⏳Amazon adding 2,000 new sellers daily, and 5 MILLION sellers had been added since 2008!
Amazon sales journey is not an easy ride and the market becomes super challenging, especially for mid size businesses and sometimes for established brands.
Many new sellers are sourcing products from China, India, and other countries with lower labor costs, intensifying the competition.
Furthermore, Amazon continues to expand its advertising spaces, both above the fold and within product listings.
So how brands effectively compete on Amazon, here are some strategies you might consider:
🏹 Optimize Product Listings: Ensure your listings are complete with high-quality images and info-graphics, detailed descriptions, and relevant keywords to improve visibility and searchability.
🏹 Amazon Advertising: Utilize Amazon’s advertising tools like Sponsored Products, Sponsored Brands, Sponsored Display and DSP to increase product visibility and drive traffic to your listings.
🏹 Cometitor analysis: One of the most important things is to understand when your competitors joined Amazon and how this affects your sales. What is the average price of your competitors’ products, and do your products offer a better value proposition? What makes you unique? Can you charge more based on that?
🏹 Bundle, bundle and bundle again: combain your hero products together, make color variations, and make sure you’re selling in a competitive price with good margins.
🏹 Focus on Reviews: Encourage satisfied customers to leave positive reviews to enhance your credibility and attract more buyers.
🏹 Differentiate Your Products: Offer unique features or value propositions that set your products apart from competitors, such as better quality, innovation, or superior customer service.
🏹 Expand Brand Presence: Use Amazon Brand Registry to gain access to enhanced marketing tools, protect your brand, and create a better shopping experience for customers.
🏹 Analyze Data: Regularly review performance data and market trends to adjust your strategies, pricing, and inventory based on what’s working well and what isn’t.
🏹 Engage with Your Customers: Maintain excellent customer service and promptly address customer issues and feedback to build trust and loyalty.
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