Nothing is more important than having a price strategy for each marketplace.
Lets see how you can create a dynamic price strategy based on your direct competitor or marketplace prices.
The first step must be to obtain your competitors or marketplace (Amazon, Ebay or Alibaba) prices and to do that you can use PRICEFY.IO free profile account.
Once your products has been imported and processed you will see the Price Competition table starting showing if your products prices are higher or lower than Amazon, Ebay or a direct competitor.
Now that you know how your products prices are positioned over major marketplaces, you should start create your pricing strategy.
We can suggest you a couple easy pricing strategies that could work for start:
If your main goal is to reach new customers nothing works better than promotions. On a marketplace like Amazon or Ebay promotion means lower price. Customers usually sort products by price so lowering your prices you will be in the higher positions and this will drive new customers to buy your products. This is also valid on Price Search Engine.
With PRICEFY.IO you can also have an idea of your competitor products margins and your catalog uniqueness. This information in particular is one of the most important when you define your marketplace price strategy. Lets say that you discover that 50% of your catalog is not present on Amazon or Ebay so you are the only seller for those products.
This will permits you to increase a little bit your price and so your markup without any worries to loose sales.
The same strategy can be used looking at your competitor stock level (soon available).