As we are approaching the holiday season in Q4 you should not miss out the most critical time of the year. Singapore consumers are spending more during the season, both for themselves and for friends and family. In 2019, Singaporeans spent US$175.80 on average* during the season, and this figure is growing by more than 5 times* every year. Getting ready and prepared will better set you up for success for the season ahead. Here are tips that will help you to maximize your sales:
Inventory planning is one of the most important factors in determining how successful a seller can be in Q4. Failing to stock enough of a product might cause you to miss out on potential sales, which is especially important during this season, when sales, interest and competition are high, and losing out on valuable sales and visibility can negatively impact your organic product rankings. This can also happen to sellers who are selling in multiple channels and manage their inventory manually. Efficiency in your warehouses and carrier relationships are crucial for managing your inventory well. If you have many SKUs
and multiple channels to manage, consider using software and automation tools
to improve your inventory planning.
You can also consider using Fulfillment by Amazon (FBA)
for high demand products as you have dedicated stocks for Amazon that will partially help reduce your concern on stock planning.
2. Plan for your Fulfillment Strategies with free shipping
As consumers become increasingly impatient in Q4 and may want to receive their products as fast as they can, offering free shipping and fast delivery will make you stand out from the crowd. Nobody wants late gifts that arrive after Christmas! Here’s a quick mental checklist to tell if your fulfilment strategy is effective:
- How many orders can your team prepare or handle per day?
- Do you have additional resources (e.g. tools, people) or contingency plans to cope with sudden surges in volume?
- If you are using third-party logistics (3PL
) fulfilment, what is their scale and credibility in delivering products per the committed timeline?
These factors all have an impact on customers’ satisfaction and may impact your store review and account health.
An option you can consider is the Fulfillment by Amazon (FBA)
service. Apart from enjoying benefits from the Amazon Prime program that guarantees free shipping, your listings can get a Prime badge with higher chances to win the Offer and gain more visibility compared to other sellers. If you decide to go with FBA, make sure you enroll to FBA New Selection Programs to help you get started, understand the program and check whether your products are eligible to get free storage fees for the first 90 days. However, remember that your inventory should arrive at Amazon fulfilment centers on time before the cut-off dates, especially as the holiday seasons see large volumes.
For FBA sellers, in case the products in FBA are out-of-stock, you should also have a backup fulfilment option through MFN to continue to maximise your sales.
In order to ensure that your products have high traffic and conversion rates, it is important to make sure your listings are optimised for search. Having relevant keywords for search terms, product titles, product features, descriptions, and making sure all your product photos are high quality will help you get more traffic.
If you are a brand registered on Amazon, update your A+ Content
in order to better attract customers.
4. Plan for Promotions and Deals
Once you have implemented the abovementioned steps to ensure your business is running smoothly, it’s time to look at submitting your products and deals for key shopping events and campaigns with Amazon. Look out for Amazon Emails on deal submission. If your products are in Fulfillment by Amazon and eligible to run deals, you can see product recommendations. Head to Advertising > Deals in Seller Central, where you can submit Lightning Deals and 7-day Deals.
If your margins are low or you do not see product recommendations, don’t worry! Consider using vouchers to provide attractive offers instead. Your products can still be featured on the voucher page.
If you are not eligible to participate in deals, you may consider setting a Sales Price to make your products more attractive or to use the Automated Pricing tool instead. It will help you to save time in analyzing your competition, demand and Featured Offer opportunity.
5. Run ads and optimize your ad strategy
Another important preparation step I.s to run Amazon Advertising campaigns, either Sponsored Products
or Sponsored Brands
(for brand owners) early prior to key events (at least 30 days). Paid ads can boost your page views and ensure you have visibility when people search for products or navigate through Amazon. Running ad campaigns will get your products in front of potential customers before other competing offers do.
In a typical ad campaign, it may take up to 30 days for all your keywords to start showing regularly and provide sufficient signals for you to optimise the campaign. Hence, running or testing ad campaigns before key events is recommended. You can then make use of the data to finetune your campaign to find an approach that works for you, such as:
- Optimising campaign structure
- Employing multiple keyword match types
- Bidding less on ineffective keywords or making them negative keywords
Tip: Learning more about Sponsored Ads can also help you plan your campaigns better.
This helps ensure that you will make the best use of your budget during the most important shopping season of the year.
If you are a brand owner, it may be worth exploring driving external traffic to Amazon such as Facebook Ads, Google Ads or using KOLs, (Awareness or Traffic Driving campaign) to either your brand store or your products page.
6. Check your Account Health
Having an account suspension during the peak season can be stressful, as it could take time to get an account up and running again. Hence, ensuring good Account Health is a good practice to have throughout your selling journey on Amazon. Learn more about how to monitor and optimize your Account Health and key metrics.
7. Standby for any unexpected incidents
Many unexpected situations may arise even on the day itself, so be ready to quickly adapt and respond as the situation arises. For example, if your deals have ended, you can opt to use vouchers or extend the offer to continue driving sales. Don’t worry if you end up running out of stock, learn from the experience to prepare for next year’s forecasting.
Learning and Selling on Amazon Singapore is more like a marathon rather than a short sprint. Enjoy your selling journey with us!
Source: * https://black-friday.global/en-sg/
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