You must have noticed certain products glide off your shelves effortlessly, requiring minimal attention or concern. These best performers seem to have a natural ability to attract customers and generate consistent sales. On the flip side, however, lie those products that linger, struggling to find their place in customers' shopping carts.
Tracking the sales of these best and worst-selling products is crucial for the expansion of your eCommerce business. When you keep track of their sales, you can constantly optimize your inventory, which is essential to ensure successful products flourish while underperformers don't impede your progress.
In this post, we discuss how you can handle both sides of the spectrum, providing you with insights on how to push your best-sellers and breathe some life into your slow-moving products.
How do you identify your best-selling and worst-selling products?
Selling your products across multiple platforms like Amazon, Shopee, Lazada, Flipkart, and your own online store brings in a considerable challenge. The difference in reporting structures across these platforms complicates the task of identifying your best-selling products and products that demand your attention.
Each platform offers different sales reports, making it a daunting task to come up with comparable metrics. However, tools like Graas have a solution for this conundrum.
Graas can help you with comprehensive product analysis, allowing you to identify the performance of your products on multiple platforms seamlessly. By using Graas, you can identify not only which products are excelling but also where they sell the best—whether it be a specific platform, marketplace, or time of the year.
This understanding allows you to create informed strategies and optimize your inventory management and marketing efforts.
How do you manage your worst-selling products?
Not every product enjoys the same spotlight. Some items linger in the shadows, struggling to find their place in the market. Let’s look at some ways to revive the fortunes of your worst-selling products to ensure they contribute positively to your overall business success.
1. Understand why the product is not selling
Before pouring more resources into a poorly performing product, it's essential to conduct a thorough evaluation.
Assess the product's intrinsic value and viability in the market. Additionally, look at the broader picture—scrutinize competitor offerings, analyze marketing strategies, and evaluate pricing structures. By monitoring sales and implementing changes, you gain valuable insights into the different factors influencing your product's performance.
Understanding the reasons some products outshine others provides a foundation for strategic improvements. It will tell you if the product is even worth investing or trying to revive it is just a drain of money and effort.
2. Make the product more appealing to the target audience
Once you have done your research and are sure that the product has the potential to bring more sales, work on making it more appealing to the customers.
Start with a visual transformation of the online listing. Update product photos to show the product in its best light. A fresh, eye-catching photo can significantly alter the perception of your products in online listings.
You should tailor your marketing approach by leveraging data analysis to identify more effective channels, messaging, and positioning. Engage in audience-centric storytelling to make your product resonate with potential buyers on a deeper level.
Moreover, refresh product descriptions with compelling and informative content, highlighting unique selling points and benefits. This approach ensures that your product captures attention and has more appeal and market viability.
3. Offer limited-time discounts
Enticing potential buyers with temporary discounts can be a powerful strategy. However, it's crucial to tread carefully and avoid setting a precedent of perpetual discounts.
Implement time-limited sales, such as offering a percentage discount for a week or two, or launching seasonal promotions that last for a defined period. This creates a sense of urgency without devaluing your brand.
Strategic discounting is quite effective in attracting hesitant customers who may be swayed by the temporary price reduction.
4. Bundle the product with another, more popular item
Explore the synergy of bundling your struggling product with a more popular item. This strategy increases the appeal of your underperforming products and enhances the chances of them being purchased.
Graas can help you with pairing products by recommending pairing options based on products that people frequently buy together. By strategically pairing products, you capitalize on the success of one to boost the other, potentially creating a win-win scenario for both items.
5. Reach out to influencers to create hype
Social media dominance is real. And it has given a significant amount of power to the influencers. Collaborating with influencers to promote your struggling product can breathe new life into its market presence.
The endorsement and visibility generated by influencers can create a buzz around the product, reaching audiences that might have otherwise overlooked it. Try to collaborate and partner with influencers, aligning your product with relevant and trusted voices, to add credibility and interest.
6. Know when to move on
When it comes to eCommerce, it’s essential to know when to cut ties with an underperforming product. Despite relentless promotion and discounts, some products may simply not resonate with the market. Maybe the product is out of trend and no one wants it, so why keep holding on to it?
If efforts to identify the root cause of poor sales prove futile, it's wise to cut losses and redirect resources. Lingering on unproductive products can result in unnecessary costs. Knowing when to bid farewell allows you to reallocate efforts and resources toward introducing fresh and potentially more successful offerings.
How do you manage your best-selling products?
To ensure that your best-selling products maintain the trajectory they are on, you need to stay away from guesswork and make some strategic decisions. Let’s look at some strategies to maintain and amplify the success of your star performers.
1. Always keep it in stock
One cardinal rule for best-selling products is to ensure they are consistently available. Stockouts can lead to missed sales opportunities and frustrated customers.
Graas, with its advanced inventory analytics capability, emerges as a valuable solution to ensure your customers don’t see the “out-of-stock” sign.
The platform discreetly ensures that your best-sellers remain in stock by providing timely inventory alerts when demand is on the rise and inventory is limited. It also tells you what kind of revenue will be lost if the recommended product is not stocked up. This approach safeguards sales and enhances customer satisfaction by meeting expectations of product availability.
2. Encourage people to share reviews and pictures
Building a robust foundation of social proof is essential for the sustained success of your best-selling items. Encourage satisfied customers to share their experiences through reviews and pictures.
Positive testimonials and real-life images create a narrative of trust and authenticity, influencing potential buyers. By building a community of brand advocates, your best-selling products continue to capture attention and trust. Mentioning this aspect in your marketing materials subtly reinforces the product's credibility, contributing to its enduring popularity.
3. Ensure the product reaches your loyal customers
Recognize the significance of keeping your loyal customer base informed about your best-selling products. Use the existing relationship by notifying them of the product's popularity. This personalized communication makes loyal customers feel exclusive and valued.
Considering trends and preferences, there's a high likelihood that your loyal customers will be interested in other successful products. Creating this sense of exclusivity builds customer loyalty and ensures that your best-sellers remain a preferred choice among your established customers.
4. Invest in marketing
While your best-selling products may be flying off the shelves, sustaining and amplifying their success necessitates strategic investments in marketing. Allocate resources to promote these products through various channels, emphasizing their unique selling propositions.
Investing in marketing reinforces the product's visibility and attracts new customers who may have overlooked it. Capitalize on the success momentum by crafting compelling narratives that highlight the product's features, benefits, and the value it brings to customers. Effective marketing sustains and accelerates the success trajectory of your best-selling items.
Improve your product analytics with Graas
Graas emerges as the indispensable solution for navigating the complexities of eCommerce. Whether reviving underperforming products or pushing best-sellers to new heights, Graas' advanced analytics and strategic insights can help you generate more sales. Get a free trail today!