Every business foresees growth provided it makes the best use of the business reports that help to budget, forecast, and plan, thus improving decision-making. Amazon understands its significance and thus provides Business Reports to sellers with actionable data to monitor sales and track the business growth through Seller Central.
Amazon Business Reports give information on how your customers interact with your products and how often they buy your products. Along with that, you can also get insights into how much quantity of products the customer orders in a single transaction. This data is valuable to growing your Amazon business. These reports provide sellers with valuable data to influence their advertising strategy and plan for best business practices.
Every business in liaison with Amazon mainly focusses on detailed reports like Advertising Reports, Inventory Reports, Fulfilment Reports, and Inventory Health. Heads of Businesses like CEOs are more likely to analyze high account level aggregate reports like the Sales and Traffic Page or Sales Dashboard, which will be available in the Amazon Business Reports.
However, due to the amount of data it offers, it can be challenging to comprehend it, which makes many sellers ignore them. To achieve optimum sales output and to know how your business is faring against set targets, you must realize the significance of Amazon Business Reports 2023 which is immensely useful in evaluating the key KPIs of your Amazon business.
So, we have compiled the guide here that will discuss what these reports are and how you can utilize them to effectively expand your business in this post.
What are Amazon Business Reports and where to look for them?
Amazon Business Reports provide information that allows sellers to concentrate on the most important aspects of their businesses. They provide insightful statistics for the businesses to create a perfect marketing strategy, which will help in focusing on how to grow their sales. Within your Seller Central account, the Business Reports may be found under the main tab > Reports section. Amazon Business Reports are available only to the sellers who have enrolled in the Amazon Brand Registry Program.
Not all the information in the reports is useful. There is a handful that is very crucial to be aware of. Several reports available in Seller Central are available to all sellers, while some are only available to FBA sellers and others are only available to brand-registered merchants.
The business reports for Amazon sellers that fulfill orders may be seen under the Reports page. There are other reports available like sales and tax reports. These reports are useful to give long-term insights that can help you expand your marketing and sales strategies.
What are the different types of Amazon Business Reports?
There are three different kinds of Business Reports available on Amazon.
It gives you a detailed overview of your orders and sales. These reports also have several trend graphs that will be used to compare and analyze data from the previous day, a week, or previous year also. It will be the easiest approach to know about your previous sales, units sold, and average order value just by looking at Amazon Business Report.
Sales & Traffic
This report displays an average level of sales data for a specified time, such as monthly, weekly, or daily.
Detail Page Sales and Traffic by ASIN (Amazon Standard Identification Number)
This report displays ASIN statistics at both the parent and child levels. At the product level, you get a detailed performance report. For a certain date, you may obtain granular level data for product reporting. Data for these reports are generally available for up to two years. All the available reports are listed in the navigation bar to the left side.
What is the need for Amazon Business Reports?
When it comes to operating a business, you must make decisions based on the facts available to you to keep your company on track. When it comes to business decisions, many people depend only on their gut feeling, but if you have reliable facts, the next step to optimize your business will become clear. The Amazon Seller Central Reports come in handy here. Several opportunities can be found within your business reports in Amazon Seller Central to provide valuable insights. It’s usually the best practice to read them regularly, so you know what kind of progress you’re making, and don’t miss out on potential sales and profit. Since the information provided is useful in Amazon’s available reports, you’ll get the advantage of increasing your conversion rates and sales volume, decreasing ad spend, and some other aspects also.
There might be a slew of papers on data analysis, best practices, and the metrics to look at in a particular stream. Understanding the market and matching your business goals with it might be difficult, especially if you lack the necessary experience. Amazon Business Reports will help you expand your business with the right kind of approach and insights.
You may access the data in Seller Central at any time. It reveals how your customers engage with your products and how frequently they purchase them. You may also obtain information on the quantity that clients order in a single transaction. This information can help you expand your Amazon company.
As an Amazon seller, you’re probably aware that income is one of the most important elements impacting your product ranking. You need to correlate your total sales with units sold page views and sessions in order to gain a comprehensive image of your Amazon company’s success.
One of organizations’ most significant issues is estimating product demand in the marketplace due to a lack of data. Amazon consumer demand signals are used in Business Product Opportunity (BPO) reports providing customized product suggestions. You’ll gain insight into Amazon Business customers’ demand for your product category this way. You’ll also get a sense of what B2B clients are likely to purchase on Amazon.
What else you should know about Amazon Business Reports?
