Firing The Man 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 Segment
- Hai Mag shares his story and how they founded Eva by focusing on what value they can add to the brands on Amazon
- The 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 brands
- Many times people don’t know what the right price for the product is anymore because of inflation
- Not only does it help with testing for better profit but prices need to adapt to variables and ever-changing demands
- The psychology of pricing heavily affects conversion
- Checking the price changes is usually done manually by business owners which is time-consuming but Eva is a great automated help providing real-time data
- Hai Mag explains the mechanics behind Eva’s repricing and profitability feature
- He 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 pricing
- Want some Amazon refunds? Check out GETIDA
- Promo code: FTM400
[22:37 - 42:11] Helping Business Owners through Eva.Guru
- Eva looks at the conversion rate but the most important parameter is the velocity
- Data should rely not only on the historical but real-time to determine the best result
- Coupon codes don’t help conversion rates
- Apart from dynamic pricing, Haig and his team are looking at dynamic discount
- Eva can find the price within a couple of days for new sellers given that enough data is available
- Ken and David saw an increase in their profitability within 14 days of using the software
[42:12 - 46:22] Closing Segment
- The Fire Round
Quotes:
“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 Mag
Connect with Hai Mag
Website: www.eva.guru
LinkedIn: https://www.linkedin.com/in/growthjedi
Send us a voice message and let us know how we can help you fire the man!
Resources Mentioned
Capital in the Twenty-First Century
Email us at support@firingt
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