Recap: Empowering sellers with Amazon Accelerate
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Amazon Accelerate takeaways: Here’s what you should know about this self-proclaimed biggest ever event targeting sellers’ success. The Amazon Accelerate event took place on September 1-3. The three-day event had everything from insights, strategies, motivation, and emotional stories from some of the leading experts not just at Amazon but from the industry as a whole. The event targeted the existing and potential sellers with over 60 general, Tech talk, and breakout sessions. Among the key speakers were Doug Herrington, Amazon motivation, Dharmesh Mehta, Vice President of Worldwide Selling Partner Services, Claire O’Donnell, Amazon Director, Selling Partner Empowerment, Communities, and Trust, etc.
Here are our takeaways, learnings, and insights. In case you missed out on the event, you can also get a quick recap here.
As of February 25, 2023, the New and Improved version of Amazon by CedCommerce is now known as “CedCommerce Amazon Channel”.
A quick Recap of Amazon Accelerate
Amazon Accelerate brought new, good news for sellers. The whole session had one agenda at its core: growth at an accelerated rate. The core marketing principle to achieve this accelerated growth reiterated several times was retargeting value customers. Additionally, experts and managers at Amazon announced bunch of new and recent launches at the event. So, here is the promised quick recap of Amazon Accelerator:
Buy With Prime
In a breakout session with Jared Brett, Senior Product Manager, the Buy with Prime program was introduced again, only with expert insights clinging to it. Prime, the most luxurious membership program, meant shoppers were exclusively available for Amazon Marketplace only. Expanding its powers in a way that tremendously helps DTC brands and sellers align their interests with customers’ demands. With the ability to deliver products on or before time, offer faster and safe checkouts, and guarantee trust, the sellers can leverage higher conversion rates in their stores.
Additionally, the advertising spectrum becomes more significant and influential when backed by Amazon through Buy with Prime. Build your store and establish your brands with the confidence of Amazon backing you up.
‘Buy with Prime’ is for merchants looking to focus on things that they are best at as opposed to some of the other elements of running a business, that adds the real value” said Jared Brett, Senior Product Manager, Buy with Prime.
Full-Funnel Marketing Strategy
Among numerous tips to grow your business on Amazon, this session on “8 Tactics to Try in Your Full-Funnel Marketing Strategy in the Amazon Store” was the ultimate session.
Amazon ads specialists gathered to discuss the Full-funnel marketing strategy for Amazon Sellers. Wondering what it means to have a strategy that covers the entire funnel?
Reid Mitchell, Advertising Specialist, Amazon Ads Education, tells us that a strategy that even though no two journeys are the same, a full-funnel process includes setting goals, using tactics, measuring, and optimizing for each of these stages: awareness, consideration, purchase, and loyalty.
“Beyond encouraging customers to explore and buy other products in your catalog with cross-selling and remarketing tactics, there’s an opportunity for you to create loyalty which are lasting connections that increase the likelihood of shoppers engaging with your brand on an ongoing basis”, Reid Mitchell, Advertising Specialist, Amazon Ads Education.
Among 8 strategies, there are:
- Awareness Stage
- Sponsored brands+ Video Creative
- Sponsored display+ Contextual Targeting
Amazon A+ Content at no cost for a limited time
The exclusive service for Amazon sellers with Brand Registry, Premium A+ Content, is available for free. The offer is valid for an external period as a promotion. Improving the performance of your listings are extremely easy with the Premium A+ Content. In fact, the conversion increases by 20% as opposed to the 8.5% corresponding to basic A+ content.
Now the question is, how do you get to use Premium A+ content? If you have obtained approvals on at least 15 A+ Content projects in the last year, then you are eligible. Simply update products with registered ASINS using the A+ content manager to leverage Premium A+ Content during the promotional period.
The other half session covered new dashboards to be launched by Amazon worldwide for sellers to analyze their Brands through analytical dashboards primarily for Search Query performance and Search catalog performance.
While speaking about yet another significant upcoming launch about Manage Your Experiments, Yvonne Rodriguez, senior product marketing manager, says
“Now brands can test their bullet points. We have come up with features that make testing product descriptions, titles, etc. with or without premium A+ Content more efficient than ever before.”
Building Brand Loyalty with Tailored Customer Engagements
While considering various tips to grow your business, building Brand Loyalty stands at the core of a powerful customer base and Customer retention. This session on Amazon Accelerate by Burcin Dizman, Senior Product Manager at Amazon covered tools and campaigns that brands and sellers can use and run through emails when 4 billion people are estimated to use email every day and 50% of customers buy through marketing email at least once a month. Introducing Amazon’s Customer engagement Tool, sellers enrolled with the brand registry can capitalize on managing content and send email campaigns to the segment of customers who have purchased from their stores and Amazon before.
With the new tool, Brands will be able to
- Expand marketing efforts to three sets of customers Recent customers, Repeat customers, and High spend customers
- Send New Product Launch announcements
- Promote Current Deals
- Inspire repeat purchases
- And monitor and track key performance metrics.
“When customer engagement is done right, it allows you to increase your brand salience, improve customer loyalty, increase repeat purchase rates, and lower customer acquisition costs” said Burcin Dizman, Senior Product Manager at Amazon
Growing Business with Competitive Pricing
Varun Soni, Senior Manager. Seller Pricing at Amazon discussed the role of competitive pricing on Amazon and discussed suites of pricing tools that help sellers set the best competitive prices for their products, leading to better sales.
Adding on to why it’s essential to aim for ‘Featured Offer’ because the most competitive price for a product is selected as a Featured offer. which means that the offer will be purchased when customer hits Add to Cart. Also, winning Featured Offer is estimated to boost sales by 50%.
“Our mission at Amazon is to be earth’s most customer-centric company. Now, it’s a tall order, and we know it. But from a pricing perspective, this means that we need to build confidence with our customers every time they visit Amazon stores. For that, we have to ensure that we don’t knowingly feature an offer that is uncompetitively priced”, Varun Soni, Senior Manager. Seller Pricing at Amazon.
Conclusion: Amazon Accelerate Event 2022
Besides, the experts touched points around Global selling on Amazon for sellers to expand business globally. Amazon Global payment, Managing Global Listings, and Simplified advertising tools were must-attend sessions for potential businesses.
Let us know which was your fav. Key takeaways from Amazon accelerate in the comment section below. Also, if you are already a seller on Amazon and willing to expand your business with multiple accounts. Finding it challenging to streamline sales operations on one Platform, Amazon by CedCommerce is the help. This well-suited integration app by CedCommerce gives you immense multichannel sales capabilities. The empowering features help you create, manage, operate, and track your listings, orders, and returns with a flexible and centralized Dashboard.