Master Amazon Business with these essential trade strategies

More than ever, there are more platforms and tools to help your business operate and take advantage of opportunities. One of these is Amazon Business. Unlike Amazon Marketplace, its features and benefits are tailored to meet the needs of (you guessed it) businesses, and not individual and 3rd party sellers. So let’s dive into the key features that could make Amazon Business the engine room for your trade business.

Streamlined inventory management

We know from our customers that effective inventory management can be the difference between making the most of an opportunity or missing the boat. Amazon Business can help alleviate some of those headaches by predicting the market and avoiding overstocks and stockouts - here’s how:

1. Automatic stock: with tools like Restock you can replenish your supply line more easily. The automation tool lets you know how much inventory you need by using sales history and demand forecasts.
2. Forecast with greater efficiency: sales data and trends allow you to forecast accurately - reducing the risk of stockouts.
3. New suppliers, no problem: Need to find new supply chains? Supplier search tools allow you to find new suppliers so you can diversify with new, reliable sources. Companies such as Zignify can also help you find new suppliers.

Optimized pricing strategies

To keep up with trends and competitors, your pricing strategies should be agile and meet the ever-shifting market demands. It's safe to say this is easier said than done. Luckily, there are new technologies that allow you to adapt with greater efficiency. Amazon Business integrates these technologies into its platform by:

1. Automating pricing: a pricing tool adjusts your prices in real-time, in no time. This gives you the ability to keep up with new market demands and competitor prices without sacrificing profit margins.
2. Discounts on a grand scale: you can set up automated discounts on specific products and encourage bulk purchases.
3. Promotions on the go: promotional features such as lightning deals can clear out slow-moving inventory. Or business pricing offers exclusive discounts for your high-valued customers.

Customer service excellence

Quick, responsive customer care is essential for you to deliver the ultimate five-star rating. This can improve your reputation and increase loyalty with your customer base. There are now handy tools to use and deliver excellent customer service at speed, some of which you can find on Amazon Business. 

1. Instant communication: direct messaging systems mean customers get quick replies to their inquiries.
2. Fulfill new orders: services such as Fulfillment by Amazon (FBA), lets you store products in fulfillment centers. Alternatively, you can also use other warehouse storage solutions such as Shipbob.
3. Returns and refunds, redeemed: using an effective after-sales support system that includes easy returns and refunds is integral to keeping your customers happy. 

Build a strong brand presence

Creating a strong brand presence is more than just a logo and products, it’s the chance for your company to show who they are - its identity, its values, and its credibility. Going beyond just fulfilling a need but creating an emotional connection with your brand. You can find a suite of marketing tools to help you create those connections, such as Amazon’s Brand Registry.

1. Suite marketing: Brand Registry is a marketing suite that gives you access to advanced tools that can give your products that extra dazzle.
2. Stand out from the crowd: A+ content ( or EBC) gives you the power to create captivating product descriptions, visuals, and videos. 
3. Consistency is key: use customizable templates to ensure your brand has consistency throughout your product listings, so you’ll be instantly recognizable. A+ content includes this feature. 

Long-Term growth strategies

The objective of any company is sustainable growth. Grow too fast - you might not be able to keep up with demand, too slow - there is no demand. The important thing is to strike that balance by:

1. Reading the market: sales data and research tools provide insights on trending products and niche markets. So you can explore diversifying your offering and find discover new opportunities.
2. Think globally, act globally: search tools make it easier to reach international customers, expanding your reach to new markets, which Amazon Business offers.
3. Grow bigger with AI: AI algorithms can analyze customer behavior, preferences, and purchase history - meaning you can find more opportunities and take advantage.

With Amazon Business’s platform you can execute your operations with precision and meet you business goals with proper planning. At Stenn, we’re committed to empowering businesses with the financial tools and insights they need to succeed. CONTACT US today to learn how we can help you achieve your future aspirations.