Now that you have selected your first FBA product, shipped your first batch to Amazon’s fulfillment centers and diligently optimized your listing, you are well on your way to achieving your entrepreneurial dreams. But, to become a successful merchant on Amazon you’ll need to master a few more skills.
One of the most important skills you’ll need to acquire knowledge about is pricing strategies. Since you have already completed a thorough product research exercise, you should already have developed a pretty good idea about your product’s positioning in the marketplace (differentiated features) and at what market price you want to sell it at. But, in reality, you really don’t know what your product will actually sell for until you’ve officially launched it on Amazon.
As an FBA Seller with a Private Label Product you’ll have complete control over the Buy Box, so you’ll be able to manually employ several pricing strategies.
When adopting various pricing strategies on Amazon, there are many factors to consider. Things like:
- Your Profit Margin before marketing and giveaway expenses
- A minimum price of $20 per item
- The prices of your FBA competition, and
- Other differentiating features
What are we going to discuss in this Module?
- How To Set The Best Price For Your Product
- How to Add Your Price to Your Product Listing in Seller Central
- Action Steps