Amazon is on pace to become the world’s first $1 Trillion Company. Here’s 3 reasons why Amazon is not saturated:
1. Amazon is disrupting marketplaces
Amazon is obsessed with the customer and innovating betters ways to serve them. From the latest acquisition of Whole Foods, to making the most innovative hardware of 2016 and 2017, and now setting it’s eyes on Education, the drug industry, drone deliveries, logistics, and on and on. They are disrupting industry one after the other.
2. Amazon’s every-increasing market cap.
In the past 2 years Amazon went from $140 billion market cap to over $473 billion. And by 2020 it’s projected Amazon will become the world’s First $1 Trillion Dollar Company.
Almost half of Amazon’s revenue comes from 3rd party sellers. This represents a HUGE opportunity for sellers.
3. FBA is driving the company’s overall growth
Fulfillment By Amazon (FBA) is a service that allows sellers to have Amazon handle warehousing, shipping, customer service, and… leverage Amazon’s brand name and conversion optimized product listings.
So with Amazon doing about 40% of ALL online sales, and because they’re on a huge growth curve, the opportunities are great. It just comes down to properly growing your brand within their emerging markets and knowing how to ride the wave.
Referenced article here.
Note from the editor: The following is a guest post by ManageByStats.
ManageByStats is an Amazon seller tool suite for Amazon sellers that provides functions that are not commonly provided well by Amazon or by other services.
See graphs updated daily which show key metrics by Day / Week / Month / Year for your Business, for each Seller Account, each Brand, each Product Line, each Product and each SKU. Access and search all transactions and customers, by name, phone, email address, Order ID, product or any other key information. Easily manage your inventory restock with smart prediction and alerts that let you know when you need to order new inventory.
The following post is a feature of one of ManageByStats most unique features; Email & Phone Appends.
With customers emails, you can upload them to Facebook, do retargeting campaigns, and create look a like audiences to reach more of your target market. Definitely an interesting feature to explore in your Amazon FBA business.
When it comes to business assets, one of your most valuable is not your inventory, your office equipment, or even your company name. Possibly the most valuable asset you possess is your customer database. These are your buyers, the source of your income and, at the end of the day, your customers are how you would either rebuild your company, take it to a new level or, even, start a new one.
There’s no doubt customer info is worth its weight in gold.
Customers Are King
The completeness of that info, therefore, is important. Throughout the life of your business you’ll build your customer database, and the more info you have the more value it holds. For Amazon sellers the customer information you get is missing key data; namely the real email address and phone number. Amazon no longer gives the phone number, and they’ve never given the real email address. As you know Amazon cloaks the emails, replacing them with an Amazon email of their creation.
What this means is that, when selling on Amazon, the customer info you collect is less complete. In order to email your customers you have to do it through Amazon. As long as you’re selling on Amazon this may not be an issue, but if you go elsewhere the value of the customer info you take with you is reduced.
There Are Solutions
Fortunately there are solutions. Rounding out your customer info can be done with services like ManageByStats’ Email & Phone Appends. ManageByStats is a suite of management tools for Amazon sellers, that also provides a unique service called Appends. Appends employs multiple national databases to find real emails for your customers, as well as phone numbers if desired. Having these two bits of information, as noted, goes a long way toward completing your customer records.
You can learn more about the Appends Service at ManageByStats.
To Infinity And Beyond
Having real emails, and even to some degree phone numbers, opens up a far wider range of marketing opportunities. For the longest time having that info simply meant you could do direct email campaigns, or make direct calls. This is huge, of course, but it was once about the only use for real emails or phone numbers.
Not so any more. Direct campaigns are still huge, but with social media so many new opportunities have opened up.
Facebook in particular keeps refining their audience building, such that you can now upload customer info to create remarkably tailored audiences that share similar interest with your existing customers, thus giving you whole new groups to which to market and sell. With additional data such as real emails and phone numbers the match rate for these audiences rapidly approaches 100%, meaning the relevancy and size of your Facebook audiences can reach whole new levels.
And so the value of this additional data is clear. It’s a vital part of your customer info. As with most things there are ways to get it, and once you have it that data becomes part of your permanent record, ready to travel with you wherever you go.
