Do you know where Amazon Basket data lives? Better still, do you know how you can use it? Would you be surprised to learn that it can help you broaden your product catalog and increase sales on your own website?
If you answered “yes” to any of these questions, keep reading.
There are obvious advantages to selling on Amazon. Namely that you can enjoy the reach and profitability that the world’s largest marketplace affords. But Modern Retail research reports only a nine percent satisfaction rate with the “level, quality, and amount of data on [the] customer” that Amazon provides.
So, getting back to the answers to those questions. First, Amazon Market Basket data can be found in the Brand Analytics section. Second, this data can show you which products in your line were paired at purchase, and the frequency of those pairings. In addition, you gain visibility into items in a consumer’s cart outside your own product line.
But that’s not all. Here are some ways to mine the data that is available and unlock enormous opportunities for your brand:
Market Basket data reveals how consumers think about products. For example, you can get consumers closer to checkout with a bundle discount, overcoming the psychological hurdle of separate products being viewed as a bigger purchase.
Seemingly contrary items in a consumer’s basket aren’t for the purpose of stumping marketers. They reflect the reality of what consumers want–perhaps for a family with very different tastes and needs. Whatever the reason, it offers you the opportunity to capitalize on the unusual by using the flexibility of online to provide personalized options.
Try out a few bundles to see what attracts consumer attention and wallets. That data can also inform the release of limited supplies of a new or seasonal product. On the flip side, bundles tested on Amazon may reveal a standout you can also offer on retail shelves.
It’s not as counterintuitive as it sounds. Drive higher revenue for an in-demand bundle by making it exclusive to a single channel. But remember that some consumers only buy on a particular channel, so don’t alienate them by forcing them outside their purchase comfort zone.
Retarget buyers with ads for a bundle version of their individual purchases. Measure incremental sales by comparing the individual product purchases to the bundle. And increase bundle awareness offline with an individual product packaging insert that advertises the bundle with a special discount.
Amazon Market Basket’s data points can be an extremely powerful tool in the right marketer’s hands. Monthly analysis of Amazon Market Basket data can improve your relationships with customers, improve product strategy, inform promotions, increase online and offline sales, and create cross-organizational synergy that unites teams with the common goal of driving sales.
Learn more about what Amazon Market Basket data can bring to your brand in this Modern Retail article by Whitebox CEO Marcus Startzel.