If you’re selling on Amazon and haven’t explored Market Basket Analysis, you’re missing out on a treasure trove of insights! 🕵️♂️💡
Here’s how you find it: head over to Brands > Brand Analytics > Consumer Behavior Analytics on Seller Central, and —you’ll see Market Basket Analysis in the dropdown menu.
So, why are we at btr media obsessed with this tool? 🤔
It gives us a crystal-clear view of the buyer’s journey—how customers discover and purchase multiple products from our brand. This data is invaluable for shaping our ad strategy (and expanding our product lineup).
With reporting ranges from weekly to quarterly, we can filter by category or brand to dig deeper. I dive into these insights at the beginning of every month to keep our strategies sharp and effective.
Let's take a quick look at a real-life example!
One of our ASINs racked up 841 orders, and the top combined product was… an accessory from a competitor! It's not a direct competitor but a clear sign of a market gap we can fill. This kind of insight sparks new product ideas and helps us stay ahead!
And it gets better. We discovered a 24% purchase combo rate with another product — an accessory that sold 441 times last month. Guess what? We’re not even selling it… yet! 🚀 This is where smart brands spot an opportunity and jump on it.
Why Should You Dive In?
Here’s what you can do:
1️⃣ Optimize Ads: Identify which product combos are popular and create ads that drive sales and protect your product detail pages (PDPs). It’s not just about defense; it’s about showcasing what customers are most likely to buy together!
2️⃣ Find New Opportunities: Discover new cross-sell and upsell opportunities. Imagine knowing which products to add to your lineup based on customer behavior!
Ready to take action?
Think of this tool as your market investigator—always on the hunt for trends and gaps in the market. Use it to protect and lineup your PDPs more efficiently, meet unmet demand, and outsmart your competition.