Raising Prices at Night

A big fear of many sellers is that as competition increases, prices will race towards the bottom.
 
And there is some truth to this fear. But you can fight the trend of lower prices, by periodically raising your prices.

Now, you don’t want to raise prices at a time when you’ll be at risk for losing lots of sales! But, you can look at your order history and if you have a few hours a day when sales are slow (usually late night/early morning on the East Coast of the United States), use that opportunity to raise your prices just a bit.
 
As you reprice upwards, sellers who use automatic repricing software may follow your lead and raise prices as well. That way, when the next day begins, you can lower your prices a bit to be more competitive, if necessary, and hopefully avoid that never-ending race to the bottom (or to your floor price).
 
This allows you to see which of your competitors follow you up and which don’t. This strategy works well for maximizing profit on items when Amazon themselves is one of your competitors. Amazon is often willing to maintain a low price (which can minimize profits as it approaches your floor price) but at the same time, has been known to increase prices to be near other 3rd-party sellers.
 
Repeat the process and track the results. Over time you may begin to see an upward trend in your products’ prices, as well as your profits.
 
Repricing software, like SellerEngine Plus and Sellery can implement repricing strategies that increase your prices when sales are slow, helping you to maximize profits and making sure that when price wars do happen, that you never lose money on a sale.