It’s no secret that we’re all about maximising your Amazon profits here at Venture Forge – after all, you can drive all the growth in the world, but if you’re not making the money you need from your sales, what’s the point?
And, with a whole new Amazon landscape unfolding for Vendors in 2024, the issue of maximising every penny of profitability has never been more important.
But where do you begin?
In his recent guest post for Channel X, our CEO Andy Banks suggests Vendors make taking a deep dive into their Amazon P&L a priority this year.
“A detailed understanding of your Amazon operations is crucial,” he explains.
“Knowing where every penny goes isn’t just about financial prudence but strategic decision-making.
This deep dive can help you identify areas for cost savings, efficiency improvements and potential investment opportunities.”
Find all of Andy’s Vendor tips for 2024 here.
How do you do that?
You need access to the most up-to-date financial information you can get your hands on, covering your:
- Sales performance
- Ads performance
- Inventory management
- Pricing optimisation data
- Operational efficiency (order processing times, fulfilment rates, customer metrics)
Sounds like a lot?
Our experts use a tried-and-tested suite of the best profit reporting tools around to provide accurate and timely Amazon financials to all our clients – if this is an area you need help with, get in touch today.
And then?
- Use unit economics modelling next to drill deep into your product performance, pinpointing the areas that need tweaking.
- Make sure you’re on top of your ad spend, continuously optimising it to improve your ROAS.
- And make sure your Seller Model is still working for you.
Choosing the right Seller Model is a dilemma that should be reviewed regularly, it’s a question that’s more relevant right now than ever before – we’re seeing lots of Vendor brands considering whether they should make the move to hybrid or even Seller.
- Want our expert advice on your next move? Speak to the team.
- Want more info on profit maximisation? Read this blog.