Online marketplaces have been called the mammoths of the eCommerce jungle. And why shouldn’t they be? Several customers out there value trust, timely delivery, and lucrative discounts over a retailer’s best interests. They would certainly choose Amazon as a buying channel for they know that their money and their purchase are safe on that platform.
As of 2016, even on mobile devices, customers preferred Amazon over several prominent web stores, Apple included. So, even though Amazon may be eating into your profits on a larger scale, you need to be present there.
Bottom line: If you want to be a successful retailer, you have to crack the Amazon code. Let’s take a look at the four Amazon tools you absolutely need to be a successful retailer.
1. Source Products With ProfitSourcery
Choosing the right product mix is absolutely key to making profits on Amazon. Some products have better margins than others, thus leaving you with enough dough even after all of the cuts and commissions Amazon keeps. How do we know what products to choose?
Broadly speaking, apparel, electronics, and accessories are some product categories you can make decent profits out of. But we want to take the guesswork out of choosing your product assortment, which is why we recommend ProfitSourcery.
ProfitSourcery has automated the Arbitrage model, which is a feat in itself. Each day, you choose products that you want to sell on Amazon and sell these products through FBA. ProfitSourcery suggests those products which are most likely to sell, based on past trends and sales data among other parameters.
2. Track Keywords With AMZ Tracker
The key question we need to address about selling products on marketplaces is standing out. We’re not even talking about branding here. What would you give to crop up in organic search rankings on Amazon for your product?
On the AMZ tracker website, this is what they have to say. “The Amazon search engine is a treasure chest of customers wanting to give you more money.”
If only you know the right keywords to use. Predicting the right keywords yourself is a bit like sorcery – it is mythical, imaginary and impossible. However, using a tool that can do that for you based on trillions and trillions of data points, is very real. With AMZ tracker, not only do you derive insights into what keywords to use, you can also track and tweak them over time.
As an added bonus, you also get to see what your competitor’s current status on Amazon is. Sales, revenue, inventory – you are now omniscient to what your competitors are up to. As if that weren’t enough, you also get an alert every time you receive a negative review so you can immediately jump into action.
3. Manage Inventory And Orders With Primaseller
Everyone is vying for a single buy box on Amazon. Did you know that having products out of stock for long periods of time can instantly put you out of the buy box? Sufficient inventory is one of the many major parameters that influence your buy box placement. Here’s why being in the buy box can significantly boost your sales.
We cannot emphasize enough the importance of good inventory handling when you sell on multiple channels and the pain of failing to do so. Manual inventory registries are a thing of the past. What you need is a software tool that dynamically updates inventory from across all your sales channels. Enter Primaseller.
Primaseller tracks inventory 24X7, so even if you sell through a hundred channels, your inventory is sorted. And while we’re at it, why not sort out the entire supply chain? With our Auto Creation of Purchase Orders feature, you can do just that. Just set your reorder point and reorder level parameters and Primaseller can automatically raise a purchase order with your vendor whenever your inventory reaches these thresholds. No more scheduling purchases based on days and seasons – do it with scientific data and a system that supports you.
4. Beating Competition With RepricerExpress
Being in the buy box is a process that requires constant attention. Wouldn’t it be great if you could get a software tool to do just that for you? RepricerExpress dynamically tracks prices for your product, compares them to prices of other products for the same seller and raises and lowers the prices such that you always have a competitive advantage.
While price isn’t the only parameter for being in the Amazon Buy Box, it is an important parameter, and by dynamically adjusting prices, you can be at an advantage. Also, you can set a threshold for how low you can go with the price, and the tool will ensure that you’re never pushed below that value.
So there you are! From tools to choose products with to those that make inventory handling a breeze, these products can help you turn your Amazon marketplace account into a consistent source of revenue.