Quick Tip to Increase your Conversion Rate and Sales on Amazon
Today I’d like to show you a quick trick that you can apply to your Amazon products, that guaranteedly will increase your conversion and, ultimately, sales.
First of all, there are lots of tricks out there that claim to increase your conversion and sales on Amazon. But I assure you, just about none of them are as simple, quick and easy as the one I’m going to give you today. Here it is:
Set a manufacturer suggested retail price for all of your products on Amazon!
Most of you will say – “Hey, I’ve done that already!”. Go check again! Recently I have found out that I did set MSRP for about half of my products, but never got to the other half. I`m not sure if I was too busy setting the listing up, or whether I just forgot. It may also be related to the fact that there are 2 places where you setup MSRP in Seller Central, depending on the product category you are in.
And let me tell you, this is important! Amazon gives you an ability to set several different types of sale pricing for your products, and they display all of them! The very top one should be MSRP. So if you want to actually sell a product for $20, you could set the MSRP to, let’s say, $40 or $50. Amazon then allows you to set your price, that will be you every day low price, which you, for example, set to $25, less than MSRP, but higher than the final type of pricing that Amazon allows us to set, which is the ever important Sale Price.
When you set the Sales Price for the product on Amazon, that triggers a little sale icon, that shows up next to a product in search results and on the listing itself, and it actually calculates the percentage off from the MSRP down to the Sale Price.
In addition to just the psychology of how people see that they are getting a great deal when they buy your product at that sale price, there are also a couple of other important reasons for setting that MSRP at the very top.
One of them is that when you do a Lightning deal, Amazon requires that your deal be a certain percentage off of the normal price. And when you set that MSRP – that is the price that they calculate off of it so that you can actually do a lightning deal closer to your normal retail price, by having that MSRP set higher. If you don’t set the MSRP, Amazon is going to look at your price version instead.
Also, that percentage off that is shown to buyers is calculated by formula [MSRP] – [your retail price], and if your MSRP is $40 and you are selling that product for $20, buyers are going to see that they are getting this product at 50% off, where if you just had a list price, that would be, let’s say, $30, it would only look like they are getting a 25% discount.
Where do I set MSRP?
Now, there are 2 places, where I have seen this MSRP field appear on different listings, depending on the category.
The first place to check is on your ‘’Offer Section’’. Sometimes, just below that Sale Price will be MSRP, or manufacturer’s suggested retail price section for you to fill out.
The other place I have seen it appear, if it doesn’t appear on the ‘’Offer section’’, is ‘’More Details’’ section, which is usually all the way over to the right.
I am yet to see any product categories that do not have MSRP option, which means that you can set MSRP for your products in one place or the other. But again, a lot of sellers do not know about it or simply forget.
I really do suggest that you go and check this out, since you probably have some listings that don’t have the MSRP set up, and if so – you should change that! I hope that you have found this helpful!