Amazon changes every day. New competitors enter the market, or existing competitors change their price or offer. You need to stay on top of your product and react to the market as it shifts. In this article we cover the top 7 metrics you need to regularly monitor for any products you sell on Amazon.
Tip 1 Sales
Once a week, check how well your product has been selling.
Sales of even best selling products on Amazon swing up and down a lot on a daily basis, so it’s hard to check daily because of this. Looking at 7-day and 30-day sales results lets you see trends and averages more clearly.
Use software like CashCowPro.com to track by SKU in detail. It even creates a very useful report for you once a week.
You can download the awesome FREE App Tracker M – which lets you check your sales stats directly from your mobile.
Tip 2 Profits
Just because your item is selling well doesn’t mean it’s profitable.
It could be that the market price doesn’t leave you much margin. You need to monitor both your margin and profit per item.
Try and think of ways you can increase the perceived value of your product so that you can charge a higher price for it. Maybe even consider bundling two or more items or a relevant free gift with your main product so you can charge a higher price.
Again track profits from your Amazon business weekly, using 7- and 30-day averages.
Tip 3 Conversion Rate
This is the most important statistic for your product.
Going from 10% to 20% conversion rate doubles your sales. Perform different tests on your title, main photo and listing to optimize your conversion rate.
Try updating 1 element of your product listing at a time and see how the sales and profits change over time.
Tip 4 Sessions
The number of page views or sessions shows you how many people see your listing each week or month.
You can double or triple your sales by doubling your page views, just by adding more high-volume relevant keywords to your title, features and description.
Instead of just using one or two main keywords in your listing, try scattering 5 to 10 major keywords throughout your features and description, and use 2 or 3 in your title.
Tip 5 Competition
Once a month, do a detailed analysis of the competition.
Check their photos, price, description, bundle and their sales using the competition checker on AMZ Tracker. Maybe they are now giving away a 2-pack for the same price as your one pack.
You will need to update your listing to remain competitive.
For price – this can change daily, so it is good just to scan how things are doing in the Tracker M mobile app – so that if sales have dropped you can fix it fast.
Tip 6 Defects and Refunds
Track how many refunds and defects you have with a particular product.
A high defect rate can result in Amazon penalizing your rankings. Track this closely.
On the main dashboard of CashCowPro.com, you can see your refunds by SKU.
Tip 7 Inventory
Once a week check your stock level. Make sure you allow enough time for a re-order to be manufactured and shipped, and also take into account the time it takes Amazon to handle incoming shipments.
If you are ordering from China you might need 45 days or more to restock. So plan well in advance and check your sales velocity regularly.
Also make sure to track how many positive and negative reviews you’re getting each week. You can see the trendlines in your AMZ Tracker account. Respond to negative reviews and feedback quickly, this will help you to gain rank over time.