So, your inventory is stocked, your supply chain is established, your Amazon store is live and ready for traffic. But, you’re quickly realizing just how competitive selling and scaling on Amazon is. Pricing is cutthroat, new competitors are popping up all the time and customer questions are coming in fast. How can you beat out the competition, keep up with the constant changes and grow your sales? Here are 5 ways.
Get the price right with Market Labs
Pricing your products on Amazon competitively makes the top of our list because it will directly impact whether or not you win the Buy Box. More than 80% of Amazon sales happen through the Buy Box, so pricing can either make or break your success on Amazon.. If a seller isn’t competitive enough for Amazon, they can lose the “Buy Box” and lose rankings. Having a competitive price can cause a listing’s velocity to increase which is big factor in the sales rank of a listing.
Determining a pricing strategy and monitoring your competitors’ prices is no easy feat, especially if you’re in a crowded category and managing many different SKUs. Luckily, Market Labs advanced marketplace management and monitoring software can help you win and keep your Amazon Buy Box, save you time and de-stress the process. Our monitoring and managing tools eliminate the need for manual around-the-clock work and gives you an edge over your competition. It saves you time and energy while also being a pleasant product experience.
We provide a full management system around alerts so you can react quickly and efficiently to any change. Don’t just monitor your listing alerts, manage them.
Don't be the last to know about another seller hijacking your private-label listing. Real-time monitoring is always enabled to keep your listings safe.
Even if you're still winning the buy box, be the first to know if another seller is added to your listings.
Price changes on your listings can affect sales and your bottom line. Know about them right away.
Sign up for email or SMS alerts to get notified when you're on the go. Take action directly from your alerts to modify pricing and react to changes.
Add higher quality and more value to your product offering
What sets your products apart from the competition? Make sure your differentiators are highlighted and featured prominently.
Whether it’s features or branding, focus on how you can add more value to your product. Make sure your customers are getting a unique, high quality and personalized experience as soon as they open up their package.
Making a great product is common sense to some sellers, but not all. Some brands and manufacturers cut corners, and eventually they are most likely going to be revealed by negative reviews from customers and have a potential impact on seller privileges.When you have a high quality product, customers are more likely to leave a positive review on your listing which has a lasting effect on future sales.
If you can’t make any additional improvements on your actual product, you can add unexpected value to your package with a free gift, promo, perks or informative brochure/guide inside the packaging.
Prioritize customer care
Amazon always puts the customers first, which means that a major part of the success equation on this platform is customer care. That means resolving issues, answering questions pre- and post-sale, responding to negative reviews, etc. in a timely manner.
You and your team should strive for regular communication with customers before/during a transaction. Notify customers when an order is delayed and respond quickly to any customer questions. The right communication at the right time will build trust and Amazon’s algorithm will take notice.
Excellent post-transaction support for customers is important. Timely support and responsiveness regarding refunds, returns, and exchanges help ensure customer satisfaction and keep customers coming back to your store.
Design and optimize an eye-catching Amazon storefront with A+ Content (f/k/a Enhanced Brand Content)
A+ Content (Formerly EBC, Enhanced Brand Content) gives sellers more options for showcasing their brand and products and is one of the most powerful tools that Amazon sellers can use to beat out the competition. According to Amazon, sellers with effective A+ Content enjoy increased traffic and increased conversions between 5-10%! With a more visual storefront and tons of customization options, you have a greater opportunity to create an excellent first impression with shoppers, add brand personality, and sell to your customers with higher quality information. In order to take advantage of Amazon A+ content you must be:
A Professional Seller
Enrolled in Amazon Brand Registry 2.0
An “emerging brand owner,” currently working with managed selling programs such as Amazon Launchpad or Amazon Exclusives
For more on this, don’s miss our article on designing an Amazon storefront that converts.
Kickstart sales with PPC campaigns.
Unlike Google PPC ads, Amazon PPC ads actually increase your organic rankings. Amazon considers sales performance when ranking products on search results, so, if a product sells more frequently than another, Amazon will push that product higher on the results list.
But for new products trying to pave their way in the market, having constant sales might not be a feasible goal at first.PPC campaigns can boost sales to help you improve rankings on Amazon. They appear as the “sponsored products.” These ads show up in search results for keywords that you choose. PPC campaigns can help you sell inventory faster and give you the visibility you need.
If you want to use Amazon PPC as part of your strategy for outranking your competition, you’ll of course want to first define who your top competition is and then analyze their listings as part of a keyword targeting strategy.
If you have even a small marketing budget, you should take advantage of this feature. It’s simple to set up and just a few dollars per day can go a long way toward increasing sales.