Defeating Google’s parent company Alphabet, Amazon has become the second most valuable publicly traded company in the world. The remarkable victory is not sudden.
The sky-high sales figures of Amazon are becoming a subject of wonder for the world. In 2017, Amazon accounted for a market share of 44 per cent in the total eCommerce sales in the US, simultaneously marking a record-breaking launch in Australia. Since the growth figures of Amazon are attracting an increasingly large number of sellers, establishing your presence on the platform by dealing with a large number of sellers selling similar products is not easy.
We have listed a few tricks that can help you in boosting your sales figures-
Know your target audience
Whether you are a moderately-sized business selling your products on Amazon or a newbie in the eCommerce realm, in order In order to have decent sales figures, knowing your target audience is a prerequisite. Right from laying out your marketing strategy to drafting product description, having an inside-out knowledge of your potential buyers and their needs can make or break your sales figures. Having an insight into your audience’s demographics also helps you in taking other crucial decisions pertaining to price determination.
Keeping a close watch on the activities of your competitors is a great way to find out what can work well and lead your visitors to that ‘Buy now’ button you are aspiring for. In this way, you can get valuable insights without incurring any wastage of your financial resources. Analysing your competitor’s product titles and description helps you find answers to pertinent questions like-
What is unique about the product that tops the search result?
How is its product copy?
Is it a highly competitive category?
Product descriptions enriched with images, videos, comparison charts and a lot more help you to have a competitive edge over your rivals that have plain descriptions. It aids in effectively laying your product features on the table thereby striking the rationality of buyers without being pushy about buying the product- a practice that buyers shun away from.
“A+ content can boost your sales by 3-10 per cent”
You can opt for the ‘Self-Service’ or ‘Amazon Build for You’ module as per your business needs.
Give marketing its long due emphasis
For fuelling your sales figures, eCommerce sellers generally lay their focus on product copy and Search-engine optimization. In such a scenario, marketing remains an under tapped domain.
A new Forrester study forecasts that by 2023, brands would ‘invest’ 55 per cent more in online marketing and reduce the money spent on search engine optimization. In case of Sponsored products and Headline Search ads, targeted keywords, product relevance, bid and click through rate (CTR) act as determinants of product ranking.
*Additional Information- A higher bid enhances the chances of getting displayed on the first page. Amazon’s Bid + program gives sellers the opportunity to increase their bid by 50 per cent to enhance the chances of bagging the first spot.
FBA: Your blessing in disguise
Products that are Fulfilled by Amazon (FBA) enjoy higher trust in comparison to the ones delivered by the vendors themselves. Also, FBA offers you a cost-effective way to bid farewell to your storage and shipping woes by handling it all! By providing customer services and managing returns, it serves as a great facilitator of widening the horizons of your business.
Combating unforeseen challenges
In a highly competitive market (especially in case of best- selling product categories) achieving the intended sales figures is not as easy as it seems. In case of challenges that seem too hard to sail through, it becomes crucial to examine whether your product’s marketing strategy is apt and conveys what potential buyers actually want.
Since your financial resources are not endless, having an insight of the best-selling products and categories help you get acquainted with market and forecast competition.
Being an expert in all these terrains and yielding measurable results is not easy. Expert help can assist you in accomplishing your business motives. It might seem an exorbitant deal, however when you see the result it fetches, it would seem an ‘investment’ and not an ‘expense’ anymore.