3 Ways Amazon Sellers Can Use Quantify Inventory & Financials Tools to Prep for Black Friday SuccessJennifer Dare
Remember when Black Friday was a one-day in-store event limited to the day after Thanksgiving? Well, this year, my kids hadn’t even finished their Halloween candy when I started seeing holiday sales emails hitting my inbox. That means that it’s game on, and we are well into the fourth quarter when Amazon sellers need to score big on Black Friday.
Here are three ways Amazon Sellers can use Quantify Inventory & Financials tools to prep for Black Friday success.
1. In Terms of Advertising, Spend on the Winners
I’ve told you before about Quantify’s Promote report. This report shows you the products that have high conversion rates (greater than 25%) but need more traffic. If you’re going to be holiday advertising for the first time or increasing your ad spend for the rest of the Q4 season, the products on this report are the best opportunities for you!
In order to make fully informed decisions, you should consider the products listed in the Promote report alongside more financial data. To do that, take a peek at the metrics for each of these products in your Quantify Financial reports (like net profit margin, net sales, and net profit). The absolute best opportunity for you are the products that both convert and net you the highest profit margins.
2. Trim Your Portfolio and Eliminate Distractions
With the influx of traffic to your listings, it may seem crazy to consider making some of your listings inactive or pausing their ad campaigns, but more impressions doesn’t always equate to more sales. If a product doesn’t sell, sometimes it’s just not going to sell and there’s little you can do about that (though you can run a deal to clear out inventory if you have the wiggle room in the margins).
The Quantify Losing Money report shows you the products that have lost money in the last 30 days. During this last period of time before the holidays, it may make sense for you to stop focusing your time and money on selling the product. When in doubt, keep it lean and always focus on winners.
3. Or Go All in Getting the Right Listings Optimized
It is possible that the products you see on the Losing Money report are still worth keeping. However, if you’re losing money, you probably need to either cut the product or raise the price to improve your margins.
If you decide to raise the price, spend time before the holiday season optimizing those listings so you can increase the likelihood of conversion once the additional traffic lands on your product detail pages. Make sure your title, photos, descriptions, bullets, and all else are set up effectively. Remember that if you’re raising the price, you may need to reconsider how you’re positioning the product and if your listing justifies that price jump.
Additional buyers landing on your product listings during this busier season is a perfect time to determine the value of a product in your portfolio. If you spend the time optimizing the product listing and it still doesn’t sell without losing money, you know the product just isn’t going to sell efficiently. Move on.
Get ready for the holiday season by equipping yourself with performance data from Quantify, a powerful reporting tool that can help you make decisions much more effectively. Right now is the time! The holiday shopping crunch is on and you need to use every tool in your kit to be retail ready.
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