As a seller, product pricing is one of the most crucial decisions that can help your business prosper on a competitive marketplace like Amazon. However, more often than not, sellers consider pricing to be more of a set-it-and-forget-it activity, rather than an ongoing strategy that needs to be tested and evolved over time.
82% of buyers in the US state that pricing is the most important factor driving their purchase decision on Amazon. From a selling point of view as well, pricing plays a big role in determining how you rank on the Search Page and also, your chances of winning the Buy-Box. Hence, we understand how determining the right price for your product can seem to be a daunting task!
In this blog, we will introduce you to various factors to be kept in mind while deciding on how to price your product. We will also talk about different kinds of pricing strategies depending on your business needs and goals. While these factors are not exhaustive, they will help you move in the right direction.