Amazon analytics has been around for years but recent updates now mean it is a must-have tool for brands who are selling their products on the marketplace.
As well as undergoing a name change, Amazon Brand Analytics now features improved data, as well as a new report for advertising attribution. But, best of all, Amazon analytics is now available for free.
Here’s everything you need to know about this new and improved feature for the coming year.
What is Amazon brand analytics?
Amazon Brand Analytics is a selection of reports available to approved members of the Amazon Brand Registry.
Previously known as Amazon Retail Analytics, the feature allows brand owners to view valuable insights into customer behaviour, popular search terms, competitor success and advertising campaigns.
This extra information can empower brands to make decisions that improve their sales on Amazon – and maybe even across their omnichannel network.
If you’re already enrolled in Amazon’s Brand Registry, you can log into your account and find these analytics under the ‘Brands’ tab. If you haven’t joined yet, you can apply here. It’s free, but you’ll need to own a registered trademark to be eligible.
Registered brands gain greater control over their image on Amazon. They also gain exclusive access to useful tools, like Amazon Brand Analytics, which were created with brands in mind.
Why is Amazon analytics important?
Amazon analytics offers six reports that correspond with each stage of the sales funnel. This data can then be used to inform decisions on everything from marketing to product positioning.
Right now, Brand Analytics offers six different reports. All of which are important for different reasons. We’ve listed the six reports on Amazon Brand Analytics along with a short explanation below:
1. Amazon Search Terms
This report highlights popular keywords on Amazon and can help brands improve their rankings. This is essential for businesses that want to win the digital shelf and build awareness of their products among shoppers.
2. Amazon Attribution
This report is still in Beta testing and is only available in Canada, the US, the UK and a handful of European countries. But early adopters use this report to understand how their external marketing channels, like search and social media, impact sales on Amazon.
3. Item Comparison and Alternate Purchase Behavior
This report provides insights into the consideration phase of the customer funnel. It allows brands to see which competing products shoppers view and purchase. This can provide important information that isn’t always available from retailers and other third-party sales channels.
4. Market Basket Analysis
Brands can see what products shoppers purchase alongside theirs, this information can then be used to inform the creation of product bundles and other cross-marketing opportunities.
This type of data is very useful for brands, but in order to get a complete picture of product bundles it’s advisable to use a Where to Buy solution instead. With a Where to Buy solution, you’re able to see which products were purchased alongside yours, but in addition you can see which products were purchased instead of yours, if the consumer changes their mind along the purchase journey. Using a Where to Buy solution also enables you to see the performance on every retailer site, not just Amazon.
With this report, brands can view the age, household income, gender, education and marital status of their customers. With this information, they can assess the effectiveness of their audience targeting and make better decisions about their future product portfolio.
6. Repeat Purchase Behaviour
This provides important data around brand loyalty among Amazon customers.
No matter what your company’s priorities are, you’ll be able to find valuable information using one of the above reports. Plus, because this Amazon analytics is exclusively available to brand owners, it provides them with a competitive edge that will help them outperform third-party sellers and non-branded rivals.
Top metrics to track in Amazon Brand Analytics
While we recommend that brands track these key eCommerce KPIs, Amazon analytics provides extra insights that aren’t available elsewhere.
While brands will want to monitor different metrics depending on their unique goals and priorities, here are four that we think are worth keeping an eye on with Amazon.
1. The click share of each ASIN
Amazon’s Search Term report is really useful for doing keyword research. You can even see the most viewed and purchased items for each term you enter.
This offers competitor insights or, if one of your products is the most popular, you’ll be able to see its click share and conversion share.
However, you don’t have to enter hundreds of search terms to find out which keywords generate clicks for your listings. You can simply enter each product ASIN into the search bar to see all the keywords for which it attracts the most clicks.
If your product has the most-clicked listing for tons of keywords, this is a positive performance signal and indicates that your listings are attractive. However, if no results appear, this means you have a lot of work to do.
2. The percentage of shoppers buying competitor products
With the Alternate Purchase report, you can view the percentage of shoppers that viewed your product before buying another one.
For example, Coca Cola might see that 10% of the shoppers who viewed its six-pack went on to buy a multipack from Pepsi instead. This metric helps brands understand which competitors and products pose the biggest threat to their sales. They can also use this information to optimise their listings.
Just enter one of your ASINs to see a list of the top five competing products.
3. The value of repeat sales
The Repeat Purchase Behaviour report provides lots of valuable insights.
You can see how many orders came from returning customers. But, even more importantly, you can see exactly how much repeat sales are worth in monetary terms. If your business can grow this figure every week or month, it will really boost your bottom line.
Brands that can attract repeat sales don’t need to spend as much on customer acquisition and they’ll be more resilient to changes in product visibility too.
This metric is particularly important for CPG brands. But it is also valuable for any business that wants to assess the quality of their products, the performance of their cross-marketing campaigns or the impact of using Amazon’s ‘Subscribe & Save’ feature.
This metric can be recorded for sales across your brand’s entire product portfolio or at an individual ASIN level.
4. The number of incomplete listings on your account
The Amazon Brand Analytics dashboard also features a range of stats to help brands improve their product listings and increase conversions.
For example, you can see the number of listings that are missing A+ Content, sponsored ads or sufficient reviews. You’ll also see how many listings have incomplete detail pages and missed keyword opportunities.
Ideally, brands should aim to get all of these metrics down to zero. These dashboard stats are particularly important for brands that have a lot of products to keep track of.
5. Click-through rate
Amazon’s advertising attribution can be used to monitor non-Amazon search ads, social ads, display ads and email promotions.
Although it will take some time to implement all the necessary tracking tags, you’ll gain access to lots of helpful metrics, such as impressions, click throughs and Amazon conversions. You can calculate your click-through rate to compare channel performance and understand the impact of your each campaign.
If you rely on Amazon for a lot of sales, these measurements can really influence your brand’s performance. One company even saw 322% year-over-year sales growth, according to an Amazon case study.
As this reporting option is still in Beta testing, brands that want to use it need to register here.
Data-driven marketing can help brands significantly boost their profits. While Amazon analytics won’t replace other reporting tools, it provides complimentary insights that you just can’t gather from your own eCommerce store. This tool is also useful if your membership of the Amazon Brand Registry is still pending.
If you’re looking to gain maximum visibility across your third-party sales channels, make sure you check out ChannelSight’s Where to Buy’ solution.
Contact us now to talk to one of our eCommerce experts.