How to overcome ‘analysis paralysis’ with awesome tools
Managing an e-commerce business is a complex task. You have to find out products that appeal to your customers. You also need to set competitive pricing in order to maximize your profits. On top of that, you have to run effective marketing strategies and sales promotions to get the attention of your target audience.
Now imagine automating all these business functions. Wouldn’t running an e-commerce business become less challenging? Using in-depth analytics not only helps you spot gaps and issues in your business, it also lets you make smarter decisions much faster.
In this article, we’ll delve deeper on how SellerMobile’s analytics can take away the stress in running your Amazon business.
Predict what’s in store for you
The analytics can identify future trends based on several factors such as daily revenues, inventory recommendations, customer buying frequency, suppliers performance, etc. Such analysis is helpful in identifying your potential sales and the items you need to focus on. This will also give you an idea how to strategize your product pricing in order to maximize revenue and profit.
SellerMobile adjusts product pricing in real-time using its Algorithmic Repricing tool. It looks at different components such as item price and profit margin so you can create strategies for automated repricing. From your sales to your inventory, customers, brand and suppliers, SellerMobile provides in-depth insights in one platform.
Understand customer behavior
The key to a successful e-commerce business lies in understanding your audience. You should have a collection of data that gives you a clear view of your buyers’ behavior. This way, you can determine what they are looking at and what is urging them to put an item in their shopping cart and check out. SellerMobile Customer Analysis tool tracks customers average spend, buying frequency and your top customers’ activities.
It also lets you view your customers’ demographic data. You can see what they are buying and understand their preferences. Through this analytical feature, you can make informed decisions to grow your Amazon business and create meaningful relationships with your customers.
Forecast inventory demand
SellerMobile’s inventory analysis makes better inventory planning attainable. This helps you get the correct quantity of inventory in stock at the right time. You avoid too many stock-outs or too little inventory. As a result, you will have enough inventory to keep up with customer demand.
Moreover, reviewing the data in the Inventory Section can guide you on future inventory decisions, especially when combined with the customer analysis tool. Not only you prevent from over purchasing, you also get a solid grasp when to offer discounts to keep your items moving.
The right analytical solution for your Amazon business is one that you can use with ease while providing you comprehensive data to help you scale as you grow. With SellerMobile analytics, you are in a good position to define and refine your strategies and get your business to the next level.