How to Navigate Amazon's Changing Marketplace
Published by Abbi in Amazon
Amazon's marketplace can be difficult to navigate at the best of times, but even more so with its ever changing nature. With new functions, more competitors, interface updates and changes to the Terms of Service, it is becoming more crucial than ever to be in the know. Making sure you consistently analyse your data and adapt accordingly is essential in being able to stay ahead of your competitors and the market.
So, to help you along your way we've put together our top tips:
1. Don't get complacent
Make sure you stay on top of your business strategies. Just because something is working now doesn't mean it will be in the future. Three important things to keep in mind at all times:
- Explore - Find out what new features Amazon is offering and make sure you take advantage of them. They are often adding new tools for sellers that you may not have even heard of yet.
- Test - Try new tactics for your store - you won't know what works until you test it out. See if changing your product descriptions drives up business for example. If it doesn't work, you can always change it back.
- Grow - Part of being a good businessperson is learning from your successes and mistakes. Use them to see how you can adapt and grow your company.
2. Analyse your data
One of the essential keys to growing your business is constantly analysing your data and trends. Look at each product as having its own pricing structure, competition and customer base and adjust your merchandise according to the data. Get rid of underperforming products and champion those that are selling well to streamline your store and increase profits.
It is also advisable to keep an eye on market trends to see if you're able to spot future successful opportunities.
3. Keep on top of news about Amazon
There are plenty of blogs and Facebook groups out there that will keep you up to date on the latest Amazon news. Do your research and subscribe to a few that fit into your niche. Make sure you also check out our Twitter page for up to date ecommerce news.
As well as this, make sure you are checking Amazon itself for their latest updates, including changes to their Terms of Service, search algorithms, new features and any beta programs they may be running.
4. Try out third party applications
Whilst the tools in Amazon Seller Central can be helpful, they don't offer complete accessibility to all the data you need to make your shop successful. It's a great idea to invest in third-party software that will give you the ability to easily control your storefront. For example, consider getting an Amazon repricer, a simple, speedy and cost-effective way to stay ahead of the competition without spending hours doing manual research.
5. Be Patient
Remember, above all, it's important to stay patient. Growth doesn't happen overnight - instead of measuring how well you're doing on a weekly basis it's important to look at the big picture. It's better to have steady and sustainable growth over an extended period than small and unpredictable spikes. As long as you are adaptable you should be able to handle any change and make your business a success.