Amazon is a bridge between buyers and sellers around the world. For business owners, Amazon can offer an excellent sales channel and outreach without incurring the high costs associated with branding or creating an independent e-commerce site.
One way companies can compete on Amazon is to understand its buyers. Instead of creating a need for their products, companies on Amazon should focus on offering items that consumers are already looking for.
Amazon's customer research can increase a company's competitive advantage by providing valuable information on buying trends and preferences, so presenting your products in a way which will please your target audience.
Here are some of the strategies and tools I use as a market vendor to better understand my target market on Amazon.
Amazon Best Seller
Amazon Best Sellers is a good opportunity to see the top selling items, by category. It can be a plastic spinner with anti-aging cream. Amazon updates its lists of best selling products every hour, which helps sellers to monitor consumer trends and preferences.
This real-time update also helps to observe the impact of external event sales, such as the best-selling products during a storm, or during the Super Bowl. This can help track profitable products and services, as well as changes in demand.
Keyword tools provide frequently searched words – such as a product or service – from different search engines, including search on the Amazon site.
The keyword tool that I use most often for Amazon is MerchantWords. It offers good visibility for key phrases and words of great value in most markets. It also has flexible plans for different types of sellers. Investing in the right keywords will help your products to appear organically in Amazon search rankings. In the end, this will generate more sales.
Seller Labs helps companies find customers and automate back-end processes through four products: "Feedback Genius", "Scope", "Ignite" and "Quantify".
An integration of the tools provided by Seller Labs can support the creation of a viable marketing strategy. It can also expand your customer reach.
- Scope is a keyword research tool and products for Amazon sellers. Scope allows sellers to view estimated monthly sales for products and product groups. Vendors can then isolate any article and see which keywords are behind the search for that product.
- Ignite is integrated with Scope and claims to "ignite" or increase sales by optimizing sponsored product campaigns. The keyword data for Ignite is generated via Scope. Track elements in real time with an intelligent interface that prompts you to act on the data base. Ignite automated algorithms sort data stacks to find ancillary products for sale. Ignite is not directly related to customer research, but it can be extremely valuable for boosting sales.
- Quantify is a business intelligence tool for Amazon sellers, to (a) manage where opportunities are, (b) display trend products, and (c) get sales details. Quantifying is a good reporting tool for your monthly sales of articles.
There are many other tools to isolate customer data on Amazon and other markets. Use these tools to understand consumers and opportunities for increased sales.
Amazon's customer search requires the use of data analysis tools to discover new and upcoming trends. Product trends can be analyzed to understand the reason for the evolution of sales.
Continuous research by customers (and competitors) can help a business grow. Competitive advantage can not be obtained in the highly saturated Amazon market by following the new trends. However, it is important to stay in the terms and conditions of Amazon. So, choose compliant products.