Amazon Prime Day may be a big opportunity for Amazon sellers to attract more customers, but this is also a year-round concern as more merchants enter the field.
Egrow, a new analytics tool for Amazon marketplace sellers, launched Monday with the goal of helping online retailers and small businesses capitalize on their market share.
“Amazon Marketplace is one of the most lucrative platforms for small businesses today, yet it’s also one of the largest,” said Anton Lang, CEO at Egrow. “This makes it challenging for budding entrepreneurs to not only identify profitable and in-demand products to sell but also to price and promote these products in order to stand out from the crowd.”
This scale can be leveraged favorably. Amazon counts over 5 million sellers and has nearly 3,000 new sellers joining every day in 2019. While the competition has never been tougher, this volume also provides a wealth of product data that can be analyzed for strategic benefit — with the right approach.
Through Amazon-optimized analytics tools like Egrow, Jungle Scout and Viral Launch, merchants can gain insight into areas such as keyword optimization, product trends and market performance. By analyzing sellers’ own sales data, in addition to competitive product data across Amazon, the software highlights market opportunities and can recommend pricing and inventory strategies.
Egrow claims that it has the largest number of pre-scanned products in its database and offers a free version of its software. Viral Launch, meanwhile, has tracked 225 million products since launch and also provides copywriting and photo services. Jungle Scout’s platform includes an additional supplier database to help merchants find trustworthy manufacturing partners. All of the companies target e-commerce companies at every stage of development, but small business is a popular segment.
“Anybody can start selling on Amazon,” said Lang. “If you know how to pick the right products — one that has high demand and low competitors — and if you know how to optimize your listing, then you are in the game.”
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