RT7 x BHETA – Staying Competitive on Amazon
BHETA is the leading UK trade association for manufacturers, importers, suppliers, and distributors in various markets.
In our latest webinar we had a chat with BHETA discussing key insights and strategies for Sellers & Vendors and we also touched on the future of online sales post covid-19.
1st things 1st
Having available inventory is a great first step but not sufficient to be most successful in Amazon’s competitive marketplace, there are three important sales velocities you should prioritise.
- Discoverability, you should prioritise advertisements for your brand and be searchable.
- Have an optimised content to sell your product
- Lastly is conversion rate, if you are not making sales you will not make profit. Aim to convert every search, and PDP view into a sale.
Amazon or Google?
When people are looking for science facts, they will probably consult Google first but when it comes to product searches more than 65% of consumers start on Amazon, that means if your products dominate on Google you are competing for only less than 35% of the market which decrease your chances of making a sale by more than 50%. Your product may be the best in the world but if consumers don’t see it first when they are shopping online, they can’t buy it.
Amazon as the core of change
We saw Amazon make $11,000 per second globally during the uncertain times, when physical store shelves were empty, and people avoided being outside. Amazon made it easy for people to adapt to online shopping.
Best Business Decision Making
Using seller fulfilled prime is a good business decision that allows you to offer favourable delivery structure while maintaining the relationship with your most loyal customers. Making this decision has lucrative outcomes like gaining all the benefits of the “Prime Badge” and full use of Amazon customer service for instance all returns will be dealt with by Amazon.
Want to see the full discussion topics and notes from our presenters? View the full presentation here – How To Stay Competitive on Amazon.