Using analytics and real-time data insights is one of the best ways to foster business growth and make informed decisions.
In this article, we will explore Amazon Business Reports. The guide will cover everything from importance and benefits to types of business reports available on Amazon. So, if you are ready, let’s dive into it.
What are Amazon Business Reports?
Amazon offers a variety of reports for the sellers to gain a comprehensive insight into their business and improve their strategies. However, one of the most important types of reports available on the platform is – Business Reports.
Business Reports on Amazon offer a variety of reports based on Date or ASIN. These reports provide insights into the key areas of your Amazon store, including traffic to your products, conversion rates, and Buy Box percentage.
Importance of Reports for Tracking Business Performance
Business Reports are essential for monitoring business performance. These reports provide actionable and accurate insights into the performance of your Amazon Store, allowing you to identify strong and weak areas for further improvement.
Types of Amazon Business Reports
Amazon Business Reports have three main types of reports: sales dashboard, sales traffic, and detail page sales and traffic. So, let’s briefly overview each of these in more detail.
Sales Dashboard
The sales dashboard captures the essence of your current sales performance. It provides a detailed overview of your orders and sales. You can use this tool to compare sales performance over a certain period (days, weeks, months) and identify areas for improvement.
Sales Traffic
Sales Traffic reports provide insights regarding sales traffic on your Amazon store in a specified period.
Detail Page Sales and Traffic
This is one of the most useful types of reports on Amazon that showcases parent-level and child-level ASIN data. It allows you to gain in-depth and detailed performance reports on a specific product.
This report’s metrics for each product include:
1) Sessions: This metric shows the total number of unique visitors to your product page within 24 hours.
2) Page Views: You can specify a certain period of time and get a total number of page views on your product according to the specified time.
3) Buy Box Percentage: It shows the page views percentage when your product had the Buy Box.
4) Unit Session Percentage: This metric showcases the conversion rate (number of users who viewed your product compared to the number of purchases made). Keep in mind that a good conversion rate on Amazon should be around 5-10%.
5) Total Order Items: This metric shows the total orders placed for the chosen product.
Key Metrics to Track on Amazon Business Reports
Reports are not useful if you simply download them, take a look, and never act upon the data.
In order to make use of Amazon Business Reports, you must regularly track key metrics, analyze performance, and create strategies for further improvement. So, let’s overview the key metrics to start keeping track of with Amazon Business Reports.
Buy Box Percentage
Tracking the Buy Box percentage on Amazon is extremely important.
Buy Box is a default purchasing option for customers that allows them to add the product to their cart. The products that have the Buy Box receive most of the sales. So, tracking the Buy Box percentage and ensuring your products have the Buy Box to improve product visibility and make sales is vital.
Another reason why Buy Box is an important metric to track is that Buy Box provides you with a competitive advantage. Many sellers offer the same product, so your product must stand out to make a sale. Buy Box allows you to do so.
If your Buy Box percentage is low, then you need to implement strategies to increase it. Factors that affect the Buy Box percentage include low stock or stockouts, account health, and high order defect or refund rates.
So, to improve your Buy Box percentage, keep optimal stock levels, fulfill orders on time, and offer competitive prices.
Sales and Conversion Rate
Aim for high conversion rates to increase the total number of sales. On Amazon, the average conversion rate is around 5 to 10%, so if your product’s conversions are anywhere in between, you are doing fine. However, remember that it can always be more with good optimization strategies.
So, in the Business Reports section, navigate to the conversion rates section and analyze the conversion rate for the selected items for the past few months. Identify the ones that are not performing so well, and start implementing strategies to improve conversions. For instance, you can add better images, change titles and descriptions to make your listing more captivating, and run promotions.
Sessions
Finally, do not forget about tracking sessions. As we mentioned earlier, sessions showcase the number of unique visitors to your product page. Low traffic results in low sales. Thus, you must always monitor the sessions and create efficient strategies to increase traffic.
To increase traffic to your product page, use Amazon ads, promote your products off Amazon, and optimize your listings SEO-wise.
Benefits of Amazon Business Reports for Strategic Planning
Amazon Business Reports provide robust data insights that will allow you to make informed business decisions and create efficient business growth strategies.
Data-Driven Decision-Making
Amazon Business reports provide detailed analytics regarding sales performance, customer behavioral patterns, and sales trends. This data allows you to make informed business decisions and efficiently forecast future trends/demand.
For instance, by analyzing current sales trends and historical data, you can easily identify top-performing products as well as products that are selling slowly. This will help you adjust inventory levels to avoid stockouts for the products that enjoy high demand. It will also allow you to implement promotion strategies to increase sales for products that are not performing well.
Performance Optimization
Another way that Amazon Business Reports can help you with strategic planning is performance optimization. For instance, you can track the performance of conversion rates and optimize these by implementing effective promotional and SEO strategies.
Strategically Plan Your Amazon Store’s Growth Starting Today
If you want to plan your Amazon Store’s growth strategically, then you are in the right place. Enso Brands is a Full-Service Amazon Agency that offers everything you need to grow your business to a 7-figure empire on Amazon.
We offer robust analytics and insights into the current performance of your store, along with effective recommendations and strategies to foster further growth. Other services that we provide range from PPC campaigns to inventory management.
So, if you are ready to find out more about how we can help you, then contact us today.
