Not another ecommerce software company using buzzword marketing!
I mean…come on. AI? Machine Learning? Hogwash…
If that was what you were thinking when you read the headline of this article, first, I’d like to commend you for still being alive since you lived through the ancient era of time when the term “hogwash” was used.
Joking aside, the truth is phrases like “Artificial Intelligence” and “Machine Learning” are thrown around quite a bit in our industry. They really are buzzwords and it really is a bunch of hogwash…usually.
When most people think of AI they picture what Hollywood has conditioned us to picture; the iRobot or Terminator building an army of itself and ushering in “the Singularity.” That isn’t quite accurate though, and there actually are practical applications for AI in ecommerce and Amazon businesses.
So What Is AI Anyway?
AI is defined simply as computer systems able to perform tasks that would typically require human intelligence. See, most computer systems are confined to preset parameters and problem solving techniques programmed by their human overlords. However, artificial intelligence may not have such restrictions.
This is because AI has the ability to utilize “machine learning algorithms.” Machine learning is exactly what it sounds like; a machine that learns. Basically, humans “train” the algorithm with mountains of data until the lightning fast computational capabilities of the computer piece together patterns, and from those patterns is able to predict future patterns. Thus, it learns.
This learning capability is an aspect of artificial intelligence, since before AI, only humans/living beings could learn.
How Does That Help Your Private Label Business?
If you’ve been selling on Amazon for a time, you are woefully aware of the lack of data and information the ecommerce behemoth affords its sellers. They’ve always been extremely “tight lipped” with regard to what they allow us to have access to. And they continue to tighten their stranglehold on that data by denying more access in favor of new analytics features (like Brand Analytics) that they limit and completely control.
One such piece of data is sales figures. Amazon allows BSR (bestseller rank) to be public, but gives no other indication of how much sales volume a listing pulls in. The reason this bit of information is so important is because it helps would-be sellers of similar items gauge how much success they’ll likely have on the marketplace.
Now, thanks to the before-mentioned technology, SixLeaf has a way for you to utilize AI to help with your product research. All thanks to our very own machine learning artificial intelligence we call RISE.
RISE fuels our newest tool, the Chrome extension Phoenix, and allows you to do some incredible things in the name of new product research, competitor analysis and more.
Your Very Own AI…..? Really?
We’ve employed a crack-team of data scientists, engineers and AI developers to create the most….well….intelligent algorithm on the market.
In fact, I’ll never forget how it all came about. Below is a near accurate illustration:
*Speaking to our development team…
Us: “Hey, can we give our users access to this information? We think it would be super useful.”
Devs: “We can dig through the APIs and see if Amazon offers access to it, but we aren’t sure right now.”
Us: “Ok. How about this information? Cuz that would also be helpful.”
Devs: “We’ve looked for weeks, but we don’t see access to any of the information you’ve asked for. We’ll keep looking though.”
Us: “Geez. Amazon doesn’t let us know anything.”
Devs: “We should just build our OWN Amazon.”
Us: “Can you do that?”
Of course we didn’t build another Amazon.
Amazon employs many machine learning algorithms on a much more massive scale. Their system is complex beyond description in a blog article.
BUT, the idea was to recreate the logic behind their BSR calculations.
They had a team of talented data scientists building and refining the bestseller ranking system. Why couldn’t we do the same?
And after months of planning, outlining, testing, tweaking, and then some, RISE was born.
How RISE and the Phoenix Extension Can Help You Supercharge Your Business
Before we break down the metrics that the Phoenix extension offers with the help of calculations performed by RISE, let’s go over a couple convenient functions of the tool.
Filter your results so that you only see the metrics that are important to you. This alone can save time and help you organize your product research for the utmost efficiency.
Gain a broad overview of the space based on the searched key term. This feature offers statistics for the total page as well as top five and top ten results.
Now for the data…
All the necessary standard data is present with keyword search volume, buy box, monthly sales, monthly revenue and reviews. Phoenix offers so much more, however. This is because it was designed with not just the new seller in mind, but also experienced sellers.
First, the metrics offered are more drilled down.
BSR: Phoenix doesn’t just offer BSR, but also a time adjustable chart to show what the BSR movement has been. The chart also features a 30 day moving average.
Sales: Phoenix provides unit sales figures as well as revenue, but does so for both the past month and an average per day. However, the tool also provides yesterday’s figures to give you an idea of the real time climate of the niche.
Then, Phoenix boasts some of the most unique and useful proprietary metrics on the market.
Listing Quality: This metric looks at every aspect of a listing; the title, bullets, description, whether it has brand enhanced content, images, etc., and determines how high or low quality it scores based on RISE’s internal calculations. This is extremely helpful when gauging the level of competition for important key terms.
Listing Strength: This metric is one of the most powerful within the feature set. It considers listing quality, BSR movement, sales, and much more to determine how easy (or difficult) it will be to move above the listing in rank for the key term.
BSR Consistency: BSR for any one given day is not a reliable metric for anything meaningful. A promotion can easily lower BSR for a single day well beyond realistic range. Even an average BSR can be misleading, as promotions can often last for several days or weeks. That is why BSR Consistency stands to become the single most effective metric for extracting meaningful data from BSR.
The BSR Consistency metric looks at BSR movement over a specified period of time and applies a high, medium, and low range (or “bands”) to it. This allows you to track whether the product sells consistently or has erratic swings in sales. A consistent BSR depicts strength. However, erratic BSR movement could be a sign of a new listing struggling to rank, or a seasonal product.
Review Velocity: When evaluating the competition, it is important to not only know how many reviews their listings have, but also how rapidly they obtain them. Knowing the speed at which listings are gaining reviews is a good indicator of competition marketing efforts, but also the possibility of foul play. Best to be aware of the tactics, or growth rate, of a given niche before entering it.
While proprietary metrics are awesome and helpful, the cornerstone of the power of the Phoenix extension is the AI enhanced sales estimation. That is why, of all the regular and specially crafted metrics, the Sales metric is the most important.
AI Sales Estimation Super Powers Your Research
Pinpoint accuracy and precision aren’t necessary for every person and every type of product research. However, it is important for those who wish to dive deeper and get more than a “ballpark” estimation of the niche and the competition within.
See, while broader estimations can certainly land you in the right general area, tight accuracy allows you to set more realistic expectations. These are the types of expectations you can draft business plans from, expand with confidence from, and otherwise be more responsibly accountable to your business and partners.
With the unprecedented level of both accuracy and precision that RISE offers through Phoenix, you can know with confidence that the numbers you are seeing are as close to the real thing as you can possibly get. And with that knowledge, predictive analytics become possible.
This means that not only can you know what yesterday’s sales were, and the prior month, 90 days, and beyond, in terms of both units and revenue, but you can also know the true strength of the listing and its sales history. There is simply no better way to judge, and therefore predict, the challenges you’ll face when entering a new market, or re-establishing and maintaining dominance in an old one.
The bottom line is, there is no more “intelligent” way to conduct in-depth market research than with the help of artificial intelligence and the power of machine learning.
Ok. You are probably wondering how and where to get this awesome tool…right?
Stay tuned. Our newest tool, Phoenix Chrome extension will be available to give you the power of RISE within just a few DAYS!
Here at SixLeaf our goal is to help you scale and reach the next level for your brand. We truly believe Phoenix is the key to doing just that. When we launch the tool, we’ll be offering a trial period so you can do your own analysis and prove to yourself that we’ve created the most powerful product research and competitor analysis tool on the market.
Connect with us on Messenger below and we’ll be sure to let you know as soon as Phoenix is available! (And if you want to see how it performed…check it out HERE!)