The Main Takeaways and Actionable Insights from the Prosper Show 2023
Whether you are an 8-digit Amazon seller or a successful start-up owner, you need a place to gain inside knowledge of the marketplace to stay ahead of the curve and improve your business.
This week thousands of eCommerce enthusiasts had such an opportunity at the annual Amazon seller conference, Prosper Show, in Las Vegas, Nevada. From March 13-15, established Amazon sellers, agencies, and software providers shared their expertise and exchanged insights about advertising trends, revealed the most critical pain points for online sellers, and offered solutions to them.
Like thousands of attendees and registered exhibitors, our Seller Labs team didn’t miss their chance to welcome regular sellers, partners, and guests at our booth earlier this week!
Now that we are back, we are glad to expand on some conference sessions, highlight the most topical eCommerce trends, and share the 2023 Prosper Show tips and takeaways to help you make your business more profitable.
What Stood Out This Year at Prosper?
Unsurprisingly, the annual Prosper conference’s main throughline is achieving business sustainability. However, while the common thread remains the same from year to year, tactics and strategies continue to vary. Given the ongoing economic uncertainty, turning profits seems to have become the theme of this year’s event.
Given the sessions we’ve been attending throughout those three days, the main topics discussed were devoted to maximizing Amazon profits through adopting an omnichannel sales strategy and diversifying marketing channels.
Let’s take a closer look at each of them.
1. Develop a Multichannel Sales Strategy
Since the eCommerce world is rapidly evolving, it will be more and more challenging for B2C brands to maximize their profits by selling exclusively on Amazon. In addition, Amazon fees have been increasing year-over-year, and we don’t expect that to stop.
That said, expanding your business reach to other sales channels (be it Walmart, Target, social media channels, Amazon international marketplaces, or your own eCommerce website) can be of existential importance. However, as you tap into new customer pools, solidifying your brand awareness, there are some crucial points for you to consider.
Here are some top Amazon seller tips to ensure each channel is serving your business best:
- Each sales channel has an entirely different customer base. While providing different merchandising for each sales channel ensure your brand’s image is consistent.
- Don’t default Amazon pricing to other retailers. Set your pricing in a way that generates sustainable margins.
- Ensure you continue winning the Buy Box even when you charge more by including unique SKUs and bundles assortments specific to Amazon. Otherwise, your Amazon sales could take a hit as you maximize other channels.
2. Diversify Marketing Channels
Maximizing sales using your eCommerce website, Facebook, & Google in tandem with Amazon is another topic covered in Prosper sessions. The fact of the matter is that 70% of Amazon shoppers never click past the first page. Therefore, you need to be #1 or Amazon’s choice, OR be the brand customers are aware of before they show up on Amazon to purchase. Presenting your brand’s story and explaining its value before the shopper reaches Amazon can make a big difference.
Having multiple touchpoints on high-impact media channels is the most effective way to educate customers about your brand. So we’ve put together some practical tips from the Prosper conference to help you engage with your target audience more effectively:
- Implement “gated” content. For example, require customers’ personal information, such as name, email address, job title, or organization to access valuable educational content.
- Use tagging in all your posts on social media for more exposure.
- If you own an eCommerce website, set up browse/abandonment/flow emails to target your shoppers.
- User-generated content is key for your business success. It sounds persuasive and native, articulating and soft-selling the benefits of your brand.
- Facebook and Google are still the best platforms for launching advertising campaigns.
3. Go Omnichannel
Selling products through multiple marketplaces and channels, such as Amazon, your online store, or social media platforms, doesn’t automatically make your sales approach omnichannel.
The endgame for a true omnichannel strategy is a complete integration of your sales data, customer experience, brand building and marketing efforts into one interconnected ecosystem. And the integral part of this ecosystem is a physical store.
“Breaking into” brick-and-mortar retail through Target or Walmart can give your brand instant credibility. In addition, the certain degree of customers’ trust in these stores can pay you out over the long term with a halo effect on your products sold from Target’s or Walmart’s shelves.
Thus, laying the foundation for your omnichannel business now will result in explosive business growth in the future.
To ensure each channel is serving your business best you’ll need to iron out all the details, such as advertising, logistics, pricing, and shipping. And, of course, you won’t be able to achieve new heights without a leading solution and service provider.
Seller Labs is here to help you grow and scale your Amazon business. From Meta Advertising and PPC Ad management to product listing optimization and A+ Content creation, we’ve got you covered. Combine this with an exclusive approach to your unique business needs and direct person-to-person communication, and you’ll know the recipe for success.
Hack Your Amazon Business Growth with Seller Labs Services
Maria is an SEO Content Specialist at Seller Labs. Once captured by digital and content marketing in her student days, she keeps living and breathing it ever since.