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It's hard - if not impossible - to successfully manage your Amazon listing on multiple Marketplaces without syncing NetSuite pricing with Amazon Marketplace pricing. Every successful Amazon Seller is built on a solid foundation, and you can read more here, but it's the Marketplace consistency that's the real key to a successful pricing strategy.
According to Amazon, Sellers who are consistent with the pricing strategy are more likely to get a positive ROI.
The truth is that managing your Amazon listings effectively that drives the most traffic and sales is no easy task. Sure, you could manage your listings one by one in an extremely time-consuming endeavor, or even worse have a pricing strategy that does not take into account the bottom line of the business. But that won't have the impact you're looking for, let alone grow your business - but I'm sure that's not what you're trying to create.
Syncing NetSuite pricing with your Amazon Marketplace gives you the tools you need for a pricing strategy that truly works. You can generate more margin per Marketplace and quickly and effectively propagate pricing throughout your Amazon listings.
No matter what industry you're in, you can have NetSuite pricing syncing with your Amazon Marketplace and start creating high-quality pricing strategies for your business.
Syncing NetSuite pricing with Amazon Marketplace listings has helped a lot of people build profitable businesses. They have come to understand that not all pricing strategies are created equal. A well-planned and quickly executed pricing strategy can go viral and drive thousands of visitors to your listings.
The underlying philosophy of pricing strategy is rooted in the currencies that will be used. I've seen the impact of utilizing currencies when setting up pricing strategies, no matter what topic or industry.
First, navigate to Lists -> Accounting -> Currencies
Next, set up your currencies as follows:
For your pricing strategy to truly deliver value, you've got to make it practical. Remember that your buyers are tired of the same old products with the same old prices. They want something useful and relevant. A product that will not only meet their needs but also nudge and inspire them to purchase the product.
To set up your pricing in NetSuite, navigate to your item record by going to Lists -> Accounting -> Items. From there, you can either mass update your pricing via CSV import/export or one by one.
To update a single item record, navigate to an item record and click on "edit". Once you have the item record open, navigate to the subtab "Sales / Pricing" and you will see the Currencies that we've set up previously.
Here you will set up your pricing for the various currencies.
One method used by successful Amazon Sellers, to ensure that their item prices are synced correctly throughout their Amazon Marketplaces, is to use a tool like Celigo. Celigo enables them to keep their Amazon Marketplaces up to date with the most recent pricing from NetSuite, even throughout multiple Marketplaces.
To perform the next step, you must purchase Celigo's Integration Application designed to connect Amazon and NetSuite (contact us to help get you set up).
On the item record, under the subtab "eTail", you will find the "Amazon Accounts" field. Here is where you will tell the Celigo Integration Application on which Marketplace this item belongs.
Your pricing strategy has to be high-quality. The more data you have access to, the more unique and strategic your pricing can be. This then further increases your search traffic, engagement levels, and sales (and potential margin).
To set up syncing NetSuite pricing with Amazon listings, navigate to your Celigo Integration Application and select the relevant Marketplace you would like to configure the flow for.
Note: Each Marketplace is it's own flow so you must configure your pricing flow multiple times if you sell on multiple Marketplaces. This is by design so that you have the flexibility to manage each Marketplace flow as you see fit.
In Celigo, navigate to the "Pricing" flow.
First, make sure that your NetSuite price for syncing product price is configured properly. Here, it is configured to take the Base Price on the item record as the price to sync back to Amazon.
Second, navigate to the NetSuite saved search for syncing product pricing details in NetSuite and customize the criteria so that it only takes the currency you want to sync.
In this case, we would add criteria: Pricing: Currency is US Dollar in the saved search Celigo Amazon Pricing Export [AMZ-US-1].
Once that is done, we move on to the field mapping to ensure that currency is mapped correctly.
For a US-based Amazon Marketplace, configure currency mapping like this.
Once it is done, set it to run every 15 minutes and voilà - you have a fully functioning integration for syncing NetSuite pricing with Amazon listings.
Note: Don't try to reinvent the wheel. It is possible to create a custom integration for this, but iPaaS like Celigo are investing Millions into their platform and are continually updating and maintaining it (let along improving it). Learn from what works for others in your field and you'll be successful.
Needless to say, once you've set up syncing NetSuite pricing with Amazon, you'll be able to see the impact on your P&L and thus be able to tweak your pricing strategy accordingly by taking into account the data that is now accessible to you.
Your P&L is the spine of your pricing strategy - it's what supports every other optimization tactic and strategy. You can't just ignore it.
Maybe you've been working hard to improve your pricing strategy, but haven't had access to the data you've needed. I think you should give it a try. That's what's called having an integrated ERP (NetSuite) that will drive better business decisions. Start working smarter, not harder with NetSuite, Celigo, and Amazon.
Have you been syncing NetSuite pricing with Amazon? What strategies have you employed that I didn't mention in this guide?
