Today is day 2 of the Build A Niche Store Rebuild series.
In this series, I am going to be taking a
step-by-step approach to getting my Build A Niche Store, or BANS, seen, visited and making daily sales.
Today’s topic: Analyzing The Terapeak Data
Today’s lesson is a short one so let’s get right to it.
By now, you should have a nice size list of your store categories with the following information:
- category name
- average selling price
- number of listings used in calculations
- sell-through percentage
You now want to scan through your list and find the categories that have the highest average selling price and make a mark next to them. We need also to look at the number of listings involved and the sell-through rate for each of these categories. If a category has a high dollar amount but is based on a very low(less than 500)listing count, check to make sure you searched for the singular and not the plural form. If the singular form has just as low of a listing count, then move on to the next one. It the numbers are better for the singular, then we need to consider the sell-through rate.
The sell-through rate needs to be at least fifty percent and as close to sevent-five percent as you can get. A lot of people will think if they have even a ten percent chance of selling a high dollar item why not take it? The answer has to do with maximum return on your effort. I would rather optimize my store for categories that sell like mad, sell through a high percentage and maybe get a slightly lower dollar amount than spending my scarce time optimizing a category with almost no items for sale or that have a low sell-through percentage. Does this make sense?
Our goal is to select ten categories in this process which meet our criteria of high dollar average, high listing number and high sell-through rate.
We will next minimally optimize our BANS stores for the categories we just identified in the next installment of the Build A Niche Store Rebuild series.
Best,
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