Amazon Seller Analytics is one of the best tools that Amazon ever offered its sellers. It is a tool that you will want to have if it is your first time to do online selling. Why? It is because the key to success on Amazon, other than the mastery of your products, is to understand your strengths and weaknesses.
Along the way, even if your sales are currently high, you must do steps that will secure your rank against loads of competitors on the platform. To make it happen, you need valuable data that will keep you informed and updated on both your products and your opponents. Fortunately, it is what Amazon Seller Analytics can do for you.
As an Amazon newbie, the first-ever notification you will receive is that product is on its way to a small town in another continent. It will be your first selling milestone. Now, the challenge is how to achieve your second milestone, which is learning how to compete for your way up the ladder at a global level.
E-commerce platforms, such as Amazon, made it possible for sellers and buyers around the world to do business, even if they are thousands of miles away from each other. However, although Amazon has features that are only for its subscribers, there are still additional tools that you will want to have to monitor other products and sellers when you aim to keep your business growing.
How Does Amazon Seller Analytics Work?
Keeping watch on your other products is a must to keep yourself informed of the competition. And, you will have an edge if you have useful information about your direct competitors as you can understand your standing in the market. Plus, you will be able to analyze and work on your strengths and weaknesses. An Amazon analytics tool can give you the exact data, including every cent that is entering your sales list and the money that should have been yours but is in another person’s pocket.
Amazon Seller Analytics can provide you information on:
- The total income for every product you have every quarter.
- The projected timeline for you to create a profit once you have a full recovery from your investment expenses.
- The gross margin for every item you sell.
- The analysis and recommendation on unnecessary expenses that you should eliminate.
- The non-moving assets and increasing liabilities.
- The computation of service fees, including the Amazon FBA fees and storage fees.
Why Use Amazon Seller Analytics?
Amazon Seller Analytics makes it possible for you to maximize the available market on Amazon. It allows you to explore niche markets, build dominant URL’s review managers, control negative feedback, and also monitor competitor’s statistics. This Amazon tool helps you keep the use of your time, budget, and workforce at a minimum because it lets you do multiple business actions with a single systemized tool. Some of the activities that Amazon Seller Analytics can do include:
- Product research and update
- Monitor competitors
- Find relevant keywords
- Assess and analyze listings
- Observe hijack alerts
- Detect errors
How to Use an Amazon Seller Analytics Tool
Time is a vital factor in e-commerce. Proper allotment of time, prioritization of tasks, and organization of your products will allow you to focus your energy on entertaining customer inquiries and in expanding your business. Here are useful tips on how to make sure that you pick the best Amazon analytics tool.
Perform Keyword Research
Unless you put the correct keywords for Amazon, buyers will not be able to see the products that you sell. Because of it, keyword research is the most crucial component that will make your online selling business successful.
While Amazon has a primary automatic keyword generation feature, it does not have many options to allow you to change the settings to fit your listings. Therefore, you must have a tool that will enable you to eliminate unnecessary audience and captivate the attention of the right buyers.
Take note; however, that keyword research is not the same as searching for anything in search engines like Google. It needs your dedicated time and effort to give you the exact keyword that will be effective in letting you be visible to your potential buyers. Finding the right keywords manually will take you hours to days. Therefore, pick an Amazon Seller Analytics tool that can perform this tedious yet crucial task. Your tool must also guide you to take the correct traffic to select the best keywords that will help you boost your sales and profits.
Ace the Buy Box
To fully utilize Seller Analytics, you must have the Buy Box. Buy Box is like an alert that shows the buyers the best deals for the day. If you are new at Amazon selling, having a buy box is a win for you. It gives you an edge because the potential buyer can see your listing first ahead of other competitors.
Look at it this way. There are 30 sellers in the market selling a single product. However, the buyer can only see four in the Buy Box, and those who are included in the Buy Box have higher chances of scoring the sales. The rest of the sellers have low chances of gaining any profit, and the last thing you want in e-commerce is to be at the bottom of the list.
The question now is how does Amazon Seller Analytics help you ace the Buy Box. Pricing is the most vital factor in gaining access to the Buy Box. A useful analytics tool assists you to keep the best pricing for your products. Another way to be in the Buy Box is if you are a high-rating Amazon seller. A 90% rating rank will make sure that buyers will continuously see you first. If you are new at it, it may take a while before your level goes up, but it should not stop you now. Work your way to rank up as an excellent status to start appearing in the Buy Box.
Use Product Repricing
While you might have a carefully calculated business plan to put your listing in the Buy Box, product competition will always be there as long as online selling goes on. And because of it, staying on the Buy Box requires continuous effort for the seller.
Competitors might try various strategies to steal away a spot in the Buy Box. They might imitate the keywords you use, your URLs, and even your keywords. Therefore, the Amazon Seller Analytics tool that you pick must have the ability to keep track of your competitor’s activities and products. It must also be able to reprice your listings automatically over a specific time.
Especially if you are a first-time seller with Amazon, you will be amazed at how challenging it is to go against hundreds of competitors. Even a single dollar of pricing mistake can cost you your place at the Buy Box. So, you must have an analytics tool that has repricer capabilities or can integrate with an Amazon repricer tool. It should be able to reprice your listings at regular intervals. Moreover, your products should be repriced in a manner that it can competitively rally against other Amazon sellers. After all, you would not want a price that is lower than the others.
Additionally, your analytics and repricer tool should have a feature that notifies you automatically of price changes and updates. Keep in mind that a potential buyer may be looking for a product you sell right now. And, a small mistake can cause you significant losses and even your position at the Buy Box.
Focus on Storage and Shipping Management
Like any other commercial business, the storage and shipment management of all products have a significant impact on Amazon sellers and buyers. Other than the maintenance of having competitive prices, proper management of these two factors will help you increase your customer satisfaction rating.
So, select a tool that can support you in organizing your product listings and monitor all your shipments and inventory. It should also give you a good summary and analysis of your profits and losses, business performance, and potential risks.
If you are an Amazon newbie, and you are serious with your goal to succeed with e-commerce, an Amazon Seller Analytics tool will help you organize your products, manage prices, and even track competitors.
Hopefully, our simple tips can guide you to search for and pick the right Analytics tool that will manage your business. Keep in mind that the proper use of every tool you gain with your business is a step forward to success.