Amazon sellers must actively harness the power of the right tools and technologies to stay competitive in the current market. It is a fast-paced retail platform, and only those sellers who can actively adapt to the trend of customers and the market will survive. Data and insights facilitate optimum inventory control, manage budgets and sales goals, and ensure optimum customer satisfaction. Thus, the sellers can ensure that their product moves optimally across its lifecycle and crafts a seamless customer journey.
Why is a reporting tool crucial for Amazon sellers?
Reporting and analytics are crucial for Amazon sellers to develop an understanding of what’s going on in their business. It helps them make smarter decisions and gears them towards higher profits and better customer satisfaction. The Amazon seller central reporting tool helps you maximize your data-centric efforts, which can help you drive revenue and profitability to your business. It enables you to optimally automate and streamline your operations and make well-informed decisions around things such as stock ordering, promotions, and staffing, among various other things.
The automated reports can help sellers to break down the sales in terms of the itemized cost, retail markup percentage or amount, and profit. Thus, they can optimally adjust costs and prices and secure a healthy profit margin. The insights and data in this report enable the sellers to strategically analyze the supply markets and optimize inventory to meet the gaps between supply and demand. The sellers can integrate the reporting and analytics software with other enterprise software to efficiently handle information flow across the supply chain.
The reporting tool provides the following benefits to Amazon sellers.
- Understand customers and their purchase history
- Improve the offerings, and increase the product portfolio
- Improve sales, shopping experiences, and merchandising through the use of customer data
- Determine the frequency and type of sales, and marketing promotions
- Use predictive insights to identify highly profitable customers
- Improve efficiency at the supply chain level
What should you look for in an Amazon Seller Reporting Tool?
- Data Visualization: The reporting tool should generate easy-to-consume, reports that enables you to get the necessary insights at a glance. It should support multiple data visualization types through graphs, charts, and tables.
- Drag-and-Drop Reporting: The drag-and-drop feature in the reporting tool will enable you to easily add the necessary data points. It allows you to easily populate your report as per your requirements.
- Interactive Reporting Dashboards: The dashboard feature of the reporting tool must be interactive and intuitive. It must provide you with transparent and compact business data in the report, enabling you to make data-driven decisions.
- Integration: Ensure that the reporting tool seamlessly integrates into your business platform. The reporting tool must offer an integration facility with other software in the ecosystem to bring together the data points. The integration will facilitate enhanced data collection and analysis by making it automated and hassle-free.
- Customization: The tool must enable you to customize and select the modules to support your business use cases.
The right reporting tool will enable Amazon sellers to boost productivity, reduce expenditure, and gain a competitive advantage. It will enable them to minimize the friction in the business, optimally price the product, and deliver a consistent experience to the end-users.