As COVID-19 drives more people to Amazon, the right mix of data and AI tools available to Amazon’s third-party sellers can determine how well they understand their customers and effectively market and sell to them, Rohan Thambrahalli of UpstartWorks writes.
Analytics is the key to unlocking new insights into your customers, yet many businesses are not leveraging data as much as they could. In fact, it’s estimated that companies only use around 45% of the data they collect. The rest—a whopping 55%—is referred to as “dark data,” hidden away and left unused despite its massive potential.
With the cost of data storage falling dramatically in recent years, there’s simply no reason to ignore what your customers are telling you. Every time someone makes a purchase or simply interacts with your website or service, they leave a trail of evidence that could lead you to your next big campaign.
For Amazon sellers, this data is particularly lucrative. The systems and tools Amazon puts in place to visualize, analyze, and collect data are meant to spur sales on the Amazon platform—giving vendors an advantage over their competitors when applied correctly. Here are a few of the main data subtypes to keep an eye on as we move further into 2020.
Where Are Your Customers?
“Pick a ZIP code, and Amazon can pretty much tell you what people wear, buy, and do in that ZIP code,” noted former Amazon general manager Neil Ackerman in a recent interview. The level of insight available from geographic data has huge benefits for vendors, many of whom aren’t aware of the advantages in analyzing this data.