With the holidays around the corner, Amazon product prices have been less volatile and lower than previous years, according to a new report from Jungle Scout.
The company’s first-ever Amazon Product Pricing Report detailed 6.3 million data points from Jungle Scout’s Amazon product database, and tracked the product price changes over time. Factors that influence pricing include basic economic factors like supply and demand and supply chain challenges, as well as retail holidays and shopping events, algorithmic pricing, seasonality, trends and more.
“Among our sample selection of 150 of the most frequently purchased products on Amazon, 46% increased in average price over the 12-month period between Sept. 1, 2022, and Aug. 31, 2023, while 44% decreased in price and 9% saw no change,” said Jungle Scout. “A detailed look at a cross-section of the products included in this analysis from Amazon’s most popular categories follow.”
Categories with the largest increase in average product price include patio, lawn & garden, Kindle store, home & kitchen, handmade products and video games. Categories with the largest decrease in average product price include music, electronics, appliances, office supplies and toys & games.
Category highlights from the Jungle Scout report include the following:
- Beauty & personal care prices declined by an average of 4%.
- Best sellers in the clothing, shoes & jewelry category saw a small price increase of less than 1%.
- Pet supplies prices increased about 2% during the period.
- The average product price decreased in 19 of the 29 categories.
Jungle Scout added that sellers should formulate pricing strategies that focus on improving their products’ branding to increase perceived value through product packaging, infographics, and product videos.