Here’s to your selling success.
To learn more about ManageByStatsEmail & Phone Appends tool, check out ManageByStats.
Amazon continues to help brands establish more of a presence over resellers. Here’s 3 new Amazon tools for brands to sell more:
“Complete Your Drafts”
A small change to make adding products easier, “Complete Your Drafts” is helpful when adding products. For example when you set up an item and Amazon hasn’t approved it yet, it will show up in the Complete Your Draft.
The Complete Your Draft section is a good way to keep track of the products you’re adding that need approval.
Amazon has had stores for a long time, but they were limited and not very interesting.
Now if you Brand Registry you can choose from prebuilt templates, or create your own.
These enhanced stores with optional videos will improve your brands presence. Before these options were limited to Vendor Central sellers, now FBA sellers have these options.
Very similar to Enhanced Brand Content that was opened up to FBA sellers last year.
This feature is only available through this link: https://sellercentral.amazon.com/insights/intake/new
Basically, you can get insights into people who have bought and who hasn’t, asking them a bunch of questions so you can improve your product and marketing.
You can choose from questions Amazon selects, or create your own:
After you create your templated questions, you submit it to Amazon and they will contact you for the price to setup the campaign.
Need help with any of the above features? Contact me for a free consultation.
Referenced article: http://www.practicalecommerce.com/3-new-amazon-tools-for-brands
Amazon is getting great at one thing: Anticipating Customers Behaviours.
Walmart has low prices, large selection, but Amazon does too, and one special sauce…being anticipatory.
They are collecting data everyday, determining what people want in advance of us knowing what we want.
It boils down to convenience, and removing as much buying friction as possible.
Some examples of Amazon with Anticipatory Strategies are:
- Prime delivering products within 2 hours
- Dash and Echo seamlessly taking orders by the push of a button or voice
- Suggested products while your shopping on a product page
- Hot seller products related to your buying trends
What can you do to be more anticipatory in selling your product?
First determine what your product life cycle is.
e.g. If you have a consumable product, how many days out is the point where they should reorder? Let’s say it’s 30-60 days from the point of purchase, then you could email them saying “Hi Customer, I see that it’s been 30 days since you order our product, I hope you are loving the product! It’s probably time to reorder. Here’s a 10% off coupon for your next reorder…”
Likewise if you don’t have a consumable product, try emailing them with suggestions on complementary products or info that would benefit your customer.
One of Amazon’s core values is being customer obsessed, so regardless what strategy you use, be sure to prioritize listening and anticipating your customers needs. When you do, you’ll have an advantage over your competitors, and you’ll stand out from a crowd a reactive sellers.
For insights on Amazon customer mindset & buying behaviours click here.
Have any comments or strategies you’d like to share? Leave a comment!
Here’s the referenced article.
Creating an superb buying experience is an excellent way to retain Amazon customers.
Loyal customers who love your brand will share their experience to their friends and family, creating one of the best forms of advertising.
Here are 6 ways to retain amazon customers:
1. Deliver a first-rate experience
Meet and EXCEED customer expectations earns you repeat business. Don’t just match what other sellers do, find out ways to exceed and ‘better’ serve your buyers needs.
2. Be creative
Use images and interesting ways to use your product into your images. Give your customers reasons to buy your product and be long-term customers. Create an emotional impact. Let your customers feel great about your product as they imagine themselves using it.
3. Partner with bloggers
Contact with experts in your field who run successful blogs. Partner up with them, highlighting your product, reviewing your product, running promotions, etc. Getting endorsements from influencers is an awesome way to win trusted customers.
4. Make it easy to be charitable
Customer philanthropy is becoming more popular. Try putting Amazon Smile in your product description (Amazon Smile donates part of the purchase price to the customer’s organization of choice).
5. Share your values
Have you thought about your company values? Many people have not. If you have, make it clear what you stand for. Showcasing these gives customers another reason to keep coming back.
6. Post answers to your customers questions and reviews
Directly respond to customer questions and reviews. Go above and beyond and add any important questions or reviews to your product description which can help other customers.
Do you want a FREE Amazon product listing analysis? Click Here to get a FREE 14 point listing analysis report.
Referenced article here.