Amazon Business Reports include essential data and information that can assist you in growing your company. Additionally, reports provide business statistics for Amazon merchants who might be planning to expand their horizons. As mentioned above, there are certain reports available to FBA sellers and certain reports to brand-registered merchants.
Reports for Registered Brands on Amazon
Amazon is constantly renewing and adding features to necessitate the sellers in their ever-growing quest to connect with buyers. Amazon added a new feature called the Brand Analytics tool in the year 2019, making it available to Brand Owners. He is a seller who can be an internal employee of the brand and will be responsible for selling the brand’s products in the Amazon store.
In a nutshell, Brand Analytics is a feature that contains valuable insights so that the Brand Owners get informed and enlightened so that they can take strategic decisions about their product portfolio and marketing/advertising activities. You can find Brand Analytics under the “Brands” tab in Seller Central. Brand Analytics feature contains valuable insights to empower Brand Owners to make informed, strategic decisions about their product portfolio and marketing campaigns.
These Reports are of the following:
- Search Frequency Rank which connotes the popularity of a search phrase in comparison to other terms used at the time.
- Click Share denotes the percentage of total clicks that go to certain items.
- Conversion Share will talk about the percentage of orders that are placed for specific goods vs all orders that are placed once a search phrase is used.
The Consumer Behavior Dashboard is useful and provides lucid information about buyer data. It’s separated into brackets and divided into three categories which are listed under:
Amazon Search Terms
Amazon Search Terms are a series of keywords that a shopper uses to search for products and type into the Amazon search engine to find particulars about a product. The Amazon Search Terms are the most sought-after keywords and will be hidden in the backend of Amazon listings.
The Item Comparison Report shows various products Amazon customers viewed most frequently on the same day as the Rights Owners’ products. This enables Rights Owners to see what products are directly competing, make advertising decisions based on that, and devise a better-informed product portfolio. Item Comparison is a report of the top 5 competing products.
Demographics Report is about buyers’ age, income, education, and marital status.
Other statistics, tools, and dashboards are available to Amazon merchants. Another useful Report is The Voice of the Customer dashboard which indicates problematic items and allows vendors to rectify them.
Now that we’ve searched through the most popular Amazon businesses, it’s time to move on to the next step.
FBA Sellers’ Amazon Business Reports
FBA sellers who sell at least one product through Fulfillment by Amazon can see business reports. They’ve not been sorted into small sections and dashboards like MFN (Merchant Fulfilled Network) business reports. The Sales Dashboard, for example, has the FBA Sales Lift feature. It compares the sales velocity of MFN-fulfilled goods to Amazon-shipped units. Even so, the Inventory tab provides access to the majority of FBA inventory, sales tax, and removal data.
What are the different matrices of Amazon Business Reports?
The Business Reports section has a variety of reports organized by date or by ASIN. You can also adjust the ‘by Date’ reports to provide information based on SKU (Stock Keeping Unit) performance.
These reports provide Amazon merchants with information regarding three primary areas:
- Traffic to your products
- Your Conversion Rate
- The proportion of your Buy Box
This data may be seen in the ‘By Date: Sales and Traffic’ report.
What can you do to make things better? It’s considerably more probable that a consumer will order from you if your list of products is listed in the Buy Box. Amazon considers eligibility for the Buy Box not based on the best price offered by a seller but based on the optimum sales performance of a particular seller. The ideal factors that make your products eligible for Amazon Buy Box are that you must make sure that your products are reasonably priced, always in stock and that you offer free delivery as one of the options to be provided to your customers while offering shipping services for your products. You must always ensure to provide outstanding customer service to be eligible for Amazon Buy Box.
Let us have a look at the different types of Amazon business reports that one can use:
- Conversion Rate
- Buy Box Percentage
The ‘Sales Snapshot’ on your Amazon Dashboard shows your current day’s sales. You may also compare sales over time, such as days, weeks, or months, and view the results on a graph. You may track your top 5, 10, or 20 product categories using ‘Sales by category’.
Your sales dashboard may provide you with the most up-to-date information about your Amazon sales statistics and will allow you to quickly see which products are performing well.
Sales Reports contain the following information:
- Get product-level details on completed client orders, including purchase price, quantity, tracking, and shipment information from Amazon Fulfilled Shipments.
- Orders of all kinds: Examine order status, fulfillment and sales channel information, and product details for both FBA and seller-fulfilled orders.
- Customer Shipment Sales: Get product-level information on FBA customer orders that have been dispatched, such as price, quantity, and destination.
- Promotions: On Amazon, you can see the deals that have been applied to your purchases.
