Day 1 of the Amazon Accelerate event for 2021 started yesterday and here, we are bringing you the key highlights for sellers from the first day. The event featured a keynote from CEO Andy Jassy and other executive members of the Amazon team. However most interesting to us is the new features that could help third-party sellers.
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A big focus for Amazon Accelerate this year is seemingly on the Amazon brand registry and the businesses associated with it looking to build or start their own brands. In the event, they mentioned that so far this year they have had over 100,000 new brands sign up to sell their products across Amazon. So let’s take a look at the announcements from day 1 of Amazon Accelerate 2021.
Amazon Search Analytics Dashboard
Today at the Amazon Accelerate 2021 conference for U.S. third-party sellers, Amazon announced the Search Analytics Dashboard, a new tool that will help sellers registered in Brand Registry derive insights from the search performance of their products.
“The Search Analytics Dashboard will provide sellers with a wealth of anonymized data to better understand customers’ interests and shopping choices for their products. This information will help sellers optimize their listings, inform inventory planning, plan their product development roadmap, and grow their business both on and off Amazon,”
“We are excited about what these insights will do for sellers, and we look forward to their feedback as we identify new ways to partner with them and improve the shopping and selling experience together.”Srikanth Thirumalai, Vice President of Search at Amazon.
The Search Analytics Dashboard will enhance the existing Amazon Brand Analytics suite of aggregated data reports, which includes reports for repeat purchase behavior, market basket analysis, item comparison, alternate purchase behavior, and demographics. For several years, Amazon has offered brands a Search Terms report that includes search frequency rank, click data, and conversion share, and the new Search Analytics Dashboard goes even deeper into the shopping experience.
The new Search Analytics Dashboard will include the Catalog and Query Performance dashboards:
- The Query Performance Dashboard will help sellers understand top search terms that are associated with their products. This information can help sellers better target the keywords they use in their marketing campaigns and identify opportunities to expand their product portfolio based on customer interest.
- The Catalog Performance Dashboard will help brands understand their sales funnel at the product level. Sellers will be able to use this tool to quickly identify conversion issues or drop-off points where they lose customer attention. The dashboard will also help sellers analyze the price competitiveness of their products and optimize their marketing investments and inventory planning.
The Search Analytics Dashboard will be available in the U.S. in early 2022. The tool will be provided at no charge to Amazon sellers who are enrolled in Amazon Brand Registry.
Amazon Accelerate – New Innovations For Brands
Amazon Accelerate today announced a number of new innovations for companies enrolled in their brand registry.
The Amazon Brand Referral Bonus will help brands make their marketing dollars go further. When brands direct non-Amazon marketing traffic from their own website or other websites to Amazon, they earn a bonus of, on average, 10% of the purchase price of the promoted product and any of the brand’s other products that the customer purchases over the following two weeks. Thousands of brands are already taking advantage of this benefit, with some earning thousands of dollars in bonuses in a single month.
The Amazon Customer Engagement tool enables brands to easily launch email marketing campaigns to raise awareness of new products. Since launching the beta version of the tool in May, Amazon has already sent more than 6 million emails to customers on behalf of brands.
A+ Story Cards on the product page enables brands to showcase their brand story through rich visual imagery and more seamlessly connect shoppers with their other products. In the last month, brands have enabled A+ Story Cards on more than 1 million products.
The Customer Review Resolution tool, which enables brands to provide enhanced customer service when they identify a frustrated customer who leaves a negative product review. The tool enables brands to proactively offer additional support and a courtesy refund if a customer is unhappy with the product and leaves a negative review; this helps them build a stronger connection to their customers. Since the tool’s launch in June, brands have already offered enhanced support on more than 200,000 orders per month.
The Amazon Product Opportunity Explorer
Finally, on Day 1 of Amazon Accelerate 2021, Amazon announced Product Opportunity Explorer, a new tool that helps sellers identify opportunities to launch new, high-potential products to serve unmet customer demand.
Identifying and launching new products is key to retail success, but it can be costly and time-consuming. Amazon’s new Product Opportunity Explorer tool helps take the guesswork out of identifying which products to launch by providing sellers with rich insights into what customers are searching for, clicking on, and buying, as well as not buying. The tool helps sellers identify niches of emerging product opportunities by providing detailed data on search volume and growth, sales history, and pricing trends, so they can identify and act on customer demand.
“Amazon has a long track record of inventing for sellers, and our Product Opportunity Explorer tool is our latest innovation that provides them with insights to help them bring new products to market faster and more efficiently,”
“This is another example of how we empower small businesses and entrepreneurs by providing them with powerful capabilities to reach more customers and grow.”Ben Hartman, Vice President of North America Selling Partner Services, Amazon.
Product Opportunity Explorer was developed with product research and development in mind, offering rich, accurate data to help sellers understand, gauge, and evaluate product opportunities on Amazon. Sellers can assess the likelihood of a new product gaining traction with customers and forecast sales potential.
Amazon offers a range of tools and services to help sellers launch new products. When sellers identify new products they want to launch on Amazon, they can use the FBA New Selection program that offers benefits on storage and advertising costs to help them accelerate their early sales. Sellers enrolled in Brand Registry can use Amazon Vine to help them build a foundation of insightful customer reviews on their new selection for as little as $200 per enrolled product. On average, brands have found Amazon Vine helped grow their initial product sales by more than 15%.
Amazon is initially testing Product Opportunity Explorer in a beta program, with plans to make the tool available to all sellers in 2022 through Seller Central.
Amazon Accelerate 2021 is a two-day event with the 2nd day taking place today, so either later today or tomorrow we will bring you any relevant news from the Amazon Accelerate 2021 Day 2.
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