Resources - Blog
How to Grow Sales on Amazon: 10 Essential Tips
As Amazon sellers know all too well, competition to get your products in customers’ carts on Amazon can be fierce, especially as interest in selling on a 3P marketplace only increases. Thankfully, we at Feedvisor have tested several tactics to help you maximize your profits and make the most of your Amazon seller experience.
Without further ado, here are the top 10 ways to grow your Amazon sales in 2022:
1. Optimize Amazon Product Listing
Product listings are the first pieces of information that prospective customers see, but that’s not the only reason they’re important – product listings are where a bulk of a product’s SEO leverage comes from.
Optimizing keywords for your product listings can help grow sales on Amazon. To ensure success, Amazon uses seven factors to determine and prioritize SEO:
- Product titles
- Product descriptions
- Key features
- Product images
- Backend search keywords
- Product pricing
Manually updating and optimizing these seven factors is doable but creates a lot of technical overhead and labor for sellers and their teams.
Rather than needing to consistently stay up to date on market conditions and trends in order to adhere to ever-shifting best practices, consider adopting a technical solution that automatically adjusts prices and suggests keyword changes for you.
2. Get Reviews
As Statista recently reported, 70% of online shoppers read anywhere from one to six customer reviews before they commit to making a purchase. And as shoppers are increasingly looking to word-of-mouth reviews and positive input from peers over traditional ads, strong reviews of your products are a valuable and necessary resource.
Ask trusted product users if they wouldn’t mind leaving a review of their experience online after using your product. Encourage them to be honest – shoppers are increasingly savvy at detecting false reviews as well, so it’s important that the feedback is genuine.
3. Arm Yourself Against Competitors
In the past, AI-powered pricing technology could only be utilized by resellers competing for the Amazon Buy Box.
Feedvisor saw the need for a dynamic pricing solution targeted toward branded and private label ASINs and launched its ProductSphere™ pricing technology — the first and only algorithmic, dynamic repricing solution that fights for sellers across every competition landscape on Amazon.
ProductSphere™ uses AI and machine learning to create a holistic map of sellers’ competition for each individual SKU by seeing exactly which sellers you’re competing against on every level, repricing your products competitively in accordance, and providing detailed reports of how your products are performing over time.
Each SKU’s pricing strategy is set based on your unique objectives, from profit maximization to product liquidation. ProductSphere™ then adjusts product prices based on competition conditions in real-time, ensuring that sellers never miss a sales increase or product demand opportunity.
4. Leverage Automation for Pricing
In a dynamic marketplace like Amazon, market conditions change constantly. However, too many sellers are still only changing the prices of their products once a quarter.
In order to truly stay competitive, increase sales on Amazon, and on top of fluctuating market conditions, sellers need an automated method of adjusting their product prices, so they’re consistently showing up in the Buy Box and reaching prospective customers before their competitors’ products do.
This is where repricing software such as Feedvisor’s comes in – an algorithm-powered solution that automatically reprices products based on key factors that will maximize profits.
5. Find the Right Keywords
When it comes to products showing up in search results, leveraging keywords is a necessity. Running the most well-produced ads won’t do you any good if none of the right keywords are included in your product information.
AI, like Feedvisor’s, also employs automated keyword harvesting to ensure that your ads and product information are utilizing the most optimal keywords for a seller’s products, ensuring that your products are coming up and reaching the first page of prospective customers’ searches.
6. Focus on Inventory
How holistic is your understanding of your current inventory?
Competitive Amazon sellers should have a consistently updated overview of their inventory performance across all competitive angles: competing, complementary, and substitute.
Competing products are what we typically think of when we think of product competition: products that meet the same consumer need as yours and are functionally similar. Things like price and brand loyalty most often affect this competition – think Nike vs. Adidas.
Complimentary products aren’t the same as what you’re selling but fall in a similar category. The demand for one influences the demand for the other, like shoes and shoelaces. And while substitute products are not the same as your product, they are used for the same purpose and are therefore comparable to your consumer, like tennis shoes vs. running shoes.
Understanding how your products stack up against all of these levels of competition will help you price and market them accordingly, and AI such as Feedvisor’s is key to helping you fully understand this overall competitive landscape.
7. Run On-Amazon Promotions
Product promotion on Amazon continues to be a strong tactic for increasing sales and product awareness.
Discount codes and promotions additionally increase your Amazon search ranking and often result in an uptick in reviews and positive product feedback, checking off multiple priority boxes for sellers.
8. Use a Variety of Ad Types
Sponsored ads are a necessity for current Amazon sellers and their ability to increase sales, and it’s important for sellers to run multiple ad types to ensure that prospective buyers are aware of your product through a variety of channels that will target your specific business strategies.
Feedvisor’s pay-per-click advertising campaign manager maximizes your ad performance according to your specified priorities like liquidation, new product launches, and/or profit growth.
Our campaign manager supports manual and automated campaigns with robust analytics reports, so businesses can see what’s working in real-time and where they may need to adjust the pricing or other strategies.
9. Use Amazon FBA
Fulfillment by Amazon (FBA) is a convenient way for Amazon sellers can take advantage of Amazon’s order fulfillment capabilities. Rather than ship everything to customers yourself, businesses send products to Amazon fulfillment centers, and Amazon handles everything from packing and shipping orders to returns and customer service.
By increasing sales on Amazon FBA, sellers can take advantage of a convenient method that shoppers also find convenient. Just make sure to understand inventory limits per product and use an automated inventory management system to avoid overloading fulfillment centers.
10. Follow Amazon’s Terms of Service
While this may seem like an obvious solution, you’d be surprised by how often failing to comply with Amazon’s terms and conditions hinders sellers’ product performance.
By violating Amazon’s terms of service, which include easy missteps like upselling products, your company earns demerits, and your products will be automatically overshadowed by competitors.
This is why any tech solution you implement should automatically comply with Amazon’s terms of service and free your team from needing to employ this oversight. Feedvisor’s patented technology always follows Amazon’s seller terms and conditions, ensuring that your company is consistently set up to thrive in the marketplace without having to worry about a compliance checklist.
Talk to a Feedvisor expert today to learn just how our industry-disrupting solutions will uniquely serve your store and maximize growth in your Amazon sales.