17 Daily-Monthly-Weekly-Quarterly-Annual Healthy Habits for Businesses on Amazon
Growing a business or establishing a brand on Amazon’s largest online retailer is not an easy task. It demands a lot of hard work and practical planning based upon the latest trends in the market. You have to complete various tasks when running and managing an eCommerce business, such as when or how to do your taxes, subscription renewals for the Software, authentication for third-party services, onboarding, or listing updates.
It’s exhausting. However, you will find 17 rewarding and well-tested tips in this article that have to be followed daily, weekly, quarterly, monthly, and yearly if you want to become one of the top Amazon sellers.
Three Daily Healthy Habits to Follow
1. Check Business Performance
Evaluate the performance of your Amazon seller account every day. It enables you to identify the areas that need improvement, learn about the sales figure, monitor the budget, or check the inventory level.
2. Check Product Listings
On Amazon, you can increase sales through listing optimization. It allows you to upgrade the product pages and increase their search visibility while improving the CR (conversion rate) and CTR (click-through rate). It is important to check the product listings for any change regularly. For example,
· Check if any seller has taken the Buy Box
· Check if anyone is reselling your products
· Check if the images and content are relevant and satisfactory and so on
3. Capitalize on Most Demanding Products
Have you noticed an increase in sales overnight, or have some of your products recently become popular? You have to analyze these facts regularly. You can capitalize on this increase in demand by adjusting the SKU (Stock Keeping Unit) management strategy. It enables you to effectively identify and organize the inventory by building, maintaining, or optimizing the SKU system.
Two Weekly Healthy Habits to Follow
1. Keeping Track of Keywords
Every week, you have to check how the keywords are fluctuating with the latest shopper trends. The ‘seasonal keywords’ generate most of the search traffic during a particular time of the year. If you use such keywords on the eCommerce site, you have to keep track of when they pick up traction and when they fail to generate search traffic. You even have to adjust the keywords based upon changing shopping trends and customers’ behaviors.
2. Following Customers’ Feedback & Reviews
If you follow customers’ feedback, reviews on your products, or request for returns, then you can learn what buyers think about your products and which areas need improvement or adjustment. You may even use the customers’ feedback to improve product listing. With increased customer satisfaction, you will notice an increase in the conversion rate and numbers of loyal customers.
Four Monthly Habits to Follow
1. Keeping an Eye on Business Goal
Every business has a framework or strategy to profitably run and manage the venture, known as a business model, and every business model has quarterly or yearly goals. To become one of the best Amazon sellers, you have to check on these goals every month. You can find out how far you are from achieving the quarterly or yearly goals based upon this analysis and can make necessary adjustments to the business model to achieve (or surpass) them.
2. Review Business Metrics
You can use the ‘business metrics’ to monitor, track and analyze the status of a business process and determine whether a business process has been a failure or a success. You have to monitor these metrics periodically to analyze the monthly performance of your business.
3. Review Category Listing Report
On Amazon, ‘Seller Central’ is the interface where an entrepreneur can directly market and sell the products to the Amazon marketplace. You can collect all the data of the Amazon product list from the back-end of Seller Central after having the Category Listing Report. You get access to the details for the last seven days if you download this report every month.
4. Review FBA Reimbursement Opportunities
Amazon FBA has been designed to protect the sellers’ investment. If any item (that is part of FBA or Fulfillment by Amazon) goes missing or is damaged after being shipped out, Amazon will reimburse the seller for the lost amount. Every month, you have to determine if you are owed any Amazon seller fees as per the FBA reimbursement policy.
5. Audit Points of Access
You have to audit the ‘account permissions’ for all employees and contractors each month to prevent the former employees and contractors from accessing your Amazon account. Through a monthly audit, you can ensure there is no external point of access used by the people who no longer have permission to access your account on Amazon.
Six Quarterly Healthy Habits to Follow
1. Updating Buyer-Seller Messages
The Buyer-Seller Messages page on Amazon allows you to communicate with the buyers in the Amazon marketplace through Seller Central or via e-mails. Amazon frequently updates its communication guidelines to inform the sellers regarding the messaging patterns permitted on this page. You have to stay updated with these changes if you use this platform and refresh the copy accordingly. It is a healthy habit to perform this task quarterly.
2. Quarterly Renewal of Third-Party Software or Service Authentication
The authentication for third-party software solutions and services expires every year. You have to renew the authentication quarterly to receive continuous service from these sources.
3. Inventory Review
Proper inventory management is essential if you want to avoid the long-term storage fees that you have to pay if any of your products have been on the shelf for more than six months. Hence, it is essential to review the inventory quarterly. You may use the special programs that help FBA sellers in managing inventory. Using such programs, you can determine the products that Amazon does not consider sellable and remove them from the inventory.
4. Check Fees Quarterly
You have to consider many expenses (Amazon fees, COGS, advertising cost, overhead cost) when running a business on Amazon. The small changes in fee and variability can quickly add up. Hence, it is essential to check the fees if you want to stay on top of your finances.
5. Quarterly Update of A+ Content
Amazon ‘A+ Content’ has been designed to increase the conversion rate, traffic, and sales for vendors and sellers. Using this tool, you can add charts, detailed descriptions, videos, customized copies, or high-quality images to describe the product features. You have to update this tool quarterly to ensure that you are consistent with seasonality.
6. Updating Amazon Storefront
Using Amazon Storefront, you can sell products directly through this leading eCommerce site. It is essential to keep the storefront updated if you want to become one of the top brands selling Amazon.
Two Annual Healthy Habits to Follow
1. Business Liability Insurance Plan Renewal
You have to renew the business liability insurance coverage every year, as businesses face liability daily.
2. Connect with Team Members
You have to connect with the marketing team, warehouse workers, and others members of your team at least once a year (more if possible). You can collect fresh ideas through these meetings. For example, you can learn how to improve the efficiency of packing boxes through warehouse workers or how to attract prospects and customers through packaging.
By practicing these healthy habits, you can become one of the top Amazon sellers. But, if you want a platform that helps your brand become the most successful brand in India and abroad, you can contact us at Powerhouse91.com. We are brand operators with more than 30 years of experience in eCommerce, Marketing, Technology, and Supply Chain.
We know the challenges faced by most brands when doing business with Amazon, and we help brands overcome these challenges. We even help the businesses operating on eCommerce platforms through our blogs and use the content pieces to build trust-based relationships with brand owners.
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