Feedvisor Launches Amazon Repricing Solution for Private Label Sellers
Amazon repricing software company Feedvisor has released a new solution for private label sellers.
The new repricing tool is the first of its kind for private label sellers, says Feedvisor. The solution uses machine-learning algorithms to model the demand for private label items based on hundreds of data-points, in order to identify the right price for the item according to the retailer's business goals.
Feedvisor CEO Victor Rosenman said, "We've witnessed an upward trend in private label selling in today's market, but most repricing solutions cannot address the unique challenges private label selling presents. With no competition for these items, many retailers struggle with pricing decisions, and guesswork is often their default baseline."
Private label sellers create unique products by adding their own branding to generic items. This means that there are normally no competing sellers offering exactly the same product on Amazon, but often many similar products with differing branding and sometimes minor design differences.
Feedvisor's new solution enables private label sellers to price their items without inputting any rules or identifying similar products. Instead, Feedvisor's algorithms calculate demand for the product based on historical sales and current market data, enabling accurate pricing that eliminates human bias. This enables private label retailers to increase profit margins, maintain a steady pace of sales, and make accurate purchasing and replenishment decisions.
Rosenman continued, "The private label repricing solution has been developed closely with Feedvisor's customers, and in its beta form has already produced incredible results. In the last two months, some customers have seen their private label sales jump by as high as 58 percent and their profit grow by 65 percent."
A recent Feedvisor and Web Retailer survey found that 17% of Amazon sellers only sell private label products.