- Sales Tax: This section contains information on the destination, the tax jurisdiction, and the amount of sales tax collected per revenue kind.
- Your FBA (Fulfillment By Amazon) Sales Lift: When Amazon provides data that compares sales for goods fulfilled through both FBA and other fulfillment channels, the FBA Sales Lift tool shows on your Business Reports page.
This measure merely indicates the amount of traffic that has been logged. That’s all there to it. You may have come across this measure if you have a rudimentary grasp of SEO or website analytics. A session is a collection of user interactions that occur over a period.
The same can be said about Amazon. A session can be defined as when a consumer gets access to your Amazon shop, views several pages, and proactively interacts with several pages. However, after a certain amount of inactivity, the session automatically ceases or terminates under the following circumstances:
- Page visits: Assume a consumer visits your Amazon store.
- Page Views: Viewed a product but did not add it to their shopping cart.
- Page Interaction: After seeing two products, they added one item to their basket.
- Consumer Behavior on Page: They browsed, looked at additional things, added a few, and then deleted them.
This measure compares the number of times buyers viewed your product detail pages and then went on to place an order. A good conversion rate on Amazon is projected to be around 5-10%. Of course, this will be purely based on the product and niche you are selling, but this is what you should always aim for as an ideal solution in this aspect. It is important to note that a good conversion rate on a regular eCommerce website is around 1-2%. That is because optimum traffic that is funneled to the website is not always ready to buy the products. Customers who regularly visit Amazon and buy products are typically on Amazon to make a purchase as always because they are loyal. Therefore a 10% conversion rate is said to be typical for an Amazon seller.
You are doing something right if your conversion rate is around 10% or above. This means your listing is well-optimized, your price point is fair, and your product has good customer reviews, making customers want to buy it.
If you detect a decrease in your order session rate, or if your order session rate is lower than the category average, you must move quickly to resolve the problem. There’s a good probability your product’s ranking isn’t where it should be.
Buy Box Percentage
What exactly is it? When a consumer reads a product page, the Buy Box appears on the right-hand side and offers what Amazon determines to be the best deal for the customer. To appear in the Buy Box, sellers must fulfill performance-based standards, and if more than one qualified seller offers the same product, the Buy Box will be competitive. The Buy Box percentage indicates how frequently shoppers visit and view your goods in the Buy Box.
For example, if your Buy Box percentage is at 25%, that means only 25% of customers can click “Add to Cart” on your offer. This is relevant if you are a wholesaler or an arbitrage seller. This is indicative of the fact that there are many sellers on the listing, or the price of your product is too high.
This implies that your Buy Box percentage must theoretically be at 100% if you happen to be a private label seller and the only one selling products on the listing.
If you don’t own all the Buy Box, you need to figure out the factors why it is not so. This could be another possible reason for a lower conversions and sessions rate. When you don’t own 100% of the Buy Box, it is more difficult for customers to make a purchase.
What method is ideal to adapt to compute it? The proportion of page visits that saw your product in the Buy Box will decrease if your product is out of stock or another buyer’s product is highlighted in the Buy Box.
- Long-Term Storage Fee: Information on your most recent long-term storage costs, including which goods were charged, their condition, quantity in stock, size, and the total fee amount per SKU (Stock Keeping Unit).
- Reimbursements: Includes information on both manually initiated and automatically produced inventory reimbursements. To see the specifics of any reimbursements you’ve sought, click the case ID.
- The Statement View may show a summary of fees and sales for a certain period range.
- Transactions View: A summary of all transactions in the account from the last settlement date till the preceding day’s close.
- Fee Preview: Estimates your existing FBA inventory’s Amazon selling and fulfillment fees.
Amazon Business Reports will help you to achieve your goals to change the perspective towards the way you analyze and perceive these reports. These reports are easy to understand and are not all-encompassing as every Amazon seller will ultimately have different needs. Of course, if you want to use other metrics included in your reports then it’s your call, but the most crucial task is to study the information in the Sales, and Traffic Reports.
You should pay emphasis on driving more traffic to your products, engaging customers, and converting a high percentage of them into sales. In a nutshell, the metrics provided in Amazon Business Reports are valuable data that you can use to ramp up your business and drive more sales.
Ultimately, you should be aware of the nitty-gritty of the numbers in business, get proactive and creative, keep abreast of the competition, and should be able to think and act and apply logical judgment and get valuable foresight to foresee and gratify growth opportunities and thereby indulge in earning a handful of profits.
Hope this extensive guide on Amazon Business Reports 2023 is helpful to you in organizing and achieving your business goals.