Who broke sales records this Prime Day? Trash bags!
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Amazon Streaming TV: A Favorite Amongst Advertisers and Viewers
Did you know that 115 million U.S. households are currently using streaming TV? This is one of the reasons why Amazon is reintroducing traditional TV ads. According to Mike Hopkins, Senior Vice President of Prime Video and Amazon MGM Studios, "No other streaming service can reach the number of customers with premium entertainment that we can. And our audience is not just a number on a page.”
In our latest blog post, we explore the benefits and opportunities that streaming TV holds for businesses selling on Amazon:
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SKU Economics Report - The Amazon-provided P&L?
Our reporting team has begun rolling out an internal dashboard that combines data from the SKU Economics Report with other key pieces of cost data like COGs and Sponsored Display ad spend, so I wanted to take a minute to highlight this report. The Why here is straightforward - we aim to be in sync with our client’s per-SKU profitability as best as we can. We want to understand where we have ample margin and can push further, where we are breaking even, and where we are actually losing money and need to pull back. Having this information at our fingertips without relying on any 3rd party tools is the best possible solution.
So, what does this report do? The SKU economics report provides aggregated historical data to help you understand the economics of your products over time. This is a sort of Amazon P&L where you can optionally add in your COGs to see all costs and the resulting "Net Proceeds" as Amazon calls them, aka, Profit. We've found it's within 1%-3% accurate when compared to figures reported from tools like Sellerboard.
There are some issues - Sponsored Brands ad spend is not included and is very hard to accurately add from our own data due to how ad spend allocation works with that campaign type. It's also unclear how it can adapt to COGs changing over time. Still it gets the vast majority of fees and covers most scenarios. It will no doubt be improved in the future.
So go download the SKU Economics Report today, or head on over to the Inventory area in Seller Central to see the SKU Economics scorecard module inside any individual SKU. Knowing your numbers inside and out is never a bad thing.
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Amazon Dates to Remember
Seller Fest Online (August 5th-9th, 2024)
I am thrilled to announce that I will be speaking at Seller Fest Online organized by Augustas and the team at Orange Klik. The theme is "Everything You Need To Know To Make Your Amazon FBA Business Thrive In 2024," and it runs from August 5-9. This free, online event gathers 40 world-class private label experts, including industry leaders like Steven Pope, Amy Wees, and Chris Rawlings, to provide invaluable insights and strategies to thrive on the Amazon Marketplace in 2024.
Attendees will gain access to the latest tactics, tools, and trends that are currently driving success on Amazon. This is a great opportunity to learn from a super group of people without leaving the comfort of home. Put it on your calendar now and don’t miss out on this chance to transform your Amazon FBA business.
Amazon Accelerate (September 17th-19th, 2024) in Seattle, Washington
Amazon Accelerate, the premier annual conference for selling partners, is a must-attend event for Amazon sellers looking to propel their businesses forward. This three-day event offers the first look at new product announcements, in-depth learning sessions, vibrant networking opportunities, and personalized support from Amazon experts. Attendees can connect with peers, learn from senior leaders and industry experts, and explore the latest tools and innovations designed to help them succeed. Highlights include inspiring general sessions, practical breakout sessions, and opportunities to engage with affinity groups and Amazon programs.
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Big winners on Amazon Prime Day: Drink mix, trash bags, snail serum
Amazon recently wrapped up its annual 48-hour sales event, Amazon Prime Day, announcing higher sales and an increase in items sold compared to the previous year (of course, that's what they say every year!). While specific figures were not disclosed, Numerator provided an estimate, revealing that the average household spent approximately $152.33 during this year's event. This is notably lower than the average household expenditure of $180.82 during Prime Day 2023, as reported by Numerator a few weeks after last year's event.
Numerator’s Amazon Prime Day Tracker compiled data from 93,513 orders, 35,588 households, and 188,000 items purchased. They also conducted surveys with around 7,311 verified shoppers. The average order size this year was $57.97, slightly down from $58.41 in 2023.
Amazon highlighted a record number of new Prime memberships, with members taking advantage of deals from major brands like Sol de Janeiro, Apple, Dyson, and Ring, as well as small businesses like TruSkin, ALOHA, Native Pet, and CosRX (the seller of Snail Mucin Serum). Independent sellers sold over 200 million items.
Additionally, Amazon’s AI chatbot, Rufus, which was launched just before Prime Day, played a role in assisting customers with product queries and enhancing the shopping experience.
Size normalization now includes more product type
Last year, Amazon introduced product size normalization on search and product detail pages to provide customers with consistent product size information across all stores. This year, they are broadening the scope of this feature to include additional product categories such as pitchers, binoculars, and pressure cookers.
Clear size options make products more discoverable and typically boost sales compared to items with inconsistent sizing. The idea is this enhances the customer’s shopping journey and purchasing experience. Standardized apparel sizes allow customers to view only the sizes familiar to them based on their geographical location in the dropdown menu. This standardization simplifies the process for customers to find their exact size, leading to a smoother shopping experience.
Read more below or see the FAQs here.
Thank you for reading!
- Brent
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