Are you an Amazon seller whose profits seem to be stagnating? Are competitors in your category stealing your customers and you would like to win them back? Believe it or not, many entrepreneurs have built consistently profitable Amazon businesses, and you can too. All you need to do is build an Amazon competitive strategy to reap considerable profits regularly. Keep reading to discover the best tips for selling on Amazon competitively!
1. Creating an Amazon Competitive Strategy
Amazon has over 12 million products. Your first job is to identify the products likely to give you an edge and a better return on your investment. Fortunately, there are proven criteria you can use to choose the right product to sell. You can do most of the work for free on Amazon. Here you will learn;
- About top-selling products
- Products you should choose and sell
- How to effectively do your research so put you ahead of the competition.
2. Becoming a top-tier Amazon Seller
Selling on Amazon is arguably the easiest e-Commerce way of making money. However, before you can make a dollar on the platform, you must know the kind of products to sell and fully understand how to utilize the site to your advantage fully. If you plan to set up a side-business or fully-fledged enterprise for you and your family, be an Amazon seller. It is one of the practical ways of doing online business, but you need to learn how to use Amazon competitive strategy.
Becoming a top-tier seller on Amazon is possible, but it demands;
- Identification of solid working strategies
- Commitment to see your business through
- The correct choice of the product to sell
- Complete understanding of how the platform operates
You will face challenges which you must overcome to become an Amazon top seller. We seek to understand such hurdles to give our customers fool-proof strategies that work for selling at Amazon. The Amazon competitive strategy discussed here works, and if implemented accordingly, you will soon become a top seller. Visit this other blog article for more competitive strategies, such as how to develop Amazon competitive pricing strategies.
3. Top Tips For Selling On Amazon
- Sell high value and quality products
- Define your competition and study them
- Set your pricing right
- Routinely track listings
- Fix issues and make them right
- Use Amazon reviews to your advantage
- Show up throughout the buying cycle
4. Sell High Value And Quality Products
One of the things that have kept Amazon going is its focus on putting its customers first. Amazon is keen to ensure that only the best quality items are sold on its platform. As an Amazon seller, you must make sure that customers are satisfied and happy with the products they are selling. The objective is to make customers feel personally valued while shopping. You can also cut your PPC spending by focusing efforts on collecting positive reviews.
When you do it right, your customers are likely to leave a positive review. The more you get positive reviews, the higher your chances of making more sales in the future. Whatever you choose to sell on Amazon, think about how the end-user will feel about it. You will make more sales if you can personally use the product or recommend it to your loved ones. However, if you have reservations about the product, you will attract negative reviews, and soon, you will be out of business.
An effective Amazon competitive strategy is to give your customers unexpected value, consider coming up with a promo, gifts, or a valuable PDF with helpful information about the product. To pick a performing product to sell on Amazon, use common sense, which could be revolutionary for your customers. Keep in mind that if product manufacturers are cutting corners, the defect on the product will come out as soon as the consumer uses the product.
You want to avoid negative reviews as much as possible when selling on Amazon. In addition to losing customers, you can also lose seller privileges and your business literally. Therefore, you need to make sure you are selling tried products that help customers.
5. Define Your Competition And Study Them
The first thing that most Amazon sellers do is look at the sales data and make the necessary changes to make their listings stand out and boost conversions. While that is important, you should never forget that your competitors are doing the same thing.
Therefore, besides optimizing your listing and making sure it is appealing, you should text an extra step and study what most successful Amazon sellers do. You can track changes to understand your competition's listings and go back to your own to see how to make it better.
Define Your Competitors
It can be tough to compete with many brands in your niche. For instance, it would not be right to pick someone selling spiritual books as a competitor if you sell fitness products. If you want to get started on the right foot, you need to identify the right competitors. To do that, you want to filter out Amazon sellers based on:
- Product features
- Number of orders generated
- Customer reviews and ratings
When you filter out the competition's metrics this way, you get direct competitors selling to customers similar to yours, and you can use the Amazon competitive strategy to make your listing stand out. Once you have defined and identified your direct competitors, the next step is to track them.
