New Feature: Auto Price Reduction

[toujoursladybug]

I was making a listing and saw this new feature, but didn't see any talk about it.
Personally, I've used this feature on another platform out of curiosity a year ago on a few items I was selling. It took a week or two for it to reach my minimum I put in, which was half of my original asking cost. I'm surprised eBay's including this feature and I'd be curious if this would actually work for anyone, or thoughts on how this may affect pricing.

[ed8108]

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@toujoursladybug wrote:

 I'm surprised eBay's including this feature and I'd be curious if this would actually work for anyone, ....

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I assume you are familiar with the jingle lower the price and make a sale? Sales are truly music for your ears

[chapeau-noir]

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@toujoursladybug wrote:

I was making a listing and saw this new feature, but didn't see any talk about it.
Personally, I've used this feature on another platform out of curiosity a year ago on a few items I was selling. It took a week or two for it to reach my minimum I put in, which was half of my original asking cost. I'm surprised eBay's including this feature and I'd be curious if this would actually work for anyone, or thoughts on how this may affect pricing.

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I've used the feature in my clearance store on another site. I don't believe in endlessly lowering prices to beg for sales, but it works if you have enough margin. I only use it on things I'm clearing out, though. I've never used an auto-accept. 

ETA: I wouldn't use it here - I just have mark-down sales or maybe send an offer if I feel like it. 

[my-cottage-books-and-antiques]

Yes, you can choose a dollar number for the reduction, and a time period (but your choices here are limited to 3, 5, 7, 14, and 30 days) and you can set a minimum price (so that the reductions never go below that minimum). I sell mostly long tail items, and I'd be happier with some longer periods in there, 60 days, 90 days, etc. But I'm going to play with this a bit . I do know sellers who do something like this already, but either manually or via third party tools. I'm a bit surprised that there isn't a percentage reduction as an alternative to the dollar reduction....but maybe I'm missing something?

[my-cottage-books-and-antiques]

I also wonder if ebay sends watchers and "interested parties" a notice when the reduction occurs? devon@ebay  can you provide some info on that?

[pickers_anonymous]

I received an email from eBay that gave an example using percentages, but like you, all I see is a dollar option. I'd be more likely to use it with percentages.

[ed8108]

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@toujoursladybug wrote:

I was making a listing and saw this new feature, but didn't see any talk about it.
 I'm surprised eBay's including this feature and I'd be curious if this would actually work ...

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Perhaps eBay is trying to help motivate some of the manny lookers that visit only to see how many things they can do without,  into a buyer

[kensgiftshop]

They tried something like that a few years ago, I think it was called Easy Pricing?

Never used so so I don't know if it made any difference or not.

[onefootflipper]

I have been manually lowering all prices over time using a forumula for years, and let me tell you, doing that fixes all mistakes over time.  I used to do 3 percent every month, but now I do 10 percent every 3 months.

Now, with what I call "high velocity" items you can lower, much, much faster. High velocity items are things that large numbers of sell every day (same item or variant of, not similar item). I listed 50 game consoles 2 weeks ago and I dropped the price on every one of them $1 per day. I think I have one of them left now.

[adamcartwright]

@onefootflipper 

If you have watchers on those consoles, are they receiving notifications for every price reduction?

(Assuming they have notifications enabled.)

[onefootflipper]

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@adamcartwright wrote:

@onefootflipper 

If you have watchers on those consoles, are they receiving notifications for every price reduction?

(Assuming they have notifications enabled.)

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I don't think the $1 price drops are enough to trigger a notification, it wouldn't matter anyway, those watchers are usually either hoping for crazy offers or huge price drops. Price right in the first place and you never have to do either one.

I actually end and sell similar on the other stuff, caring more about the new item exposure than the watchers who likely bought something else long ago or were never going to buy.  Fact is that I never bought anything that had been on my watch list more than a few days and I doubt my behavior is much different than most.

[3.75ips]

For those using auto price reduction in combination with allowing offers, Do the minimum and auto accept prices change automatically when the price reduction starts so that offer amounts are not higher than the new price from the reduction?

[jonathanbrightlight]

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@3.75ips wrote:

For those using auto price reduction in combination with allowing offers, Do the minimum and auto accept prices change automatically when the price reduction starts so that offer amounts are not higher than the new price from the reduction?

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Good question.  I don't have access to the auto price reduction feature so I can't answer that directly, but I know the auto-decline and auto-accept prices do not change with sale events at least.

[adamcartwright]

@onefootflipper 

I was trying to get a handle on what kinds of price drops trigger a notification to watchers. 

Sounds like it has to be above a certain threshhold?

[onefootflipper]

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@adamcartwright wrote:

@onefootflipper 

I was trying to get a handle on what kinds of price drops trigger a notification to watchers. 

Sounds like it has to be above a certain threshhold?

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I think that number is actually 10 percent, but that is coming unsourced directly out of my mind.