Over the past two decades, Amazon has positioned itself as the go-to e-commerce marketplace. With over 350 million product listings, customers are guaranteed to find anything and everything they want. But on the flip side, this means much more competition for businesses. So, what can you do as a business owner to increase your sales on Amazon?
There are three requisites to beating the competition on Amazon and building a lasting business:
- Offer a great product that people really need
- Be strategic about how you enter the market
- Set a price that is both competitive and sustainable
Doing all those things at the same time may appear daunting, but if you have access to the right kind of information in a timely manner, you can make your toughest decisions with confidence. IO Scout is an Amazon research software solution that helps you identify golden opportunities on Amazon.
Here are 5 ways IO Scout can help you multiply your sales in a short time:
- Uncover the best product ideas
By doing your product research for Amazon using IO Scout, you are certain to find lucrative product opportunities. The ideal product you’re looking for should have high demand, low competition, high price, high margins, and high frequency. Plus, you should steer clear of seasonal products since they tend to be very unstable and not worth all the marketing effort.
It’s obviously not possible to find such products without the help of Amazon research software. There are plenty of product analyzers for Amazon, such as the Ama top product analyzer, but IO scout is perhaps your best option as it can help you comb through over 150 million products and filter them based on revenue, profits, sales, reviews, etc. You can also analyze trends and discover market gaps.
- Maintain a lean portfolio
The best way to increase your sales is to conduct an Amazon product analysis and find the items that are already selling well so that you can ride the waves of their success. Use IO Scout to determine how your products are performing. Analyze each product separately and then rank them by monthly revenue/profit. You can also apply various filters to identify your best- and worst-performing products.
Try cutting the products whose profit falls below a certain threshold so you can focus on a few winner products and create a more targeted marketing strategy.
- Keep tabs on your competitors
When it comes to competition, you must monitor your biggest rivals, learn from their success, and turn their weaknesses into opportunities for yourself. With IO Scout’s product tracker for Amazon, you’re able to automate competitor tracking and gain insights that will help grow your business.
For instance, you can buy sponsored product ads on their best-selling products and drive their organic traffic towards your own item, or offer a coupon for your product. Shoppers love discounts and they often feel lucky once they see a coupon.
- Discover the optimal price
Somewhat related to the topic of competition, pricing is a critical aspect of any product, especially on cutthroat platforms like Amazon. Set a price that’s too high, and no one will buy from you. Set a price that’s too low and you’ll never make enough profits to sustain your business. Your ultimate goal should be to generate as many sales as possible at a reasonable price.
What can IO Scout do in terms of your pricing? Quite a lot. Its competitor monitoring features let you understand how your competitors are setting their prices so you can devise a good counter-strategy that maximizes sales and profits. You can even look at the pricing history of different products to see how they have changed over time.
- Track your feedback and reviews
Products with better ratings and reviews are guaranteed to sell more because undecided customers will read these reviews to gauge the worthiness of your product. In fact, 80 percent of the customers read feedback before deciding whether or not to buy an item. That’s why staying on top of your product reviews is critical to increasing your revenue.
IO Scout lets you manage the reviews you get for your products so you can respond effectively and in a timely manner. Also, you can view all reviews for all of the 150 million products in its database. This way you can identify the shortcomings in competitor products and make more money by fixing those problems.
As an Amazon seller, you’ll always have to fine-tune every part of your operation. Having a software assistant for product research, analysis, and tracking can be a huge burden off your shoulders so that you can have more time to manage and grow your business. With its comprehensive set of features and affordable pricing, IO Scout is all you could ever want from any Amazon research software.Wake up Right! Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!