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Achieving Holistic Optimization With Feedvisor
Victor Rosenman, CEO and founder of Feedvisor, presented at Prosper to discuss how businesses can improve their sales and profits through a scientific approach called holistic optimization.
Holistic optimization is the process of connecting all aspects of a business, from customer acquisition to optimization engines. It allows businesses to optimize pricing, advertising, inventory, and strategy.
Why is Holistic Optimization Important for Amazon Sellers?
Holistic optimization is important for those selling online because it helps them achieve better performance and results across all areas of their business, including sales, customer satisfaction, and profitability. By taking a holistic approach to optimization, online sellers can ensure that all aspects of their business are working together effectively and efficiently to achieve their goals.
For example, optimizing product listings and pricing strategies can help drive sales and revenue, but if customer service is poor, it can result in negative reviews and damage the seller’s reputation. On the other hand, investing in customer service but neglecting to optimize pricing strategies may result in lost sales and revenue.
Don’t forget, online marketplaces are highly competitive, and sellers need to constantly adapt to changes in the market, as well as changes in customer behavior and preferences. By implementing a holistic optimization strategy, sellers can stay ahead of the competition and provide a seamless and positive customer experience, which can lead to increased customer loyalty, positive word-of-mouth, and ultimately, business growth
What Are The Steps Of Applying Holistic Optimization as an Amazon Seller?
To apply the holistic optimization approach, businesses need to start with their business strategy.
They should define their catalog segmentation, which may vary between companies, and then define their business objectives and KPIs at the segment level.
The next step is to understand the top-performing products and their impact on the overall performance, taking into consideration the unit economics and return on investment.
One key takeaway from Rosenman’s presentation is the importance of laying a solid foundation before approaching optimization. Businesses should segment their catalogs and define their objectives and KPIs. Then, identify which products are top performers and which ones are disasters, but keep in mind, it’s not enough to look at the overall sales and growth rate without taking into account profitability and market focus.
How Can Feedvisor Help Brands, Sellers and Private Labels Achieve Holistic Optimization?
Feedvisor’s award-winning platform helps businesses achieve holistic optimization by providing a scientific approach to optimization.
Our platform offers a suite of tools and features that allow businesses to connect all aspects of their business to various optimization engines including automated pricing solutions that use machine learning algorithms to dynamically adjust prices based on market demand and competition. This helps businesses maximize their sales and revenue while remaining competitive in the market.
Using the same powerful AI, Feedvisor helps Amazon businesses optimize their advertising campaigns and reduce costs by identifying and targeting the most effective keywords and placements, while also providing insights into their competitors’ strategies.
Feedvisor also helps businesses understand their unit economics and returns by providing analytics and data-driven insights. This helps businesses optimize their demand generation and pricing strategies to improve their profitability and revenue.
With Feedvisor, businesses can optimize their pricing, advertising, inventory, and overall strategy.
Having data in one place to make crucial business decisions in real-time has now become a necessity. Either you can react quickly or you lose out to the competition.
With Feedvisor’s holistic optimization approach and suite of tools and features, businesses can streamline their operations, optimize their performance, and increase their profitability through data-driven decisions. Try us free today.