3 Tips for “Revving” Your Amazon Engine
by Colleen Quattlebaum, on August 20, 2016
Gentlemen (and ladies), start your engines!
The race is on to the biggest holiday shopping season ever. Are you ready?
Before you step on the gas, consider these three tips for a more productive (and profitable) busy season on the Amazon marketplace.
Identify Profitable Products (with Less Effort)
The age-old adage asserts that profit is earned through intelligent buys. This can be especially true for today’s Amazon merchant. Simply stocking up on “popular” products no longer gets the job done. For any given SKU, there could be dozens of competitors you must outflank. In some cases, you may even be going head-to-head with Amazon.com, Inc. (“Amazon”). With factors like these, how can you ensure more intelligent and profitable purchasing decisions?
Many sellers spend countless hours manually analyzing Amazon product listings. Others build complex spreadsheets to estimate profitability. Some hire expensive consultants to synthesize all the data. Still others rely on online calculators, such as the Amazon FBA revenue calculator. While such efforts are better than nothing, it can be nearly impossible to gather all of the information needed – especially when evaluating hundreds (or thousands) of potential products. In fact our research shows that merchants routinely struggle to identify data points, such as:
- Product sales rank
- Number of FBA sellers
- Whether or not Amazon is a seller
- Current lowest price
To simplify your quest for more profitable items, our team at eComEngine developed MarketScout (get your 100 free credits here). MarketScout is a pay-as-you-go market intelligence tool, designed specifically for Amazon merchants. With MarketScout, you can identify all of the profitability criteria mentioned above – plus much more. There is no monthly plan to commit to. Just use it whenever you need it.
Deliver an Unbelievable Customer Experience
With the right products ready to sell, many sellers shift their focus to delivering an unbelievable experience. Leveraging the FBA platform is one obvious way to achieve this goal. Providing (free) upgraded shipping for MFN orders is another. Avoiding out-of-stock situations (especially if you own the SKU) and dealing rapidly with returns can also be important. Amazon also offers a number of other recommendations for keeping customers happy.
Going one step further, creative merchants also explore kit building to deliver maximum value to the market. Kits are especially popular during holiday seasons, when consumers are seeking unique gift ideas for loved ones. For example, let’s imagine you sell handmade soaps. You might try bundling several of your soaps into a unique ASIN. In doing so, you offer greater convenience, wider variety – and open the door to new profitability for your business.
Of our countless customers who sell via the FBA platform, many are engaged in building kits. This is one of the reasons why we launched RestockPro (get your 14-day free trial here). In addition to streamlined kit building, RestockPro also helps you with restocking decisions, shipments, POs and much more. Add all these features up, and you’ve got yourself an even more unbelievable customer experience.
Continuously Measure Customer Satisfaction
Let’s be honest – your customers love you, but they probably love Amazon even more. You fill an important role in the Amazon supply chain, and customers expect nothing less than perfection. It’s therefore no surprise why some merchants struggle to build effective Amazon reputations. Studies have consistently shown that less than 10% of customers leave seller feedback on the Amazon marketplace.
Despite efforts to provide amazing customer experiences, some merchants are still underwhelmed by the number of feedbacks they receive. For this reason, intelligent sellers turn to the solicitation of Amazon feedback. It’s important to note that Amazon actually encourages sellers to ask for feedback when appropriate (read more here). In addition to helping the merchant’s seller reputation, feedback solicitation can actually enhance the customer experience by ensuring their needs were met.
Solicitation usually takes two forms: manual or automated. For manual solicitation, sellers typically leverage the Amazon buyer-seller messaging service. For automated solicitation, thousands of merchants rely on our FeedbackFive software each day (sign up for a free account here). We’ve helped solicit over 30 million positive feedbacks since 2009, and we’re pretty proud to brag about it!
Let Your Engine Roar this Holiday Season
This year’s race is going to be a photo finish. Will you hold the checkered flag?
Give yourself every advantage possible. Develop a rock-solid plan, focus on serving your customers like never before and leverage the power of our best-in-class software.
Now, let that engine roar!