Six Strategies to boost your Amazon sales in 2024
Six Strategies to boost your Amazon sales in 2024 and Beyond A staggering 42% of brands saw at least half of their eCommerce sales come from Amazon in 2020. With U.S. eCommerce sales projected to hit $843.15 billion—constituting 15% of total retail sales in 2021—the competition for the Amazon buy box is fiercer than ever. To triumph in this battle, brands need to refine their Amazon sales strategy to align with emerging trends.
Here are six key areas to concentrate on:
1. Understand your customer
Customer buying motivations are ever-evolving. To stay ahead, grasp shopper behavior and discern what drives purchases, anticipating potential shifts. Utilize tools offering operational intelligence to delve into your customers' journey and shopping preferences. This understanding enables you to tailor product offerings to your target audience, attract new customers, and enhance overall satisfaction.
Artificial Intelligence (AI) will continue to gain prominence. Beyond mere dashboard analysis, seek technology providers that enable immediate action based on data-driven insights. Automation is crucial for proactively managing sales margins, positioning against competitors, and driving conversions in real-time. For instance, knowing customer preferences allows for innovative offerings like bundling products at a discounted price, fostering customer satisfaction and increasing Average Order Value (AoV).
2. know your competition
Understanding your competitors is equally vital. Utilize analytics solutions to benchmark performance, gain visibility into the longtail of your competition, and identify areas for improvement. Data insights, tailored to your brand and buyer behaviors, can help you outperform competitors by selling not just more but smarter.
3. Set the right price
Choosing the right product at the right price is crucial for driving conversions. While automated repricing is common, focus on factors beyond pricing tools to ensure attractiveness to customers while maintaining profitability. Implementing a Hybrid 1P/3P strategy with a trusted third-party provider allows brands price autonomy, flexibility, and greater control.
4. Embrace Amazon Advertising in 2024
To succeed, adopt the right advertising strategy and leverage performance marketing expertise for constant analysis and optimization. Programmatic and video advertising will be crucial, and partnering with experts like Luzern can maximize your investment.
5. Optimize your product listing
Effective product page optimization is more critical than ever. Improve visibility and customer experience with compelling product descriptions, clear feature bullets, and strong imagery. Video can enhance brand and product awareness. Collaborate with Luzern's SEO specialists and Amazon marketing experts for a fully optimized listing.
6. Enhance shipping from warehouse to doorstep
Utilize Fulfilled by Merchant (FBM) to meet customer demand efficiently. A third-party partner like Luzern can integrate directly for order fulfillment, giving brands more control over inventory and maintaining business momentum.
Implement these strategies and partner with e-commerce experts like Luzern to ensure your business thrives on Amazon in 2024 and beyond, regardless of what challenges arise
So What’s next?