Figures like sales velocity and seasonality are incredibly important. Likewise, you’ll want to pay special attention to your inventory. How much you have in stock will inevitably affect your sales. And in particular, you should look at aging inventory and how quickly certain products are being ordered and turned around.
When it comes to fostering growth, it all comes back to your customers. So customer behavior analytics is a key part of growing your Amazon store. Customer behavior analytics include the number of sessions, online engagement, and customer feedback. Pay extra attention to ratings and reviews, which indicate how your business is connecting with your target customer base.
Whether you are analyzing Sessions or Page Views, it is vital to understand how many Amazon customers are viewing your product on any given day. Monitor your traffic on a regular basis to better understand how much exposure Amazon is giving you and how often your product is being viewed. Use this data to make appropriate adjustments to improve sales figures.
Perhaps the most basic KPI, on-page conversion naturally has a big role to play in your Amazon store. If your conversion is stalling or falling, you need to be sure to take action quickly. Amazon tracks conversion using a KPI called ‘Unit Session %’, a calculation of the number of units you sell as a percentage of sessions. Advanced third-party Amazon tools such as Seller Spike build upon this and can provide you with an accurate conversion rate. Track changes in conversion rate on a regular basis and use the information gathered to discover ways to improve your business.
Whether you are utilizing paid advertising, social media, or keyword optimization, use the above KPI’s alongside more traditional marketing indicators to truly understand how your performance is being affected by the changes you make.
As a seller, it is crucial that you align your product prices with the market and competitors. Don’t be afraid to try different pricing structures as you go along. Making changes to your pricing while reviewing KPIs ensures you find the perfect product price.