Despite setbacks in the industry, e-commerce is still doing great. Discover ten action items to help grow your Amazon business in 2023.By Marissa IncittiJanuary 12, 2023
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Since 2020, e-commerce growth has skyrocketed, leading many to assume this rise would continue. But as results from subsequent quarters have come in, it’s become clear that the massive growth is falling back to the trendline. The reason? We are still dealing with the fallout from the pandemic, which has caused a recession, mass layoffs, and a much more price-conscious consumer.
Despite the unease, e-commerce sellers should rejoice as projections show e-commerce will grow, just not at the rates we have seen. And, even though Amazon has not been immune to the layoffs, as a marketplace, it is still far outpacing the rest.
Below are ten actions sellers can take now to increase their growth on Amazon.
Ten Growth Hacks to Win on Amazon
There are many strategies Amazon sellers can use to grow their business, but many take time. Our Amazon experts pulled together a list of ten growth hacks to help you see the needle move now:
1. Optimize Your Amazon Product Listings
As most of you know, ensuring your product listings are complete, accurate, and keyword-rich can help your product rank higher in search results and drive more traffic to your page.
To make sure your listing is top-notch, do some competitive research and analyze the way your listing differs from other top sellers. Look for sales points (why to buy), language, and benefits that might be missing from your listing to increase the conversion rate.
Only include what your product does, and don’t be afraid of including features that have been called out in negative reviews, especially if it relates to functionality. (If that part of your product isn’t great, it’s time to source a new one). Use your current reviews to find more positive functionality to add to your listing.
Sponsored product ads and PPC have been the typical go-tos for increasing visibility for products and driving more sales.
However, consumers are getting tired of traditional static advertising. New ad types that incorporate videos are seeing much higher conversion.
Try running sponsored video ads that show what your product is capable of or another benefit of owning your product.
3. Offer Competitive Pricing
Setting competitive prices can help attract more buyers and increase your chances of making a sale but be mindful that the lowest price doesn’t always attract buyers, even in this economy.
Using a fulfillment service like Amazon FBA can help reduce your workload and improve delivery times, which in turn, can lead to more satisfied customers and increased sales.
Have your own website? You can combine your online sales channels with Amazon’s fulfillment network and provide faster delivery. As an added bonus, those who choose Amazon FBA have a greater chance of winning the Buy Box, where 82% of all sales come through.
Costs may be prohibitive for some, especially with storage; however, shipping with FBA costs 32% less per unit than the slowest shipping options offered by major U.S. carriers.
5. Make Your Customer Reviews Work For You
Encouraging customers to leave reviews and then responding to those reviews can help build trust and credibility with potential buyers.
Your brand reputation is directly affected by reviews (for better or worse) which are directly correlated to if your sales increase or decrease.
Typically, reviews are often the final nudge that converts a customer or convinces them not to give your brand another thought.
Once every two weeks, devote time to skimming through your reviews and sending out requests.
6. Expand to Other Amazon Marketplaces
Consider expanding your business to other Amazon marketplaces, such as Europe or Asia, to tap into new customer bases.
Expanding to other Amazon marketplaces allows you to take advantage of the platform’s popularity and reach a wider audience. It can also help you diversify your revenue streams and reduce the risk of relying too heavily on a single market.
When expanding to new marketplaces, it’s important to research and understand the cultural and legal differences that may impact your business.
This includes researching the competition, understanding local consumer preferences, and complying with local regulations. In addition, you may need to hire or contract with local staff to help manage your operations, such as customer service or marketing.
7. Use Amazon’s Subscribe and Save Program
If your product allows, participating in Amazon’s subscribe and save program can help increase repeat business and generate more predictable revenue streams.
This can be especially beneficial for products that are frequently used and need to be replenished, such as household essentials like cleaning supplies or personal care items.
Leveraging social media platforms like Instagram, Facebook, and Pinterest can help drive traffic to your Amazon page and increase sales.
By creating engaging and visually appealing content on these platforms, you can showcase your products and build a following of potential customers.
Additionally, by actively engaging with followers and responding to comments and messages, you can build a sense of community and trust around your brand.
Going one step further and using paid advertising will allow you to target specific demographics and increase the reach of your product further. This can help to generate more clicks and ultimately lead to more sales on your Amazon page.
Offering promotions and discounts can help attract new customers and increase sales, even during slow periods.
While holidays are great for promotions, in this price-sensitive environment, consumers are more inclined to purchase a product that offers a coupon or discount.
You can also use promotions and discounts to clear out old inventory or to test demand for new products.
Overall, offering promotions and discounts can be an effective way to attract new customers and increase sales. Still, it is important also to consider profitability, long term strategy and not to undervalue the products or brand image.
10. Diversify Product Offerings
Expanding your product line could also help increase sales and allow you to appeal to a larger customer base.
As the market fluctuates, products that were once in demand may no longer be, putting your revenue at risk.
Take advantage of emerging trends and test new products by searching Amazon Suggest. It’s possible to determine the most searched keywords based on shopper queries.
You can also look at Amazon Movers and Shakers. These are the biggest gainers in sales rank for different categories of products over the past 24 hours.
When looking for new products, it’s important to consider factors such as the capacity of the business, market demands, profitability, and the resources needed for developing and marketing new products.
Marissa Incitti is the Associate Director of Content for Feedvisor, where she oversees and executes the company's content marketing strategy and initiatives. Before joining Feedvisor, she was the content marketing manager for a Fortune Global 500 omnichannel commerce technologies and operations company.
Final Thoughts
E-commerce is not going anywhere, and Amazon will remain the largest marketplace. Taking advantage of tried and true methods will help you meet your goals and then some.
Are you having trouble working with a decreased budget and seeing results? Not sure how to track or determine which products are still profitable? Feedvisor’s price and optimization and intelligence platform help you keep track of what items are making you money and which items to remove to increase profit margins.
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