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Amazon is currently one of the most competitive marketplace online. It’s becoming a burden for sellers to constantly up their A game to rise above their co-sellers. It’s quite natural for a business to experience an occasional “slump” in sales but it’s always a good idea to always be in the lookout for new marketing strategies and be consistent in being the best Amazon seller that you can be.
Are you looking for fresh perspectives and classic solutions in this time of momentary crisis? Maybe there’s some basic points that you only need to rehash or new strategies you can try. Here, we’ve compiled a list of actions you can proactively do when your sales aren’t revving, ranging from new and the classics.
Mind the trends and seasonality of your products
An often overlooked fact, promoting the right product in the right trend and seasonality impacts sales. To identify which of your products soar in a certain season or even day, make it a habit to track your monthly, quarterly, and annual sales by SKU or Stock Keeping Unit.
Need a more vivid example in how you can incorporate seasonality products and trends to your business? Take this as an example. Promoting and stacking up on christmas-themed products like white Christmas house decorations during December is more correct than focusing your energy on Halloween decorations.
Don’t underestimate the power of good customer reviews
If you think about your own behavior as a customer scouring the market for sweet deals, you wouldn’t want to buy anything rated two stars below or products with multiple bad reviews. In a study by Feedvisor, they revealed that almost 90% of Amazon customers they’ve surveyed get turned off of products rated less than three stars. Additionally, 79% agree that it’s important for them to check the seller’s customer rating before deciding to make a purchase.
Having said that, upholding your good credibility standing by garnering good reviews is one of the proactive ways of increasing sales. One bad review can topple your other mountain of good reviews. Thus, always be consistent with your excellent service and strive to do better. Remember, in business, you’re only as good as your last performance.
Boost your products’ online visibility
Because Amazon is an online marketplace platform, it follows that your seller marketing strategy is “digital-based.” In digital marketing, SEO (search engine optimization) is a marketing technique or process aimed at improving the visibility of your product or store page in engine searches like Google, Bing, the Internet Explorer, and so on.
If done right, SEO can pull your product pages up to the 10th or even 1st page of a keyword search. If you’re not big into committing with professional services yet, improve your product page’s presence by:
- Posting only high-resolution images of your product.
Note: the semblance of the actual product and its promotional image should be similar. Don’t play with your customers’ expectations.
- Pen an attention grabbing yet clear, realistic, and detailed product description.
- Add relevant keywords to your product’s page. You can add them to the product description section and any other relevant sections of the page.
Note: Know more on how to use SEO to your advantage in this guide.
Keep a competitive pricing range
Price is one of the most important factors in the purchasing decision made by customers. Thus, keeping your product pricing in that “sweet spot” is a must. How do you do it?
First, know that there are two variables to consider for each product:
- You want to sell so find the lowest possible but comfortable price for your product.
- You want to profit as well so find the highest possible price that’s not too intimidating from a customer point of view.
Next, determine your products’ Amazon floor price.
Calculate all of your costs then you’ll come up with your floor price. Below is a list of the costs you’ll need to take into account to:
- Shipping fee
- Customs fee
- Payment wiring
- Amazon commissions
- Amazon FBA
- Customer return fees
- Personal returns-related fees
- Category-specific costs
Third, determine your upper price floor.
This is where the variable “You want to profit as well so find the highest possible price that’s not too intimidating from a customer point of view” comes in. According to Big Commerce, “you can be 20% more expensive than the highest price on page one of search results.”