Amazon 3P Seller, Leather Care Supply, Increases Product Margins by 10% with Feedvisor
“Feedvisor is worth every penny, and then some.”Garry Izotova | Founder and Owner of Leather Care Supply
increase in per item profit margins
Gaining Access to Business Data and Finding The Right Repricer
Owner and president of Leather Care Supply, Garry Izotova, was looking to gain more control over his business. He understood that in order to grow its bottom line, he needed data on a micro level so he could identify the right opportunities. In addition, he knew that his growing Amazon business needed a repricer. For some time, he tried out a rule-based software, but quickly realized that he was only paying for automation — not price optimization. He still had to decide on prices, but setting the rules was challenging because there was limited data to base those decisions on.
He knew it was time to get better visibility and take control of his business.
Algorithmic Repricing and Revenue Intelligence
After conducting some research, Leather Care Supply discovered Feedvisor. They were immediately impressed by the algorithm’s sophistication. Finally, they were able to find the pricing sweet spot based on a wide range of variables and market conditions. They could adjust levels of selling aggressiveness based on their inventory velocity goals. And thanks to Feedvisor’s dedicated Customer Success team, they had the guidance to help set and meet their sales targets.
Mr. Izotova cites Feedvisor’s advanced Revenue Intelligence solution as one of the most useful features of the software package. The user-friendly dashboards and personalized reports enable him to truly understand how his business is faring in the context of the dynamic Amazon Marketplace.
“Before switching to Feedvisor, I had to estimate my revenue and didn’t know which product was driving the fluctuations. Now I can control revenue on the micro level by getting rid of an ASIN if it’s underperforming. That’s a capability I haven’t seen anywhere else.”
Feedvisor’s Revenue Intelligence allowed Mr. Izotova to take control of his business by seeing what was driving his profits. He could know when his best-selling items were about to run out of stock, and when items were no longer competitive. He got recommendations that allowed him to make more informed business decisions.
“Feedvisor’s Revenue Intelligence reports give you suggestions — you can actually see things like your sales rank on Amazon, velocity, and product competitiveness. It offers so much more than any other repricer.”
This level of Revenue Intelligence, combined with a self-learning software that sets prices using Big Data, has allowed Leather Care Supply to maximize its profits. Previously, if the company needed to boost sales, they would simply lower prices. But that’s no longer necessary because Feedvisor is designed to find the optimal price.
“Sometimes, we lower the floor price, but the price itself will only be lowered if it actually helps the company’s bottom line.”
As a result of Feedvisor’s profit-boosting abilities, Mr. Izotova estimates
that Leather Care Supply has seen a per item margin increase of around 10%. They are able to effectively sell fewer products while upping the price per product, ultimately gathering more profit.
A Premium Product That Delivers Premium Results
Since using Feedvisor, Leather Care Supply has seen significant growth and increased efficiency. Leather Care Supply’s Customer Success manager, Nir Veledniger, helped Mr. Izotova take control of his business strategy, and improve his customer satisfaction ratings by 17% by focusing on key performance indicators. Feedvisor’s context-driven approach to selling on Amazon continues to play a vital role in Leather Care Supply’s success.
Leather Care Supply started out as a shoe repair shop in 2008. In 2013, it began to focus on its current product range: leather care products (e.g., sprays, waterproofers, protectors). The store sells on multiple online channels, including Amazon, eBay, and its own website.
Frustrated by the limitations of a rule-based repricer, Leather Care Supply decided to switch to using Feedvisor’s algorithmic solution in 2014. Since then, the business has increased its per item profit margins by 10% and reduced inefficiencies, which Leather Care Supply attributes to Feedvisor’s in-depth Revenue Intelligence dashboard and actionable reports.