Fate always finds its own way of surprising us.
Something similar happened to me and my business, Hathmic.
If you go to Amazon India’s page and look for Hathmic products, you’ll find it’s an edible oil brand. But things were not the same for this brand a few years back. Before joining Amazon, I owned a retail business of electronics and appliances. The business was running fine until 2014, when the economic slowdown hit the nation. And like many other small and medium businesses, my retail business also went down with it. The impact on the business was severe and it was difficult to recover from the crisis. Hence, I decided to shut it down.
Luckily, it was not all over for me. We had a family business of edible oil that was running now for generations. So, after losing my business to the economic crisis, I decided to focus on my family business. Planning to run it full-time now by myself, I thought of including the oil business into our brand name for the retail segment. But creating a brand was not that easy as it required a lot of cash flow. And even after putting significant investment into it, the results were not as expected. Eventually and unfortunately, the liquidity crunch led us to the decision of shutting this business also.
But as luck would have it, just when we were about to shut the business in 2016, I heard about selling on Amazon. It was a completely new concept for me but it sounded interesting. After researching and understanding the marketplace, I felt that this could be a new opportunity.
Millions of people use Amazon for online shopping to find and buy products that they like. If you are an Amazon seller, you might wonder - how do I figure out what are those products? The answer is - Keyword Tool.
Keyword Tool uses Amazon autocomplete (or search suggestion feature) to generate a large number of relevant keywords that can be used for Amazon listing keyword optimization or any other purpose. Keyword Tool can help buyers find your products easier.
You can significantly improve your conversion rate through comprehensive keyword research, i.e. searching for the relevant keywords that the users type to find products like yours. Once found, you need to include these keywords in your product title, bullet points & description to stand a chance to get an increased conversion rate. You can take help of various Keyword research tools in the market for this purpose.
Another way to improve conversion rates is Amazon listing optimization. In this process we upgrade product pages to improve their search visibility, click-through rate (CTR) and conversion rate (CR) to help sellers have a chance at generating more sales. This process includes: keyword discovery, optimizing listing text and image content and increasing number of reviews.
In fact, this is one of the most important things a seller or vendor should do on Amazon.
Key approaches for product optimization:
1) Search terms: keyword research and on-page activities
2) Content: product information, texts and images
3) Reviews and Questions & Answers
Set Right Product Price:
Listing a product at the right price is very important for making conversion rate better. Check on the price other sellers are selling that product at and then decide your price.
Try sending follow up emails to your customers requesting them to review your product. You can also start an email campaign where you send periodic emails to customers politely reminding them that you would appreciate their views on the purchase. The importance of positive reviews in product conversion can’t be overstated & this would help you immensely with your conversion efforts.
Quite often, sellers run a Lightning Deal for a day, or Deal of the day for 24hrs where they provide discounts on featured products. Participate in this deal by giving 10-30% discount on your products. The sales of products featuring in lightning deals have traditionally gone up every time leading to highly improved conversion rates, so you should definitely try it for your business.
Following the aforementioned points gives you a chance to improve your conversion rate, which may help in boosting your product sales significantly. May the profits be upon you!