Track Your Competitors’ Keywords
Finding and tracking your competitor’s keywords do not need to be complicated, and it is an effective Amazon competitive strategy. Armed with your competitor ASIN, you can search and wait for the results. You immediately get a list of different listing metrics, which include:
- Long-tail keywords
- Related products
To get the competitor's product keywords and their long-tail keywords, switch between the tabs. Once you have your competitors' keywords, track them to get their search results. From the long-tail keywords, you can select and track keywords.
One effective Amazon competitive strategy is to know the keywords your Amazon seller competition is ranking and use them in your listing. Soon you will be ranking up too if you keep doing it this way and combine this strategy with the other top Amazon seller tips covered here.
Target Your Competitors’ Keywords With Amazon Sponsored Ads
You want to run manual campaigns on the Amazon platform for the same set of competitors' keywords. To beat your competition in ranking, focus on getting sales driven by your competition's keywords. Amazon PPC campaigns will come in handy here. Check out this article for detailed information on how to create a successful Sponsored Product Ads campaign.
To effectively and comprehensively study your competition, use Amazon scraping. If you are not familiar with Amazon scraping and how they can help you beat the competition, we have it covered here.
You can and should have access to product data to use to your advantage. Web scraping extracts data to improve your product and make it stand out. It is a good Amazon competitive strategy that some sellers ignore.
You can use helpful guides to come up with the right approach to extract all the product and pricing data from the giant platform. To succeed as a top seller in Amazon, you need to understand how to utilize web scraping tools and proven tricks to gather the data you need. An excellent data platform is DataHawk's Amazon Analytics Software Suite and business management platform.
Benefits of Amazon scraping
Amazon scraping avails the data you need on competitors' prices and research. You get real-time monitoring and seasonal price shifts to enable you to give your customers better product offers and when you use the Amazon competitive strategy.
Web scraping gives you relevant data from Amazon, and you can save it on excel, JSON, or other spreadsheets for further analysis. You also can automate the process to get your Amazon seller competition data regularly, weekly, or monthly.
Currently, Amazon does not have a provision to export product data from the website, but a web scraper, you can have the problem solved. You can easily access the data you need for many purposes, such as;
- Competitor testing
- API creation for your app
- Comparison shopping
Using a web scraper as one of Amazon's competitive strategies to get your competitor's data on Amazon is beneficial in the following ways:
- Help to track competitors' sales rank, profitability, and speed of competitors
- Discover competitor's products that are doing great
- Check out top-selling listings in your category so that you can model them
- Use product search results to boost your listing marketing campaigns on Amazon
- Allow Amazon sellers to compare and contrast their listing with that of competitors
- Use review information to see how management and product optimization are doing-especially for manufacturers and retailers.
When you are ready to use Amazon scraping, make sure to engage reputable scrapers for the best services. When done the right way, scraping can be pretty effective in staying up to date with your competition.
As a top Amazon seller, Amazon Competitive Strategy is something you should perfect from the start to set the necessary benchmarks and come up with a working strategy. Getting access to your competitor's customer reviews and product promotional deals gives you an edge to strategize and boost your business ahead of the competition.
6. Set Optimum Product Prices
The pricing of any product is pivotal for the success of the business. How you set your prices can make or break your enterprise. Keep in mind that if you are not competitive enough as an Amazon seller, you risk losing the Buy Box along with your rankings.
If you want to stay on top and keep making sales, set a competitive price for your products. The pricing also plays a role in how your business rank on the listing. If you set the correct prices, you can dramatically improve your performance and seller rankings.
The Amazon competitive strategy services of a reputable Amazon scraper will come in handy here again. Scraping services will help you track down your competitors and how they are setting prices so that you adjust accordingly.
Set Pricing Alerts on Competitors' Products
Setting alerts to monitor the pricing strategies of your competitors is another practical tip to beat your competition. Pricing plays a crucial role in buyers' decision-making. You need to constantly check what your competitors are doing price-wise and re-price your products to keep making sales. DataHawk offers a best-in-class Amazon Alerting tool you can use to keep track of your product and your competitors' products. You can also read this article to learn more about Amazon competitive pricing strategies.
