Growth-minded FBA sellers are focused on more than just revenue.
Although a robust product catalog and healthy sales rank are important metrics to consider, to ensure long-term viability, operational efficiency is also essential. With hundreds (or thousands) of SKUs to keep track of, however, keeping everything organized can be difficult.
RestockPro, our innovative inventory management system for FBA sellers, is here to help. In this article, we'll examine how our inventory tagging feature can help you maximize the value of your efforts.
For most merchants, the holiday season is where profitability is either won or lost. In recent years, Black Friday, Cyber Monday, and pre-Christmas Amazon deals have only compounded this truth. That being said, there are other seasons worth paying attention to. Some of the more notable buying seasons and times of the year include:
In an effort to smooth revenue trajectory, some merchants stock products (or build kits) specifically for capitalizing on such lesser-known buying seasons. For example, you might consider developing an Easter basket bundle. The basket, toys, decorative eggs, and other items are only popular with consumers for a few weeks each year, so keeping them in inventory all year would be unwise.
In this example, you could use RestockPro's inventory tagging feature to organize your Easter-themed inventory. RestockPro allows you to create unlimited tags, customizable to your preferred nomenclature.
When viewing your restocking priorities, tags can be invaluable for focusing on the most time-sensitive issues. Instead of manually clicking through dozens of SKUs, RestockPro identifies all of last year's most popular Easter-themed products with just a few clicks. Now, rather than spending hours identifying which SKUs to reorder, you can free up more time to analyze which items present the greatest profit potential.
Not all products have the same target audience. In fact, many of your products may appeal to completely different niches.
As any marketing consultant will tell you, it's important to be constantly refining your buyer personas. A buyer persona is a fictitious character that represents your ideal buyer for a product. Harkening back to our Easter basket example, buyer personas could potentially include:
How can an Amazon seller who rarely directly engages with buyers define such personas? For starters, be sure to monitor product reviews and be on the lookout for clues. You might be surprised by the number of customers who reveal their true buying motivation. If you're requesting feedback, you may also gain insight from the customers who respond.
Once you've begun to define your buyer personas, RestockPro helps you put them into action. Set tags for each grouping and apply them to your existing inventory as appropriate. Tagged inventory allows you to drill down and segment buying patterns for deeper analysis. This type of data is of course helpful for forecasting and profitability analysis. It may also be eye-opening for visualizing the number of products that appeal to certain demographics.
Thinking about your inventory strategy through this lens could even be useful in refining your overall mission and vision statements. If, for example, you find that most of your products appeal to busy mothers, future stocking or restocking decisions could be influenced by your desire to diversify (or identify new products for the same niche).
Best of all, RestockPro tags offer the flexibility you need to make smarter inventory decisions. We're always impressed by the creativity our customers exhibit when using tags. Categorizing large product catalogs, managing related SKUs, organizing buyers, creating watch lists, and identifying special preparation requirements are just a few of the ways sellers use inventory tags in RestockPro.
And, since RestockPro allows you to search and filter data by tag, you can slice and dice in an infinite number of ways. Need to view an item's sales trends for the past year? Trying to identify new seasonal items to sell? Tags present the exact info you need in a matter of clicks.
You know your business better than we do. Tags can serve as an invaluable tool for maximizing the value of your FBA inventory. Start thinking outside the box and look for new opportunities to leverage this powerful feature. You're only limited by your imagination!
Do you have a tagging tip to share with fellow RestockPro customer? Comment below to share your best practice!
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