Taking your business to the next level on Amazon requires putting effective systems in place, as well as establishing new plans for growth that leverage the latest technology and expert resources for driving results.
Before overhauling any of your processes, though, brands and sellers must first assess their current strategies and product performance in order to create specific, targeted goals that are informed by deep data insights.
Get the facts about how to effectively scale your Amazon business with these top tactics for sustainable growth and optimizing your pricing, advertising, inventory management, and more.
Perform a SKU-by-SKU Catalog Review Business
The first step towards effectively scaling your Amazon business involves performing an in-depth, SKU-by-SKU review of your catalog. This will help you pinpoint exactly which key products to focus your efforts on, as well as identify any areas of potential risks.
Start by reviewing the active items in your Seller Central account and analyzing each product in your catalog to determine the top sellers and worst performers. These critical insights will inform which categories and items you may want to invest more time and resources in, while also providing you with a thorough understanding of which non-selling items that can be optimized to perform better against advertising or Buy Box competitors.
However, as your business expands its catalog size and grows in complexity, it may be time to enlist a technology partner who can continually provide SKU-by-SKU analysis and optimizations.
Streamline Your Fulfillment Method
In addition to analyzing product performance, it is important to examine your current fulfillment method to ensure that it can support your business as it scales. From growing operational needs to the product categories you sell in, there are several factors that must be taken into consideration.
As business scales, you may want to utilize Fulfillment by Amazon (FBA) as your primary fulfillment method if you are not already doing so. FBA streamlines the process by having sellers send their products to Amazon fulfillment centers, which take care of the packing and shipping of products when orders from customers come in.
Should you maintain high-performing metrics with FBA, you will also have the opportunity to showcase products in front of high-value customers by becoming Prime eligible. Having the ability to reach Prime members is a massive growth opportunity that will further accelerate your scaling efforts.
Related:- Event Exeter at the University of Exeter
Utilize Technology to Drive Sales and Profits
The most impactful step you can take on the road to scaling your business is finding the right end-to-end Amazon optimization solution that is equipped to handle the growing complexities of your operations.
The larger your business expands in scale, the more you will need to rely on technology and data-driven experts to increase sales velocity and make smarter decisions around optimizing key growth strategies.
In particular, using an “AI-first” optimization solution can help brands and sellers find new opportunities to expand their catalog by monitoring market trends and competitors for new product ideas. Using sophisticated algorithms, technology like Feedvisor’s platform can determine exactly which types of products are best suited for your business growth.
Additionally, utilizing a technology partner can help you drive sales and profits by providing real-time optimizations to other vital areas of your Amazon business, including:
Managing Inventory: An AI-powered platform will give you a holistic view of your inventory, provide ongoing evaluations and optimizations that take into account storage costs and fees, as well as offer insights into how best to stock both popular and underperforming items.
Optimizing Price Strategies: Finding a technology partner that provides real-time repricing optimizations to your entire catalog based on ASIN-level data is essential for driving profits and staying in control of the Buy Box, allowing you to avoid human bias while making important strategic decisions.
Optimizing Advertising Strategies: To scale advertising, use an automated solution that aligns with your business goals and can enhance your Amazon Advertising by optimizing keywords and product detail pages, identifying items that will benefit from Sponsored Products campaigns, as well as reducing any wasted ad spend.
In order to effectively and efficiently grow your business on Amazon, you need to use the right technology and resources that enable brands and sellers to optimize their strategies in real time using deep data insights.