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Top 5 Takeaways From SellerCon 2021
Stay on top of the latest e-commerce and marketplace trends.
SellerCon is a three-day conference that brings together Amazon sellers and enables them to share proven strategies, develop relationships with other brand owners, and gain valuable insights from seasoned entrepreneurs. The event traditionally takes place in Las Vegas, Nev., however, it was hosted online to adhere to COVID-19 safety guidelines.
The conference provides brands and sellers the latest best practices for selling on Amazon, as well as projections on what to prepare for in the year ahead. Learning innovative ways to stand out among your competitors on Amazon’s crowded marketplace is pivotal to your success on the platform. If you did not get a chance to attend, we have you covered with the five key takeaways below.
The Future of the Amazon Marketplace
Wall Street and large companies are purchasing small brands at a rapid rate. Thras.io, a company that acquires Amazon third-party private label businesses, reached a $1 billion evaluation faster than any other company to date. Massive companies are starting to view the method as purchasing real estate on Amazon. The move is becoming popularized by companies, such as Perch, Boosted Commerce, and Heroes, and is anticipated to rise within the next few years.
Furthermore, sub-niches are projected to grow and may surpass primary niches in the near future. The pandemic drove more consumers across demographics to purchase goods online, which significantly altered product searches on Amazon. Since the growth of a niche category is not linear, sellers can notice a spike at any moment. Brands and sellers who solidify their position within their sub-niche and take the time to build out their customer profile can maximize their success.
What Is Changing on Amazon in 2021
Amazon is putting the brand experience at the forefront of its 2021 strategy. Brands and sellers are urged to focus on the customer experience and brand relationship. Providing extraordinary customer service while leveraging an elevated shopping experience will fuel business growth. Sellers who offer products sourced overseas, with limited images and content, are overshadowed by brands who cater to their customers.
Additionally, category demand and buyer habits are changing. Product categories, such as home and food, are currently in high demand. In contrast, the demand for fashion has declined during the pandemic.
Amazon is providing virtual features on its marketplace to satisfy new, digital buyer habits. The Room Decorator tool allows shoppers to virtually see how furniture will look in their home prior to making a purchase, while Amazon Live provides a live, virtual shopping experience and engagement. Amazon is expected to continue building out its current virtual offerings and introduce new capabilities over the coming year.
Targeting the Right Keywords
Targeting the correct keywords can either make or break a brand’s advertising strategy. Root keywords are broad and will generate more impressions, volume, and demand. Longtail keywords are more relevant to a brand and achieve a higher click-through-rate (CTR). Longtail keywords are more likely to lead to conversions as the shopper has a greater intent to purchase the product they are searching for.
Amazon rewards brands and sellers who frequently convert shoppers. Sellers who convert consumers consistently during a long period of time have stronger pay-per-click (PPC) campaigns and organic rankings.
Amazon’s algorithm is able to calculate the probability of a shopper converting after clicking on an ad, and it favors brands and sellers with high conversions rates. Strategically leveraging root and longtail keywords will help improve product relevancy, which ultimately drives conversions.
Enhanced Brand Content
Content this year is expected to be richer and more diverse on Amazon. It is critical for brands and sellers to develop rich content and use images, videos, and ads that are aesthetically pleasing to draw in consumers and increase their time on a product detail page.
Before brands invest in keywords and advertising (as noted in the previous section), it is critical to provide enhanced content as it will showcase your brand story, provide a better customer experience, and assist with conversions. Brands and sellers can utilize A+ Content, 360 video, live video, and enhancements in Amazon Launchpad to offer consumers an interactive experience on their product listings.
Implementing a multi-channel strategy can showcase a brand’s content to more consumers and will help build their success on Amazon. PPC and Amazon Advertising are expected to be more effective this year. Brands and sellers can also benefit from Amazon DSP’s massive reach and precise targeting capabilities.
Getting Amazon Product Reviews
Brands and sellers must be mindful not to breach Amazon’s Terms of Service while requesting reviews. Amazon sellers cannot ask their customers for a positive review or offer an incentive to gain a review. Sellers are also not allowed to receive reviews from family members and employees.
Sellers can increase their product reviews by utilizing the Request a Review button on the order details page in Seller Central. The Request a Review button is available between five to 30 days after an order is processed.
Small and medium-sized businesses launching a new product can benefit from Amazon’s Early Reviewer Program, which offers sellers the ability to generate five reviews quickly and effortlessly, as Amazon manages the process. Brands that take an active approach in gaining reviews, while ensuring their product is good quality, will see an increase in positive reviews.
SellerCon offers businesses valuable insights to ensure their success on Amazon and this year’s presentations did not disappoint. The top five takeaways include future predictions for Amazon’s marketplace, recent and upcoming changes on the platform, targeting the correct keywords, providing enhanced brand content, and increasing product reviews. Brands and sellers need Amazon expertise, leading technology, and data to optimize their strategies and maximize performance.
If you would like to discuss the topics covered or learn how to grow your business on Amazon, feel free to contact us.