Data analytics and a company’s profitability go hand in hand. An effective amazon marketplace analytics tool may help merchants gain valuable information about their consumers that can help them fine-tune selling techniques on Amazon.
Amazon Brand Analytics: Overview
Amazon Brand Analytics is a collection of reports accessible to authorized Amazon Brand Registry members. The service, formerly known as Amazon Retail Analytics, provides brand owners essential insights into customer behavior, popular search phrases, competition success, and advertising efforts.
Brands may be able to use this additional data to enhance sales on Amazon and maybe throughout their whole omnichannel network if they so want.
Why is Amazon analytics significant?
- Allows you to monitor direct competition closely
To know when your rivals are outpacing you, Amazon analytics may give you essential indicators. You may find out which consumers they’re taking from you, what things they’re selling are more appealing than yours, and why they’re doing so. Using this information, you can make intelligent adjustments to your listings and increase sales.
- Puts you ahead of the competition on Amazon
Only registered brands get access to Amazon analytics. As a result, you have a leg up against generic brands and third-party sellers who may try to undercut your costs and steal your clients.
- It delivers exclusive data points
It’s absolutely worth looking out Amazon’s reports because they provide essential business information that can’t be found on any other site. You may use the information offered to improve your listings and find out which techniques are genuinely effective for your business.
Different Types of Amazon Brand Analytics Reports
- Amazon Search Terms
Brands may benefit from this study by learning about the most popular keywords on Amazon. This is necessary for companies who wish to take over the digital shelf and raise consumers’ awareness of the things they sell.
- Attribution on Amazon
In addition to social media and PPC advertisements, you can utilize Amazon attribution to keep tabs on a wide range of marketing materials. Brands may use this data to see which techniques are practical and then make adjustments that significantly influence their sales and acquisition expenses. You may also have access to this information by logging into your Amazon advertising account.
- Using Comparative Analysis and Alternate Buying Behaviour
With this data, we can better understand how customers think about making a purchase. Brands can track which of their rivals’ items their customers are looking at and purchasing. Important data that is not usually available through merchants and other third-party sales channels may be found here.
- Market Basket Analysis
Brands may observe what other items customers purchase in addition to their own, which can be utilized to create product combinations and other cross-marketing possibilities. Brands may benefit significantly from this sort of data, but only if it’s combined with other types of data.
Search Analytics Dashboard
Amazon’s 2021 net sales revenue was calculated to be $469.82 billion. In addition to the above mentioned data, Amazon has unveiled a new search analytics dashboard to increase sales further.
- The Query Performance Monitoring Dashboard
With the Query Performance Dashboard, retailers can see which search phrases their customers are using to find their goods. They get access to the most popular search phrases for their whole catalog as well as for each ASIN. When searching for a certain phrase, they may even see how their product compares to other vendors on the same search engine results page (SERP).
As buyer behavior changes, brands may better understand how each search phrase performs. They can check how many conversions each item gets for different keywords. This allows retailers to target keywords and content for their products better.
- The Performance Dashboard for the Catalog
A brand’s sales funnels may be better understood with the Catalog Performance Dashboard at its disposal. The dashboard shows where customers are losing interest before making a purchase. Customers’ journeys may be optimized, and conversion rates increase.
A few indicators are already available in other Amazon reports, but this is the first time they can be viewed in one place for sellers. As a result, it’s much easier to spot problems with things like content, delivery, and return policies. Inventory management and return on marketing investments may all be improved with the Catalog Performance Dashboard.
Strategies To Apply These Insights To Enhance Business
- Set objectives using Amazon’s reports
Analyze your sales data by product, category, keyword, and country with Amazon Brand Analytics. You may use these data to generate baselines for some of the more important indicators discussed above. After that, you may devise a plan to enhance your abilities.
- View the reports at various times
Review your reports regularly (every month, quarter, and year). You may see short-term and long-term patterns by examining these data points over various time frames. Better business decisions can be made as a result of this.
- Improve your store product by product
Brand owners may use Amazon’s search box at the top of their reports to search for a particular product by entering its ASIN number. A comma or space can also be used to separate multiple ASINs.