Amazon is preferred by most E-commerce sellers because of the exposure and reach that the platform guarantees. When you sell on an Amazon marketplace, you have access to millions of shoppers that include more than 100 million Amazon Prime members. It is a highly competitive market at the same time, with many brands working relentlessly to earn the Buy Box, but getting it and holding it for a substantial period requires effective strategizing and sales planning. Here we discuss five tips and tricks recommended by our Amazon marketplace agency specialists to help you strategize a tad bit better and make the most out of the upcoming Black Friday sales.
1. Competitive Product Pricing
Competitive pricing on Amazon means changing the product pricing based on competition. It is crucial throughout the year, but more so in the holiday season when brands experience a surge in demand for their products. Many sellers compete to sell for each product listing, and those who decide against pricing competitively often lose out on winning the Buy Box. But, if you have many products to sell, manually monitoring prices can become a time-consuming task.
To make competitive pricing easy, you can use an Amazon repricing tool and keep a second eye on competitor listings to enhance your chances of winning the Buy Box significantly.
2. Reviews and More Reviews
It is a human tendency to buy an item based on someone else’s recommendation. Whether it is a new restaurant downtown or a clothing store you’ve been planning to visit for the longest time, most of us like first-hand reviews for a sense of reassurance that they bring. It is not any different in the online shopping sphere too. Product reviews on online platforms have a high degree of influence on a buyer’s purchase behavior.
More positive reviews often translate into better product visibility, improved chances of winning the Buy Box, and of course, higher sales. To earn ample good reviews, ensure that your customer experience remains top-notch.
During this period of the year, the busiest time in the E-commerce world, many sellers look to outsource the laborious task of sending feedback requests manually to competent amazon marketplace agency experts or make use of automated feedback request tools to have a higher number of reviews on their listing.
3. Running Discount Coupons
Coupons provide an effective way to create product awareness and help gain great visibility even outside the product detail page to improve conversions and increase traffic. They are easy to apply as well and don’t necessitate typing a code to redeem the discount. Customers can click on the coupon and add the product to the cart; the savings will automatically be applied on the checkout page.
Sellers can apply coupons in the form of a percentage discount or money savings. The minimum discount slab is fixed at 5%, but we strongly advise attaching a more significant discount to uplift the sales. Moreover, while setting up the coupon, sellers also get an option to select the total budget they wish to spend for each SKU or all items. They can edit it even when the promotion is already live. It is also possible to edit the text that displays on the coupon to attract a customer’s attention and convert more sales.
However, this promotion is only available after meeting specific regulations and metrics that Amazon demands.
4. Promote Your Offerings
Once you are confident that you have picked a fantastic product to sell, the next step is to promote it to enhance its visibility and sales. One way to do this is by using Amazon’s Sponsored Brand Ads. These ads show up on the search results page with a “Sponsored” label and help increase your products’ visibility. In this ad type, you can curate custom headlines to share your brand’s unique message to enhance brand recall. You can also place your brand’s logo along with the product pictures. This way, an Amazon shopper is directed to your brand store when they click on the brand logo. Similarly, when they click on one of the products featured in the ad, they are taken to the respective product detail page. It is simply that effective.
To further enhance the consumer experience, you can also promote your products by running the latest ad type on Amazon, the Sponsored Brand Video Ads. These ads are designed to grasp the attention of the target consumers in an instant and serve as a great tactic to increase click-through and conversion rates. Customers actively looking to purchase a particular product can watch the video ads to know more about the offering and its unique selling points before clicking on a product listing. This increases the chances of them choosing your product over other competitors’.
The time has come for E-commerce sellers to plan on leveraging the expected rise in demand during the holiday season, with Black Friday sales due to go live in a month’s time. Remember that you must focus on competitively pricing your products, getting more reviews, attaching coupon discounts, and promoting your products extensively to have a successful selling period.
For more such tips, you can reach out to our Amazon marketplace agency specialists today!