Wherever possible you should always be tracking the sales of your competitors. If you don’t know how to, the video tutorial below will show you how to turn on sales tracking in AMZ Tracker:
One thing to realize when you use the Sales Tracking Tool is that the data is not real sales data. Understand that when tracking sales, AMZ Tracker does have some limitations (difficulty tracking multiple sellers or product with more than 1000 units in stock, due to how Amazon has set up its website). This is the result of how Amazon has built their website. Therefore, you should not use the Sales Tracking Tool to track your own sales, you have your own Seller Central data for that.
But it’s great for getting an idea of your competitor’s sales. And you can generally find a way around those limitations by tracking the next seller in the rankings. And just because AMZ Tracker can’t gather the information now, doesn’t mean it won’t be able to in the future. Always track them as you never know when these limitations will be removed and some data will become available. Remember, data is king to helping you make better business decisions.
Two great uses of the Sales Tracking Tool are to:
- Track How Sales Impact Keyword Rankings
- Identify Opportunities
Track How Sales Impact Keyword Rankings
Understanding what it takes in regards to sales volume to be in position 1 is another key factor to know for any Amazon seller. If you want to climb the rankings then you need to assess your organic sales volume, versus any promotional campaigns you are doing, or may want to do. It can help you to know how many extra sales you need in order to boost your rankings to match that of the top spot.
For example, if the top seller is doing 10 units a day and you are doing 6, then it is likely if your sales increase by another 4 units per day that you will potentially take over the top position. Remember Amazon is in the business of making money and will boost whoever is moving the highest sales volume up the rankings.
Identify Opportunities
By checking your competitor’s sales data you could spot a time where they may be potentially out of stock. You can use this information to your advantage and take over that position, converting their customers to yours, for life, if you have a quality product with superior features.
Additionally, sales tracking can help you to forecast for upcoming inventory orders. Extract the data monthly for seasonal trend analysis so you know a fairly good estimate of the necessary re-stock order needed for the holiday season.
AMZ Tracker also allows you to see the product sales for variations – where applicable – which is great information to have when deciding which color, size or style to double down on. Switch easily between the sales graph and the variation sales figures by using the LIST icon. Track the sales of your competitors and find the most profitable niches before investing money in inventory.
Action Steps
Here are the Action Steps you should take using the Sales Tracking Tool:
- Turn on Sales Tracking for your competitors’ products
- Realize that the data is not exact information, as AMZ Tracker has limitations it needs to work with due to how the Amazon website is set up
- Track how sales impact keyword rankings
- Analyze the data to identify opportunities
Next, The Negative Reviews Tool!
The main reason to use the Negative Reviews tool is to know immediately when you have received a negative review, so you can take action and address the complaint. Yet, you can also use this tool to track negative reviews on competing products, to learn how you could create a better customer experience than your competition. Ready to learn more?