7. Routinely Track Your Listings
You need to resolve negative reviews, low inventory, and poor ranking before they escalate to become bigger. Scraping competitors' product listings enable sellers to see their products from the consumers' point of view. You want to get the complete picture to help you find new and innovative solutions and boost your rankings ahead of your competitors.
There are many tools you can use to track your listings and make sound decisions. DataHawk has an entire suite of Amazon Analytics tools to help you better manage and optimize your eCommerce business.
8. Fix Product Issues and Make Things Right with Customers
Amazon is keen on customer service, but sellers need to get involved in consistently performing their products. As a seller, one of your top Amazon competitive strategies is to be on top of the seller feedback. Responding to buyers' feedback has a significant impact, especially fostering loyalty and getting more repeat customers.
Keep in mind that when you make a mistake as a seller, the customer will contact the brand. You need to seize such opportunities and engage the buyer on a personal level. This Amazon competitive strategy will let the customer feel valued, and you will have won them over.
Next time they need the same product, they will come to you. If you are an Amazon seller and you are keen to rise above the competition, you should always;
- Take control of your listings,
- Focus on setting a fair price, and
- Always be willing to sacrifice your time and effort to make the customer happy.
- Seek to understand your competitor’s product and your own
- Use tools/services that will help you overcome hurdles on Amazon.
To make more sales and beat your competition, always be curious to see how you can utilize the enormous data and metrics Amazon holds.
Scraping Amazon data is therefore vital for sellers and vendors alike. Amazon is the magic place to find all the information that can propel you in a single place. Amazon data scraping is proving to be effective in solving the tedious, time-consuming e-commerce data extraction process.
9. Use Amazon Reviews And Ratings To Your Advantage
The majority of online buyers today seek quality information before deciding to buy a product. The most critical information is that customers are always looking for reviews. Buyers trust reviews because they believe it offers the insight they need about the product.
Taking advantage of reviews and ratings as an Amazon seller is an effective Amazon competitive strategy. Here is the crucial information you can extract from a customer review.
- The possibility of making your product better than your competitors'. When you scan through both the negative and positive reviews of sellers selling similar products, you learn to improve your product functionality and features. As you go through the reviews, sellers can also take note of features that can solve buyers' problems as registered in their dissatisfaction with the competitors' products.
- The amount of demand for the product. The level of demand for a product is a crucial factor, especially for more prominent brands and novice sellers trying to get their products out there. Look at the volume of engagement and reviews, and that will give you a better idea of the level of demand the product has on Amazon.
- Insights on how to build your brand by targeting the right buyer persona. You probably know that buyers' mindsets keep changing from one product to another. For example, a customer looking for a golden ring is likely interested in style and not much on the price. However, a student shopping for shoes is most likely to look at value for money. You, therefore, need to market your brand and fashion it to reach your target market.
10. Show Up Throughout The Buying Cycle
Many aspiring Amazon sellers are looking for ways to reach more potential customers but with a tight budget. The Amazon competitive strategy is to make sure your listings are correct. You do not want to limit your customer reach by not using branded or high-volume keywords.
When a buyer is about to make a purchasing decision, they make more specific searches. They will begin with simple search terms but get more specific when they are almost making the buying decision. For example, a buyer looking to buy a phone may 'search mobile phone.'
As the buyer closes into making the purchase, they often get specific to a particular budget range or phone model. Therefore, do not hesitate to use long-tail keywords as your Amazon competitive strategy because they are your best bet when you are looking to make more sales. Incorporate the long-tail keywords in your listing and see how it goes.
Amazon is focused on more business, and part of your Amazon competitive strategy is to follow suit. The use of keyword-driven sales will help you see more engagements and make more sales. To stay ahead of your competition, you must learn keyword research to reach more customers.
You must also find out what your competition is doing so that you can improve on their weakness and build on your strengths. Get the help of professionals with proven insights to walk with you through the journey of Amazon listing optimization.