In this blog post I go through some actionable steps which you can take to improve your sales. You may even see extra sales the same day.
Phase 1 - Know What Stock Isn't Selling - And Get Rid Of It
First up is some housekeeping. Identify what isn't getting the buy box, isn't selling, and get rid of it. It's often better to make a small loss on products and reinvest that money in new stock that's going to be profitable.
Here's what you do:
1. In Amazon Seller Central go to Reports>Business Reports:
2. Then select Detail Page Sales and Traffic:
3. You will then see this report, with the Buy Box Percentage column showing the % of the time each product has had the Buy Box:
4. You can then click at the top of the Buy Box Percentage column and sort by Ascending Order. This will show you the products that are getting the least Buy Box action.
I am sure that some of your products will be showing as 0%. That means that you have never had the Buy Box with those products.
Now that's not a problem if you only sent it in to Amazon recently, but if you're not getting near the Buy Box on a product that's been in Amazon's warehouse for any length of time then it's actually costing you money. And the fact that you've got your cash tied up in something when you could be investing that in more profitable products that will sell quickly.
5. Take a look at the Keepa graph (it shows on the Amazon product page when you have the free Keepa Chrome extension installed) - adjust the time period to 90 days, and then a year.
In the example Keepa graph above, the highest price the Buy Box has been at in the past year was £15.69 (it doesn't mean it sold at the price, just that that's what the Buy Box price was). If the lowest price you're trying to sell at is £18, it's unlikely that you're ever going to get the Buy Box, which means you're not going to sell it.
If the price you want to sell at is never really within the range of the Buy Box price during that period, I would recommend adjusting your price to one that is more likely to get the Buy Box, just to get the sale.
Even if you're not making a big profit, the money is better being spent on something more profitable.
Phase 2 - Know Exactly Which Stock Doesn't Have The Buy Box
So we've looked at which products are never likely to get sold, and we've decided we're going to do something about those.
What if you could also see quickly and easily which products were close to getting the Buy Box but just weren't making it?
One quick easy slight change to your pricing, and suddenly you've got a much better chance of making a sale.
Well this was the missing piece of the jigsaw for our Amazon business, so to have the next part of our strategic Buy Box process in place, I created a Chrome extension which has helped us significantly improve our sales (I have decided to share this with you so that you can follow the same process - more on this later. There is even a free version of it!).
Buy Box Checker goes through your entire storefront and produces a list of all your products, shows which have the Buy Box with a nice green tick and which don't with a nasty red cross. It also shows you the current price of the product in the Buy Box.
Let me show you.
So what you do is run the extension, have a quick look at the products where we can make some quick wins, and take action to get more buy box action as I'll show you in Phase 3 below.
Here is an example screenshot of what the results look like when you run the extension:
You can see straight away in the pic above that the seller's first three products have the Buy Box, but the fourth one doesn't.
The seller who does have the Buy Box on that product is only 78p cheaper. Surely you can afford to take a 78p hit to your profit in order to make a sale. You could of course hold out, but I personally would want to sell something today so that I could reinvest my money rather than wait for weeks for the sake of 78p.
What the extension also does is show you a summary of your entire inventory. In the example below, this seller has a total of 78 products, of which 51 currently have the Buy Box, a pretty healthy percentage of 65.
We then click on Show Price History Data - every time we run the extension it stores the results, so that we can track how we are doing over time.
Setting ourselves targets is a very effective way of improving performance and sales.
So what we see is a list of the last 20 times we ran the extension:
f you schedule this in once a week, or once every couple of weeks, you will find that as long as you take action based on the results of Phase 1 and Phase 2, the amount of products that have the Buy Box, and therefore sell, increases significantly.
When I first had the Chrome extension developed, we were running at around 30% of our products having the Buy Box. We are now averaging around 70%. You can imagine how many more sales we are getting as result.
Week 1 Buy Box %
Week 2 Buy Box %
Week 3 Buy Box %
How many more sales per day / week / month do you think you can get?