One month after launching exclusively the Back Market automated pricing , we are proud to continue to develop Market First, our pricing technology, and to unveil “real-time pricing” for Amazon.
Real-time pricing is a major technological innovation that allows sellers on marketplaces to adjust their prices intelligently and much faster than anyone else in the market .
Price on marketplaces is a matter of relevance and speed
The price is important but is not everything, it is still necessary to have a quality service. For this reason, Market First includes a large number of criteria other than price in its algorithm, and takes into account in particular:
- shipping country
- delivery delay
- quality (Quality score)
- Logistics tool (FBA or not)
- condition of items
- pro or non-pro nature of sellers
- ranking in product sales
- name of competitors
There is no point in lowering the prices if you have better service. Market First therefore makes it possible to have an intelligent strategy that lower the price when necessary but also goes back where it is possible to gain margin .
However, success is never so simple, and as in all marketplaces, competition is fierce between sellers and places are expensive .
Equally critical is the speed of price adjustment. Marketplaces have become so competitive that when you enter into a price battle, the fastest wins. And in this game, Real Time Pricing is very fast.
Concretely, this new algorithm constantly analyzes merchant competition and detects price changes from competitors instantly. The algorithm immediately applies the price correction, according to the criteria chosen by the merchant, regardless of the number of products scanned, the merchant’s profile or his strategy.
A transformed algorithm that allows an ultra-fast price change
Several times awarded for our marketplace pricing solutions, we have transformed our algorithm by accelerating its speed. This now allows an intelligent repricing every 80 seconds . Previously, it could take a lot longer for sellers with a lot of SKUs.
Market First identifies the more important products which will be “priced” more quickly and conversely the less important products to be “priced” less often.
This technology, available for the moment for Amazon, saves a considerable amount of time in the adjustment, and guarantees to constantly have an up-to-date price on the marketplace, and therefore a higher turnover.
Successful sales all year round: + 15 to + 80% turnover
Our pilot tests carried out on the first merchants with Market First are very encouraging:
The number of sales takes off following the activation of Market First Real Time: from + 15% to + 43% for our test clients, with an 80% increase in sales for one of our historical clients!
Ultimately, Market First Real Time is a technological innovation allowing marketplace sellers to achieve more turnover, by capturing the sales of their competitors .