The eCommerce industry is yet to reach its peak, for it is still in an uptrend. The Amazon marketplace, for example, continues to introduce new features and technology to provide a more efficient and effective user-interface for both Amazon sellers and buyers alike.
In order to keep up with the trend and the updates being introduced into the eCommerce industry, analytics serves as an important online marketing tool that helps improve the decision making of business owners by providing suitable recommendations based on relevant data. This in turn advances the overall user experience and increases conversion in the process.
What is Amazon Brand Analytics?
As previously mentioned, eCommerce analytics is crucial in guiding business owners with their eCommerce endeavors. For that matter, Amazon has developed its own analytics tool to help sellers who are selling their own brands on Amazon.
Amazon brand analytics is an exclusive tool available for sellers who meet specific criteria defined in the Amazon Brand Registry. Brand owners benefit from Amazon brand analytics mainly because of the insight it provides to help brand owners arrive at a reasoned decision, move fast, grow their business, and ultimately succeed on Amazon.
With the help of Amazon brand analytics, brand owners will be given an overview of important stages of the business, including Purchase, Consideration & Evaluation, and the Awareness & Discovery stage of the marketplace transaction. All of these business factors can be deduced through distinct reports found on the Amazon brand analytics interface.
Important Amazon Brand Analytics Reports
Amazon brand analytics provides insights to brand owners through reports, which you can explore below:
Amazon Search Terms Report
For brand owners wanting to know feedback from customers (in aggregate) about their products, as well as the products’ of their competitors, the Amazon Search Terms Report will be helpful. Similarly, if you want to know the product’s relative search popularity, its click share, and conversion share, this feature will be helpful.
With the help of Amazon Search Terms Report, it’s easier for Amazon sellers to check which products Amazon buyers are clicking after search results of a particular search term are displayed. Brand owners may also use this eCommerce analytics feature to check for a product and see which particular terms are driving online shoppers to click on that particular product.
Search frequency rank is also showcased in the report. This numeric ranking showcases how popular a specific search keyword or term is as compared to all other search terms in a given time period.
In brief, the Demographics Reports show Amazon brand owners the breakdown of their buyers according to categorized information, including the age, household income, education, gender, and marital status of the Amazon customers.
The information provided on the demographics report can be utilized by brand owners to increase the success rate of their targeted marketing campaigns. Consequently, this will also lead Amazon brand owners to create product portfolio decisions according to how successful a product is in a specific demographic.
Item Comparison Report
The item comparison report contains the top five products most frequently viewed by Amazon shoppers on the same day as the Rights Owners’ products. This gives Rights Owners a view of the current marketplace competition with respect to competing products. Hence, allowing them to create better product portfolios and advertising approaches.
Alternate Purchase Report
This is another Amazon brand analytics report that can be used by brand owners to identify which particular product Amazon shoppers (in aggregate) frequently purchased, but decided to purchase from a different Amazon seller instead of purchasing it from the Amazon brand owner.
With the Alternate Purchase report showing the top 5 products most frequently purchased instead of the brand owner’s products, it’s easier for brand owners to create a new product portfolio. Thus, offering a product differentiation opportunity for the brand owner.
Market Basket Report
In contrast to the Alternate Purchase Report of Amazon brand analytics, the Market Basket Report showcases which Amazon product shoppers frequently purchase along with the Brand Owners’ products. This particular report showcases the top 3 products that are purchased with the Brand Owner’s own product during the reporting range selected by the user.
Market Basket Report is a crucial insight to give Amazon sellers an idea as to which items they could bundle with their current Amazon brands. Hence, providing bundling and cross-marketing opportunities for the brand owner.
Repeat Purchase Behavior Report
This report is another unique feature of the Amazon brand analytics that lets brand owners see the number of orders they receive in a specified timeframe for their brands or products, as well as the number of unique customers who made the orders.
By means of comparison of the number of unique customers and the number of orders made within a particular time frame, brand owners can identify products or brands that have been ordered more than once per customer.
Alternative eCommerce Analytics Options
Admittedly, the majority of third-party merchants on Amazon are not brand owners. Hence, they would be lacking access to the information retrieved from the brand analytics.
With that in mind, there are third-party tools that serve as sales analytics to still help Amazon sellers track all their Amazon sales data in real-time. Thus, providing Amazon sellers better insight about their selling activities and essential cost-saving strategies that will potentially lead to more profit.
Apart from serving mainly as sales analytics, there are also unique Amazon seller tools, like Amazon repricers, that incorporate analytics into their software.
Seller Snap, for example, offers seller analytics that provides insight on how well Amazon products are selling, inventory data and status, Amazon Buy Box price, Buy Box share, and much more.
Analytics for Better Execution
If you wish to have a better understanding of your business, be it on Amazon or other online selling platforms, having access to eCommerce analytics tools is a must. Whether it is for sales, reviews, or other aspects of your business, transaction data will definitely help sellers and other active eCommerce participants create a better business execution.