Is launching your product on Amazon on your list of New Yearâ€™s resolutions? Or is optimizing your brandâ€™s presence on Amazon part of your 2019 eCommerce road map? If not, it should be.
According to eMarketer, Amazonâ€™s online sales grew nearly 30% in 2018, outpacing total US retail ecommerceâ€™s growth by 16%. Whatâ€™s more, Amazon took almost half the share of retail ecommerce sales in the US. And 2019 is looking even bigger. Letâ€™s make sure you get a part of that pie.
Success on Amazon is highly dependent upon understanding its inner workings, knowing what they expect from you, properly setting up your internal operations and logistics and strategically leveraging the tools available to vendors and sellers.
In a new series of articles we will be sharing with everyone, we outline various tools, processes and considerations for either launching or optimizing on Amazon.
Where to Begin?
Conducting an audit of your current presence and of the competitive landscape will give you a view into the current situation on the platform and can help identify specific opportunities for launch or optimization.
- Who is your competition?Â It might be different than you think.
- Insight on your competition. Where, what and how they are selling.
- Current ASIN performance.Â What areas can immediately be improved?
New to Amazon?
Gathering information from the competitive landscape will help you make important launch decisions once you get a bit further along in the process including. Details including category selection, price, marketing and merchandising, product listings, content, pack types and selling channels, are a few of the important criteria to evaluate when auditing the landscape.
If are you already selling on Amazonâ€¦
If you have already launched on Amazon, conducting an Amazon Product HealthScoreTM(PHS) can help identify specific areas to focus on in order to improve your Amazon brand presence, product awareness, traffic and overall conversion. Velocityâ€™sPHS is a proprietary process that takes a quantitative and qualitative analysis of an individual SKUâ€™s health on Amazon. The process analyzes creative, SEO, inventory management, third-party sellers and merchandising & marketing, and assigns a score to each area, on a 5-point scale. The lowest scoring areas identify the immediate areas of opportunity for improvement.
Conducting a PHS on a monthly basis can provide an ongoing look at your individual ASINs performance and continuously provide insight for areas for improvement.
Competitive audits should be conducted monthly or quarterly in order to stay on top of the rapidly changing landscape on Amazon.
Velocity Knows Amazon
Velocity currently conducts competitive audits and Amazon Product Health Score for a variety of clients at varying cadence. Please reach out to either Christa Klausner or Rami Odeh so you can learn more about what YOUR health score is.