Ready to sell more inventory? Product reviews can provide a wealth of insight for businesses that sell on Amazon. In this post, we’ll share three ways to use product reviews to boost business growth.
Monitor Your ASINs
Do you have a system in place to help you regularly monitor reviews for the products that you sell on the Amazon marketplace? Whether you manage the process manually or use a tool like FeedbackFive to monitor product reviews and receive alerts for negative ratings, it’s an important component of your overall reputation as an Amazon seller.
Tracking product reviews over time is a smart way to get real insight directly from your buyers. Do they wish your item was available in a different color? Is there a potential quality issue that you could take steps to resolve in the manufacturing process? Are customers mentioning innovative uses for your product or asking for related products that you could also sell as a kit? This type of continuous improvement will differentiate your Amazon business from competitors. Staying in tune with the end user’s experience with your product can also help you to make changes that could extend your product’s natural life cycle as trends evolve.
There have been some unfortunate black hat actions in the news lately regarding product reviews. In some cases, people are paid to leave negative reviews on competitor products. Monitoring your product reviews on a regular basis can highlight potential issues like this so that you can act as soon as possible.
Check Out Your Competition
You already know that monitoring your own product reviews can bring up great ideas for future product developments, but have you considered watching what your biggest competitors are doing? Keeping tabs on the ASINs that compete most directly with your products can give you the advantage when it comes to winning the Buy Box. Monitoring competitor reviews can help you grow your business by sparking even more ideas for feature enhancements, new products, and ways to differentiate your listing from your competition’s offerings.
Watch Items You Might Want to Stock
Adding more items to your Amazon store can help you grow your business, but it’s important to ensure that there will be demand for the items you sell. Stale inventory costs you money and storage space no matter your fulfillment model, but it comes at a premium if you are an FBA seller. Between the Inventory Performance Index and monthly long-term storage fee assessment, it’s more important than ever to sell your products steadily.
The more information you can find before placing a large order for a new item, the less of a gamble you’re taking. Tracking ASINs for products that you’re thinking about stocking (or items similar to the one you’re considering developing) can help you gain invaluable market intelligence. Conducting this type of research can help you gain a better understanding of a new niche before diving in with a large order for a new product.
More Knowledge, More Money
Monitoring product reviews helps you stay aware of trends (both upward and downward), potential product improvements, and more. It’s also an important aspect of managing your seller reputation. Product reviews can inform empowered inventory management decisions, whether you’re considering stocking a new item or simply watching one of your best sellers reach the end of its life cycle. The knowledge that product reviews can provide is essential to continued Amazon business growth.