4 Stats That Help Identify Failing Amazon Products
Your product was selling well and now it’s not.Frustrating isn’t it?Don’t worry it happens to the best of us. It doesn’t mean you’re a failure at Amazon selling, just that you need to spend a little time optimizing your product listing.It’s part of the zigzag process of success.So instead of giving up, think about how you can get it working again. There are 4 essential stats on your business report that will help you determine how well your product is doing and help you identify where the problems are.These 4 essential stats are:
SESSIONS - Unique visits to your listing by a user within 24 hours. Even if the user clicks on your listing 30 times in 24 hours, it’s still 1 session.
SESSION PERCENTAGE - This percentage is based on all the items you sell. It can help you get a sense of what items in your Amazon store are desirable or not. Let’s say you have 5 products and 3 of them bring in 80% of your buyers. With that knowledge, you can either stop offering the other 2 items or work to optimize them.
UNITS ORDERED - Amount of items actually sold not the number of transactions.
UNIT SESSION PERCENTAGE - It shows the percentage of visits that turned into a sale, aka your conversion rates. For example, if 100 people visit your listing and 20 of them bought that particular item, then you have a 20% conversion rate. As a general guideline, a conversion rate under 10% needs serious help. Between 10-20% is okay, 20-30% is good and anything over a 30% conversion rate is really good.
Now that we know what stats to look at, how do we fix the product?You can start with these 2 questions:
Is the product Discoverable? Meaning, are people seeing your product.
Is the product Desirable? Meaning, do people want your product when they see it.
For example, let’s use the 4 stats from this business report to compare these 3 products:
Product #1 (Desirable and Discoverable)
We can say that this is a pretty good listing. It has high sessions, which means there is plenty of unique traffic and it has a conversion rate over 20%. For this listing, we would want to maintain and scale.
Product #2 (Desirable, but not Discoverable)
This product has an excellent conversion rate, but not enough people are seeing it. The data shows that most people are going to buy this product when they see it, so it’s very DESIRABLE. What do you need to work on?We would want to increase the visibility of this product. That can be done by focusing on what we call the 5 crucial components of visibility. They are title & description, high-quality product images, price & availability, responsive communication, and sales velocity. You can get help with your titles and descriptions by using keyword tools like the ones available in our ManageByStats catapult tools.
Product #3 (Discoverable, but not Desirable)
This product has the highest sessions and it controls the majority of the traffic to your store but has an abysmal conversion rate.This is a great example of a product that, most likely, was selling well, but maybe the market shifted or new competition came into the same area with a superior listing. In this case, you’ll want to research the competition and take note of their titles and descriptions, types of images or videos, and price points they have in their listing. Then update your listing not just to mimic your top competitors but improve upon what is working for them. You can also work on crafting your bullet points for maximum conversion.And on that note,Since the user doesn't get to experience the product by picking it up, smelling it, feeling it or using it, your listing needs to give them this experience. So, be sure to put in the time and effort required to make the buyer say, “Okay, I’m adding this to my cart.”Remember, if selling on Amazon were easy everyone would do it. The good news is you can simplify the process by knowing important statistics, like the ones in this article, and having a system for choosing profitable products. ManageByStats excels in both of these categories and provides valuable tools to help the novice and veteran Amazon seller streamline their business.
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