Amazon is here…Now what?
With the anticipation surrounding Amazon’s arrival, retailers have been understandably on tenterhooks. For some, the ‘will they, won’t they’ wait for launch meant retailers had more time to develop a thorough strategy. From listings to inventory and staff development, there were boxes to tick and new tactics to implement. For others, it was a wait-and-see approach. Whichever camp you’re in, the wait is over. But…now what?
- The Amazon Effect
While many refer to Amazon as a disruptor, what’s often ignored is its role in the evolution of eCommerce. Both short-term and long-term, expect to see an ongoing consumer shift to shopping online. Ensure that you leverage this consumer interest NOW and, whether you’re involved in Amazon at launch phase or not, your processes and procedures are sorted and you’re set up to ride this wave.
For more on how Amazon will continue to change the retail landscape as we know it and how to adapt for success, download this webinar.
- Press GO
Amazon’s impact won’t be felt overnight. But those sitting back and waiting for the change to be felt will miss an important opportunity. Timing is everything. To really make your mark on Amazon, seller history is vital. This is what will ensure positive feedback, gain trust with potential customers and of course, help with Buy Box placement.
- Speaking of Buy Box placement…
It is vital that the Buy Box is central to your strategy. The importance of the Buy Box should not be underestimated. This is where you will be seen by customers and this is what makes it as likely as possible to convert. With competitive pricing, a positive customer feedback metric, fast and efficient delivery, adequate volume of inventory and low refund and return rates, your products are more likely to get prime position in Amazon’s Buy Box.
Check out 6 Tips For Winning the Amazon Buy Box here.
- Know the gaps
One of the most important elements in business is to know what you don’t know. Whether it’s inventory data management, listing management, fulfilment or customer service, know where you need to engage a third-party expert to ensure you’re making the most of the Amazon opportunity. ChannelAdvisor’s tools can help you launch track and automate inventory as well as customise and brand your marketplace listings to meet your strategic business goals.
What’s your pricing strategy. It’s no secret that competitive pricing plays a huge role in Buy Box placement and conversion success. But do you know how to monitor multiple price changes per day and adapt accordingly? Consider a tool like the Algorithmic Repricer for Amazon to boost Buy Box presence and profits. Our advanced algorithmic repricing technology monitors the competitive landscape of your ASIN to arrive at the highest possible price within the parameters you set. All to ensure you’ll win the Buy Box at the highest possible price. We’ve emphasised the importance of the Buy Box already and how you can rely on third-party partnerships with experts; this is the perfect example of both of these principles at play.
- Data and optimisation
If you’re an established online retailer you’ll be an expert in optimisation. But know that optimising for Amazon is a not like optimising for Google. To optimise listings on Amazon, ensure that you:
- Research similar products to see what listings appear with words you may not be using
- Using single words rather than phrases (because consumers may not use those exact words in that exact order and that would prevent your product appearing)
- Ensure you don’t repeat words from your product title
- Utilise the hidden key fields to use synonyms and abbreviations that consumers may use to find you
Amazon’s arrival marks an exciting time for online retail. There is no doubt that retailers will need to adapt their processes and procedures and that there is much for the industry to learn and evolve accordingly. But there are solution providers and experts to help you at every step of the way so that you can know the guidelines, know what’s expected of you and implement your strategy to succeed.
ChannelAdvisor can help you with your marketplace expansion — just contact us to see how we can help you thrive on Amazon.