eCommerce has transformed the way we do business by creating frictionless markets where consumers and businesses can engage. One company, in particular, has capitalized on this transformation – Amazon. In addition to becoming 2 America’s most valuable retailer, they have also become one of the best marketplaces for anyone interested in selling their products. But to be successful as a merchant on Amazon, it requires a data-driven and analytical strategy.
As a potential seller on Amazon, there are several things that you need to know in order to maximize your chances for success. . To start, the more information you can gather and analyze prior to listing your items, the higher the chances you will have for success. Business intelligence isn’t just a buzzword – it’s the key to developing a strategy that will enable you to select the right items in a highly competitive environment. It will also give you the information you need to make critical business decisions about pricing, shipping and how you will manage your sales process. Here are a few things we recommend sellers consider when developing their Amazon strategy.
Choosing Amazon Research Tools
- Market – The first stage involves understanding how items are performing in specific markets – what is in demand? What products are performing better than others? What products will ensure I am meeting the appropriate level of demand? The bestselling information will go a long way in helping you determine the kind of product that will most likely appeal to your target market.
- Product – Now that you have selected an appealing niche it is of the utmost importance for you to narrow down on the particular item or set of items that you want to sell. Amazon offers a comprehensive set of information on all the items which are on sale on the platform at any given time.
You will thus be able to drill down on specifics such as its rank in terms of sales of the product on the platform, the number of people who have actually purchased the product in the recent past, the keywords that they used to get to the product, the format of the listings and the closing prices.
- Demographics – This information is key to helping you have a clear understanding of the persons or persona of the market. The Amazon research tool will offer you key information on the ages of the buyers, their geographic dispersion, their income levels, their preferences, and their shopping habits.
This information will be key in helping you to determine the possible offers, the lead magnets, upsells and down selling opportunities. In a nutshell, this Business Intelligence will help you focus on the buyers on a more precise level. Meaning that you will be able to make an accurate forecast of the expected turnover of the products that you have on offer.
The whole idea of having the seller tools is that it will give you an opportunity to better understand the market dynamics and will thus place you in a better position to take advantage of the market dynamics and make sure that your listings on Amazon are a success.