Hello Seller!
Rarely Update Prices? Be Careful, Orders Can Be Canceled & Store Performance Declines!
Have you ever felt like you lost out because the selling price hasn't been updated? Or had to cancel an order because the price difference was too big? This could be a sign that you need to check and adjust your product prices more regularly!
Setting a selling price is not just about chasing big profits. It's about strategy to keep products competitive, buyers satisfied, and your store continues to be trusted.
🚫 Impact of Not Regularly Updating Prices:
❌ Order cancelled because the price does not match the buyer's expectations
❌ Store reputation decline in the eyes of buyers and the system
❌ Seller performance drops, high cancellations can affect store visibility
✅ How to Determine and Maintain the Ideal Selling Price:
1. Check Cost of Goods Sold (COGS):
Calculate all costs – from the purchase price and platform fees (Seller Fee).
2. Determine Profit Margin:
Add a realistic margin, to stay profitable without making prices too high.
3. Monitor Market Prices:
Use competitor prices as a reference, but make sure you still have an advantage.
4. Periodic Price Updates:
Do it when restocking, when there are changes from the supplier or if using the API feature at least once a day.
5. Use the Bulk Edit Feature:
To speed up the process, use the [ featureEdit Bulk Products].
➜ Simply download the product file, edit the price in Excel, then upload it again. Convenient & time-saving!
💡 Important Tip: “It is better to update prices regularly than to cancel orders that have already been received.”
📌 Conclusion
Always updated prices = happy buyers, profitable sellers, more trusted stores.
Come on, start getting used to updating prices regularly and take advantage of the Bulk Edit feature to help you be more efficient!