Price Testing for Increased Profits on Amazon with Hai Mag, Co-Founder of Eva.Guru

Hai Mag is the co-founder and CEO of Eva.Guru. Eva.Guru provides an AI-powered Repricing / Restocking / Reimbursement Platform for Amazon Sellers. Before co-founding Eva.Guru, Hai was involved in several entrepreneurial ventures in the eCommerce space including as a Tech Investor for Einstein Ventures Advisor for Algopix, as well as spending 15 years in the consulting space for companies like Oracle, IBM, and Accenture.  In this episode, Hai talks about price testing in Amazon and everything you need to know to not only increase profitability but also manage your time efficiently as a seller through Eva.Guru.[00:01 - 04:34] Opening SegmentHai Mag shares his story and how they founded Eva by focusing on what value they can add to the brands on AmazonThe correlation between advertising, inventory and pricing [04:35 - 22:36] What You Need to Know About Price Testing Why price testing is important for private label brandsMany times people don’t know what the right price for the product is anymore because of inflationNot only does it help with testing for better profit but prices need to adapt to variables and ever-changing demandsThe psychology of pricing heavily affects conversionChecking the price changes is usually done manually by business owners which is time-consuming but Eva is a great automated help providing real-time dataHai Mag explains the mechanics behind Eva’s repricing and profitability featureHe recommends these options and features in the price testing: Sellers must know what is their accurate profit so they could enter the cost information The system does the rest using inventory and velocity-based pricingWant some Amazon refunds? Check out GETIDAPromo code: FTM400[22:37 - 42:11] Helping Business Owners through Eva.GuruEva looks at the conversion rate but the most important parameter is the velocityData should rely not only on the historical but real-time to determine the best resultCoupon codes don’t help conversion ratesApart from dynamic pricing, Haig and his team are looking at dynamic discountEva can find the price within a couple of days for new sellers given that enough data is availableKen and David saw an increase in their profitability within 14 days of using the software[42:12 - 46:22] Closing SegmentThe Fire RoundQuotes: “Almost every single Cost parameter, and the consumer expectations, everything is like volatile, everything is dynamic. So there is absolutely no reason left like to keep the price even for a month in a static way, on Amazon.” - Hai MagConnect with  Hai MagWebsite: www.eva.guruLinkedIn: https://www.linkedin.com/in/growthjedi Send us a voice message and let us know how we can help you fire the man! Facebook, YouTube, Instagram Resources MentionedGETIDACapital in the Twenty-First CenturyEmail us at [email protected] Leave us a review as it really helps the show!  Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show