amazon price tracker.
An Amazon price tracker is a handy tool that monitors product pricing fluctuations in the market. Whenever a product’s price changes, the software notifies the seller to make necessary price adjustments. Letting the app track product prices helps you list your items competitively without second-guessing their value.
This article will cover the benefits of using an Amazon price tracker and highlight the best ones available that you can use today.
What are the advantages of using an Amazon price tracker?
An Amazon price tracker makes it easier to implement your pricing strategy and maximize sales. Such a tool can prove advantageous to your business in many ways, and these are:
1. Attract customers away from your competitors
If you’re competing on a highly demanded item, it helps to be the lowest-priced vendor of that product. Say you’re selling beauty products in a large market and offer the best deal on Amazon. Customers will start to flock to your storefront because of the attractive pricing. This is especially true in the beauty product niche, where bloggers and content creators recommend great products at an affordable price.
Using an Amazon price tracker, you can closely monitor your competitor’s pricing and undercut them. You get the bulk of the orders and win the value proposition battle. On top of that, your customers can potentially more expensive items down the line knowing you provide excellent deals.
2. Increase your pricing when the competition is few
Every seller on Amazon wants to generate as much profit as possible, but opportunities like those are hard to find. But, if you supply a unique product with little to no competition, you can take advantage of that by upping your prices. A thorough market analysis should give you a solid idea of which products have huge profitability.
For example, if you’re one of the few sellers of collectibles on Amazon, you can comfortably raise your prices without worrying that another competitor will undercut you. Keep in mind that if you price your products too high, new competition might enter the market and start to undercut you. When this happens, an Amazon price tracker will help you make price adjustments and maintain your profits.
3. Get a better understanding of consumer preferences
Analyzing historical data is a huge advantage to any e-commerce seller who wants to win the price war. When using an Amazon price tracker, you can monitor the shift in consumer preferences and develop a pricing strategy accordingly. If you see the demand for a product waning yearly and competitors slashing prices, it’s time to look for a new product with more sales potential.
4. Save time and money
As your storefront grows, keeping up with price comparisons can be time-consuming. Instead of manually tracking each product’s price, you can save time (and money) with an Amazon price tracker.
Time is of the essence when owning a business. Thus, a price tracker is great for automating your product pricing strategy. Using a price tracker is also more economical, accurate, and efficient than relying on your staff to do the number crunching. You can customize notifications according to your preferences, allowing you to respond and take advantage of price changes that will net you more profit.
5. Eliminate human error
Back in the day, businesses used Excel sheets to keep track of product prices. While that strategy may still work for small companies, things can get complicated when your business starts to scale. As your team processes more data, they’re more prone to human error. Even the slightest mistake can make a huge difference in winning a price war against your competitors.
An Amazon price tracker leaves no room for error as it tracks product changes accurately. You can feel confident knowing that your pricing strategy is backed by data-driven decisions, allowing you to be more aggressive in outpricing your competition.
Which Amazon price tracker should I use?
Plenty of price tracking tools are available, but choosing the right one for your business can be daunting. But don’t worry; we’ve listed the five best Amazon price trackers that will fit right at home for any storefront regardless of size. Here’s our list:
Camelcamelcamel is at the top of the best Amazon price trackers, and for good reasons. It’s simple to use, and the wide range of statistics gives you valuable insights into product pricing changes. The price tracker provides product pricing history on millions of products on Amazon. No matter what niche you’re in, Camelcamelcamel ensures you price your products correctly.
You can create price watches to track specific products and receive instant emails when prices drop. The best part about this price tracker is it’s free of charge. Simply add it as a browser extension on Chrome, Firefox, or Safari, and you’re good to go!
Most people know Honey as a popular Chrome extension that automatically searches for coupons when you shop online. But buyers shouldn’t be the only ones using this tool as sellers can also benefit from its Droplist feature!
Honey keeps track of the product’s pricing history and compares it to other retailers on Amazon to let you know if it’s a good deal. You can add products to your drop list and get notified whenever the product’s price drops. Like Camelcamelcamel, Honey is completely free so that you can enjoy its benefits without any cost.
It’s a price tracker tool that doubles as a coupon finder, making it a must-have for every Amazon seller.
Earny is a versatile price tracker that offers the usual price tracking and price drop alerts. Its unique feature scans your emails for previously bought items, allowing you to keep track of their prices on Amazon and other e-commerce sites.
Perhaps the most rewarding feature of Earny is it offers cashback for products you’ve already purchased! When the price drops and you buy it again, you can receive up to 20% cashback. No need to worry about missing a sale because Earny encourages you to stock up on your products while beating the competition’s prices!
The price tracker is a subscription-based model that costs $4.99 monthly or $39.96 for the whole year. Considering the amount of value Earny brings, the small cost is worth it if you’re looking for a fully-featured price tracker with perks and bonuses.
Pricepulse adds a hint of artificial intelligence to predict future product prices while simultaneously tracking price fluctuations. Add products to your watchlist, and the tool will automatically send you alerts when the price drops.
You can view the graph of a product that shows the different prices along with an indicator of when is the right time to buy. Such a feature is extremely useful for planning a price hike or price drop on your products to maintain a competitive edge.
Pricepulse is a free browser extension you can download and use immediately. It also offers gift card rewards, restock alerts, and updated deals on Amazon so you can get the value possible out of your purchases.
Keepa is a big name in the Amazon price tracking segment, thanks to its customizability, interactive graphs, and more. You get access to a product’s pricing history, receive notifications when the price drops, and even compare/track Amazon prices internationally. If you want to price your products competitively in different markets, Keepa is a worthy consideration.
The price tracker comes in free and paid versions. The free version offers the standard price drop alerts, while the paid version gives you price increase alerts, live price tracking, and comprehensive price history graphs. The paid version costs $19.95 monthly or $198.95 a year.
If you’re planning on doing Amazon FBA or online arbitrage, having a price tracker is an absolute must. The speed, efficiency, convenience, and automation bring incredible advantages to your business. Check out our list’s top Amazon price trackers to level up your product pricing strategies.
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