The sheer amount of competition on Amazon means that sellers have to rethink how they run their businesses on the platform in order to thrive. There are over 2.5 million active Amazon third-party sellers, all vying for consumer attention. This can make for a fierce contest when it comes to scoring purchases from customers.
Many sellers fear that they’ll end up getting lost in the crowd, and these fears are valid. However, with a little help, any seller can distinguish themselves from the masses, win more sales, and reduce customer turnover rates in no time. Ultimately, it comes down to having an unbeatable strategy and a few essential tools every Amazon seller needs to boost their bottom line.
Five Tools Designed So You Can Leverage the Amazon Platform and Dominate Your Niche
Profit & Cost Analytics
Over the years, selling on Amazon has turned into something of a science with definitive, data-driven explanations as to why your sales are rising or dropping.
- Do you have the right keywords to optimize your listing?
- Is your product getting positive reviews?
- Is it priced appropriately?
- Is it the right season?
Whatever the reason may be for sales variations, with software that has profit and cost analysis, you can easily visualize everything from refunds and fees to ROI and PPC expenses and more, across one dashboard. Determine an optimal selling price when you have access to all associated costs for each sale, and see your true profit and margin.
Inventory Management & Analysis
Keeping FBA inventory properly stocked is one of the top priorities as an online seller. Using an inventory analytics tool will help you meet your customer orders and demands every time, while adhering to Amazon’s rigid guidelines.
Track your products as they go from seller to warehouse to retailer as needed, and ensure zero product spoilage with tools that integrate inventory, listings, sales orders and shipping needs in one location. Software with a demand forecast algorithm can accurately predict days of inventory so you can detect, prevent, and eliminate lost sales.
Restocking & Purchase Order Creation
As an Amazon seller, you should find a strategy to properly plan restocks, reduce long-term FBA fees, and figure out which products aren’t selling so you can make changes. Avoid running out of stock by analyzing future consumer demand and by receiving reminders from an Amazon restocking alert so you know when inventory is low.
With the right, powerful seller software, you can figure out ideal inventory levels and evaluate potential losses if an item is not restocked. You can also generate forecasts to predict sales, and then use these predictions to produce and automate the creation of purchase orders.
Customer Feedback Automation
Building a positive reputation as an Amazon seller is key to driving up your customer base and proving that your product is worth purchasing. Seller feedback impacts your Buy Box position and relationship with Amazon. If you’re not securing quality product reviews, you’re wasting your time.
Employ an effective email campaign that can be automated, so you streamline the process of encouraging customers to respond, and make sure you choose a tool that provides you access to key metrics so you can analyze engagement rate and performance trends. With software that lets you create campaigns from scratch or choose from professional templates, you can prompt more customers to send positive reviews and win more Buy Boxes. Some advanced seller management systems even have Chrome extensions that can be downloaded for free and will automatically send requests for product reviews.
FBA Repricer
Item cost is a factor in Amazon’s search algorithm, which means maintaining a competitive price helps your chances of winning the coveted Buy Box. Once you have that, you will get rocketed to the top of the list of ‘Other Sellers on Amazon’.
Because pricing changes happen so frequently on Amazon, it’s almost mandatory to use a repricer to help you capitalize on the right price at the right time. Set the rules and let an automatic FBA repricer wizard take care of the rest, repricing in real-time as often as necessary, while offering you effective hints and allowing you to customize your pricing strategy and filters. Always stay one step ahead of your competition with the most attractive price for customers.
Amazon Sales Forecasting Software: Manage Your Seller Business with Leading Technology
When you equip yourself with software that integrates all of these tools, you can run a streamlined seller operation optimized for higher profits and greater audience reach. Maintain a pulse on every aspect of your seller business so you don’t overlook any detail with SellerMobile’s full suite of analytic and management tools. You can evolve your business by comparing performance and easily figuring out your strengths as well as areas for improvement. Try out a 14-day free trial of the comprehensive system that handles inventory, restocking, feedback, and repricing management while providing you with accurate profit and cost analyses, and so much more!
