January 24, 2023

Selling on Amazon: How to beat your competitors in 2023

Ready to take your business to the next level? This guide on selling on Amazon will show you the latest strategies to beat your competition in 2023.
Selling on Amazon: How to beat your competitors in 2023
Selling on Amazon: How to beat your competitors in 2023

Selling on Amazon: How to beat your competitors in 2023

Selling on Amazon can be a tough one especially because Amazon is the largest online marketplace in the world. In fact, Amazon accounts for around 40% of US ecommerce sales. 

With millions of sellers on the platform, how can you gain higher visibility, beat your Amazon competitors and increase Amazon sales? 

In this article, we've created a list of winning strategies to help you outperform your competitors and increase sales on Amazon in 2023. 

8 winning strategies to beat your competition on Amazon 

Here are eight winning strategies that will help you crush your Amazon competitors and increase sales and revenue on Amazon: 

  1. Provide quality products and high value
  2. Pay attention to your pricing
  3. Study the competition
  4. Ramp up your Amazon reviews
  5. Leverage the power of social media
  6. Have a fully stocked inventory
  7. Take advantage of Amazon Advertising
  8. Have a well-optimized product listing

Provide quality products and high value

Amazon prioritizes its customers and works to ensure only the best Amazon products emerge at the top of search results. 

This means that as an Amazon seller, you need to offer high-value products and provide a unique customer shopping experience to stand out. 

If customers enjoy a memorable shopping experience, they are likely to leave a positive Amazon product review and shop from you again. 

Selling quality products starts with doing proper research. Firstly, you want to sell products that customers actually want to buy. You can check the Amazon best sellers list, product reviews, or tools like Jungle Scout to search for the best products to sell on Amazon

Secondly, you will probably have millions of sellers selling a similar product to yours. You want to ensure you source quality products from your manufacturer. You can take it a step further by improving on an existing product. 

Lastly, use quality packaging, add a gift or offer promos to give you an edge over your competitors. 

Pay attention to your pricing

Your product pricing plays a huge part in determining your success on the Amazon marketplace. Your pricing can determine your ranking on Amazon search results. If your prices are not competitive enough, you could lose the Buy Box and rank lower on Amazon. Also, if your products are priced too high, you could lose customers. If prices are too low, you will barely make a profit and may come off as cheap. 

To beat your Amazon competitors and increase Amazon sales, it is important to use effective pricing strategies that best suit your products and consumer demand. 

So instead of trying to offer the lowest price, you can carry out a pricing strategy analysis and manually set prices that are competitive. 

Alternatively, you can invest in repricing tools to help you automate the entire process and ensure your prices are always set competitively. 

Study the competition 

To beat your competitors on Amazon, you need to study them: 

  • Firstly, you need to define your competitors. To do this accurately, you want to narrow your search to competitors that have similar features, prices, number of sales, etc. You can use tools like SellerApp to find direct competitors for your product. 
  • Next, you want to identify what keywords your competitors are ranking for. Ensure you target the right keywords to avoid missing out on potential sales. To simplify the process, you can use tools like Jungle Scout
  • Next, you want to do an audit on your competitor's product listing. By doing this, you can identify weak spots that you can fill. Examine their product titles, images, product descriptions, and bullet point sections to find out how you can improve yours and attract more customers to your product listing. 
  • You also want to track your competitor's monthly sales to get an idea of your potential profit. You don't want to put up a product that no one wants to buy. You can use a product tracking tool to find out the average sales, Best Sellers Rank, and other valuable insights. 
  • Lastly, you want to pay attention to your competitor's marketing strategies. How do they market their products on Amazon? Do they use Amazon A+ content? What social media platforms are they on? You want to ensure you're not losing out on any potential sales. 

Ramp up your Amazon reviews

Happy customers will leave positive reviews which increases your product ranking on Amazon. 

Amazon product reviews also increase conversion rates and sales. Most customers make a buying decision by looking at product reviews.  

But how can you get more positive reviews on your product listing? 

  • Firstly, you need to offer quality products. No marketing tactic can substitute for a good product. Ensure you are offering quality products that meet your customer's expectations. 
  • You can easily request a review using the ‘Request a Review’ button on Amazon. You can also insert notes in your packaging or send emails to encourage customers to leave a review on your product page. 
  • You can offer incentives like freebies or a discount on the next order to encourage customers to drop a review.
  • Lastly, you can automate the process by investing in product review tools. With review tools, you can auto-send emails to your customers and easily solicit reviews. Some product review tools include AMZFinder, FeedbackFive, Sage Mailer, Kibly, etc. 

Leverage the power of social media

With 4.48 billion people (which is almost the entire world) using social media, there is no better place to promote your Amazon products. You can use social media platforms like TikTok, Facebook, and Twitter to promote your products and drive external traffic to your Amazon store.

You can also leverage the Amazon Influencer Program to grow your brand on social media. You can partner with an Amazon influencer to reach a wider audience and build brand awareness. 

Have a fully stocked inventory

Nothing ruins your conversion rate like being out of stock. You want to ensure products are always available especially during peak seasons when demand is high. 

Also, proper inventory management improves your seller rating and increases visibility. 

It is important to track your inventory to know when and how much inventory you need. Avoid investing in slow-moving inventory. Instead, you can order in small quantities and increase your order if demand increases. 

Also, you can invest in inventory management tools to manage your inventory properly. 

Take advantage of Amazon Advertising 

Amazon advertising is a major game changer for any Amazon seller. With PPC advertising, you can bid on specific keywords, increase visibility and drive traffic to your Amazon store. You can invest in these Amazon Advertising options: Sponsored Product Ads, Sponsored Brand Ads, and Sponsored Display Ads

  • Sponsored Product Ads show up in search results. They appear in the middle of the search result page, on the sidebar, and on other product pages. When customers click on this ad, they are redirected to your product page where they can buy your product. It is a pay-per-click ad, so you pay only when a customer clicks on your ad. 
  • Sponsored Brands Ads appear at the top of search results with custom headlines, videos, and images. When a customer clicks on the ad, they are redirected to your product page or Amazon store. 
  • With Sponsored Display Ads, you can reach audiences both on and off Amazon. These ads will appear on the Amazon homepage, product pages, and third-party websites. Instead of keywords, Sponsored Display ads use contextual targeting to reach relevant audiences. 

Have a well-optimized product listing

Having a well-optimized product listing is one of the best ways to crush your competition. You want to ensure that your product listing is visible and contains all the information customers need to make a buying decision. 

When optimizing your listing, you need to pay attention to the keywords, product image, and product content.

  • Firstly, you need to choose relevant keywords that your customers are searching for. The more relevant your keywords are, the higher your chances of making a sale. You can use keyword tools like Jungle Scout to research keywords relevant to your niche. After research, you want to add these keywords throughout your listing. Include relevant keywords in your product title, bullet point section, product description, photos, and back-end. 

  • Next, you need to optimize your product images. Since your images are the only real contact customers can have with your product, you want to make it worthwhile. Use high-quality images with good lighting to grab your customer's attention. Capture your product from various angles to give customers a full view of the product. Don't forget to follow Amazon's image requirements and guidelines. 

  • Lastly, your product content should be well-crafted including relevant keywords. Ensure your product title is punchy and contains the most relevant keywords. Your bullet point section and product description should include all the information customers need to know about your product including the features and benefits of using your product. Carefully go through your content to ensure they are free of grammatical and spelling errors. 

Final thoughts 

If you're looking to rise above the competition, it is important to implement the right strategies and tools. You want to study the competition to find gaps, set your prices competitively, optimize your product listing and promote your products with Amazon advertising and social media, amongst other strategies. 

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