3 Tips for Successful eCommerce Catalog Management
Catalog management is something that should be taken very seriously. If you cannot manage the data,...
Those few words can strike fear into the hearts of retailers. It’s big, it’s daunting, it’s confusing! But let’s take a step back. Why exactly did you start your business? Was it to sell a few widgets and that’s it? I’m guessing you have sales promotions, marketing promotions and business blitzes to turn prospects into clients. So…with all that effort (and cost!) to get new clients, why are you not taking advantage of the monster sales channel that is the Amazon Marketplace?
In future blogs, we would like to provide you with some information about the how’s, why’s, technical terms, expectations…the many things that you must understand before going into the Amazon.com arena. However…right now we wanted to provide you with some basics for you to consider so you can make a decision to learn more about it and how it can benefit you!
While it is true that many large companies sell their products on Amazon, it’s also a great place for small to medium size businesses that are looking for a new outlet for their products. Businesses aren’t out there to build their brand or develop long-lasting customer relationships. That’s what your marketing, website and other advertising avenues are meant to do. The goal of an Amazon retailer is to SELL THEIR PRODUCT FAST!
BENEFITS OF SELLING ON AMAZON:
But first, let’s look at some of the benefits of selling on Amazon. The first, and most important point for your business is an increase in your sales volume. To put it simply, when you open up your potential client base to millions of people in the US and around the world (if you decide to go international), your product will be in front of more people which increases your chance to sell more of your product.
Another key point is the magic word…LOCATION. How many people are visiting your website and reviewing your products per month? How many do you think are going to Amazon to browse products? I’m going to go out on a limb and say that more people visit Amazon than your website. So…if you have the opportunity to get your product into that “store,” then why wouldn’t you do that? If someone offered you some prime real estate in which to locate your business…wouldn’t you at least consider it?
Also ask yourself…is the internet going away anytime soon? Year after year after year the online retail marketplace continues to grow. You probably have a website with the ability to buy your products, right? Why do you have that? It’s because you already know this to be true…people are buying online more every year. Since Amazon is the 800-pound gorilla out there (for now!), everyone wants to get out there…and so should you!
If these points haven’t convinced you that Amazon is the place for your products, then how about the fact that there are close to 300 MILLION active members, most people are more comfortable purchasing through Amazon than anywhere else online, and they have a time-proven method of selling, collecting money and fulfilling the deliveries.
Ok…so we’ve convinced you. Amazon is the place to be. This is where you need to go to get your product in front of more people and increase your sales. Now you have to dig into the details such as fees, the how-to’s, and the agreements that Amazon requires.
I won’t lie…there is a bit to learn here. It’s not overwhelming…you just need to begin the process. Now, what I DON’T want to do is re-list all of Amazon’s rules, fee structure, process, etc. Those vary from customer to customer.
But what I DO want to speak to you about are two KEY items that you will have to be sure you have a handle on… inventory management and a dynamic, automated repricing tool.
Therein lies the challenge. With potentially dozens of competitors selling the same thing as you, how do you make it work for you? You do that by having a software that is built to handle these two key components for you in the most automated way possible.
Let’s start with inventory management. If you get your products out there for the world to see, you have to be sure that you know exactly what you have at all times. How do you do that now? If you have a brick-and-mortar store I’m sure you do regular inventory checks. Perhaps you even have an inventory software that you’re using to track your merchandise.
Maybe you’re selling through your business website. Again, that probably means you have some method in place to track your existing inventories. Now, you’re jumping into an online marketplace like Amazon. Things can happen fast when you suddenly increase your customer base and sales, so you MUST tie in your inventory to the online channel that you choose.
StoreAutomator’s Inventory Management software is the path you need to travel. We can integrate with your software to pull inventory levels, costs, pricing and detailed product information. What will this do? It will allow you to open up an entirely new channel for your products…and not just one! Amazon is just one of DOZENS of channels out there (both domestic and international) that can open a whole new level of sales and business for you!
AUTOMATED AMAZON REPRICING:
Next, let’s talk about pricing. This is also a nerve-wracking component of selling online. Let’s keep it simple by asking yourself “How do I know what my competition is doing when it comes to pricing?”
Well – how do you do it now? Are you (or a member of your team) spending time and labor costs researching your competition to make sure you’re not out of line? When a peak season arrives, are you even more dynamic? Or…do you simply set your price, leave it sit and hope that people buy from you?
My point is this…if you decide to move onto Amazon or another online channel, you now potentially have DOZENS of competitors when you may have only had 1 or 2. That means your pricing analysis needs to be on point, all the time. That’s where dynamic, algorithmic repricing software comes into play.
Specifically, that’s where StoreAutomator’s Amazon Repricer software comes into play. Our Amazon Repricer does the research and changes for you so you can spend more time on your business.
Using our proprietary algorithmic formula, our software scours Amazon for such things as your competitor’s pricing, quantity and shipping costs and, based on your requirements, automatically adjusts the price for your listing. Only in this way can you improve your chances of winning the buy box (and getting your product sold) while also managing your profit margins!
If you’re on Amazon now and aren’t winning that Buy Box as often as you like, or if you’re CONSIDERING entering the online world of Amazon to get your products in front of MILLIONS of consumers, then you need to have a conversation with us today.
Let us present a demonstration of our software to you and your team so, if you decide to enter this new channel, you can do it with confidence and with results! We look forward to hearing from you today!
We are experts in eCommerce and Automation with 100+ years of collective experience.