Selling on Amazon can be lucrative, but it isn’t always easy. Amazon’s vast marketplace can make it challenging to stand out from the crowd and increase sales. That’s where Amazon Brand Analytics comes in. It’s an incredible tool that can provide sellers with valuable insights into their customers, competitors, and brand metrics.
With these insights, you can uncover tremendous opportunities and make data-backed decisions, resulting in better customer experiences and improved conversion rates. Read on to learn how leveraging Brand Analytics solutions can help optimize operations and drive successful outcomes for your Amazon business.
Get to know Amazon Brand Analytics
Obviously, understanding your product’s performance is crucial in optimizing sales and profits as an Amazon seller. Equipped with this data, you can make informed decisions to improve your product’s visibility, target the right audience with an Amazon ad campaign, and stay ahead of your competitors.
Since 2021, brands have had access to anonymized data on customer interests, preferences and shopping behavior via the Amazon Brand Analytics Dashboards. Amazon Brand Analytics provides sellers with data-driven insights to help them make informed decisions about their products and brand. It captures information on customer behavior and purchasing patterns on Amazon’s platform and allows sellers to optimize their product listings and advertising strategy.
Amazon Brand Analytics is available to brand owners who have completed the Brand Registry process and is accessed via Amazon Seller Central. Best of all, the data can guide decisions on and off the platform. The brand analytics shared by Amazon are organized within several relevant reports and the Search Catalog Performance Dashboard.
The main reports compiled by Amazon Brand Analytics include the following:
- Amazon Search Term Report – This report offers details about each search query used by shoppers to find your products on Amazon. It provides valuable insight for keyword research and can guide Amazon advertising efforts.
- Item Comparison and Alternate Purchase Reports – These reports show which products customers view when they check your product listings and which ones they ultimately buy.
- Demographics Report – This report provides insights into customer demographics, including age, gender, and location.
- Market Basket Analysis – This report shows the products customers frequently buy together, which can help you optimize your product bundles and create cross-sell opportunities.
- Repeat Purchase Behavior Report – This report tracks the products that customers buy repeatedly.
The Catalog Performance Dashboard helps brands analyze product-level performance across every seller of those products. The tool can be used to discover conversion issues and find out where customers lose attention or click away, regardless of the seller. The dashboard also offers insights on inventory planning, marketing investments and your products’ competitiveness, especially in pricing.
Amazon Brand Registry is the key to Amazon Brand Analytics
Setting up Amazon Brand Analytics for your product is crucial for any seller who wants to succeed on the platform. With the right tools and insights, you can increase visibility, make informed decisions and drive sales. A brand owner must have completed the Amazon Brand Registry process to get started with Amazon Brand Analytics.
The program is open to companies with an active trademark from the United States or one of 18 other countries, the United Kingdom, the European Union, or the United Arab Emirates. In some cases, a pending trademark may also be accepted for registration. Beyond meeting the necessary trademark requirements, businesses must also provide any product category they intend to compete in and a list of where their products are manufactured and distributed.
Unlike creating an Amazon seller account, the good news is that no fee is associated with the Amazon Brand Registry program. Any company that meets the eligibility criteria can join at no cost.
Have a plan to capitalize on Amazon Brand Analytics reports
As a savvy marketer, you know that data-driven insights can make or break your strategy. That’s where the various reports from the Amazon Brand Analytics tool come in. They provide valuable information about your customers’ behavior, needs, and preferences, allowing you to tailor your tactics accordingly. But first, sellers need to understand how each of the available reports can be used to guide their strategy.
With a plan to use the knowledge offered by each one, sellers can uncover critical insights into customer buying behaviors and trends, so they can be in the best position to boost sales and capitalize on a significant strategic advantage.
Search Terms report
The Amazon Search Terms Report within the Amazon Brand Analytics dashboard provides insight into customers’ search terms to find their products. With this report, sellers can optimize their product listings and advertising campaigns to utilize high-performing keywords while avoiding low-performing ones.
The report lets you see which Amazon search term customers use to find your product and helps you target better search result placement for your listings. This information can help you make data-driven decisions about your advertising campaigns, allowing you to adjust bids, target new keywords, and improve your overall return on investment (ROI).
Item Comparison and Alternate Purchase reports
Sellers can make informed decisions about their product pricing, features, and marketing strategies by analyzing the data from the Item Comparison report and Alternate Purchase reports. They can see what drives alternate purchase behavior and adjust their listings accordingly. They can also identify opportunities to improve their product offerings, such as by introducing new features or bundling products.
The report also helps sellers understand their competitors on the platform. By seeing which products Amazon shoppers are comparing with theirs, sellers can identify which competitors offer similar products and how those products are priced and marketed. This information can help sellers adjust their pricing and advertising strategies to compete in their niche.
Sellers often rely on the Demographics report to fully understand their target audience and tailor their product listings and advertising campaigns to appeal to them. As a result, they can create more targeted ad campaigns and adjust their product offerings to appeal to specific demographics. For example, if the report shows that a particular product is popular with customers in a specific age range or income bracket, the seller can adjust their marketing strategy accordingly.
The report also helps sellers identify new markets and expand their customer base. By seeing which demographics are underrepresented in their customer base, they can adjust their product offerings and marketing tactics to attract those customers. This can lead to increased sales and profitability.
Market Basket Analysis
This analysis helps sellers identify product relationships and create opportunities for cross-selling and upselling. By examining the frequency with which two or more products are purchased together, sellers gain an understanding of how their customers are using their products.
This information can help businesses identify which products can be combined to create a bundle, leading to increased sales and customer satisfaction. It also supports companies’ efforts to identify gaps in their product offerings and show areas where customers may seek a complementary product or service.
Market Basket Analysis can also help Amazon sellers create more personalized product recommendations for their customers. For example, scrutinizing which products tend to be bought together allows sellers to create customized “Recommended for You” lists, targeted email marketing campaigns, and even more accurate product display ads.
Repeat Purchase Behavior report
The Repeat Purchase Behavior Report is yet another way that Amazon Brand Analytics helps sellers to decipher their customer’s buying habits and allows them to make informed decisions about their inventory, promotions, and overall sales strategy.
It gives sellers the data to identify which products have repeat purchasers and adjust their inventory accordingly. Additionally, sellers can identify which products do not have repeat purchases and may be able to determine why customers are not reordering their products, such as pricing or quality issues.
The report can allow sellers to evaluate the success of promotions and deals that they offer to encourage loyalty. By identifying products with a high repeat purchase rate during promotion periods, sellers can determine which promotions work best and adjust future strategies accordingly.
Embrace the power of data
It’s pretty clear that the value of Amazon Brand Analytics is too high for e-commerce businesses to dismiss. Using the data it presents effectively gives sellers a more in-depth understanding of customers and access to crucial insights into their buying tendencies. These details can then be used to fine-tune the content and design of your product listing on Amazon.
With Amazon Brand analytics, you can track competitor performance, so you can make informed decisions on how to improve your performance in comparison. Additionally, leveraging data gained from these analytical tools allows consumers to make better product discoveries, increasing sales for retailers willing to take proactive measures. Amazon Brand analytics offers are often the most efficient way for sellers to understand purchase intent from within their existing customer base and reach new, unique customers.
Amify can put Amazon analytics to work for your brand
If you’d like to learn more about how to make the most of this powerful tool, the talented team at Amify can help. Schedule a free consultation with our experts today and get proven support in achieving your goals of more sales and higher returns.