Brand Growth Strategies For Challenging Times: Insights from CPG Marketing Expert Gareth Turner
Amazon launches ‘Rapid Retail Analytics’
What is Rapid Retail Analytics?
Rapid Retail Analytics offers vendors a real-time view of sales, traffic, and inventory data via API in order to track performance against those metrics throughout the day.
Why Does RRA Matter?
- Typically, Vendor Central retail analytics data updates with a 2-day lag. With RRA, brands can access hourly sales/traffic/inventory data in order to optimize their assortment and visibility in near real-time during tentpole events like #PrimeDay to hit targets.
1 + 1 = 3 w/ Amazon Marketing Stream & Rapid Retail Analytics
- 👉 Last year, Amazon launched Marketing Stream – a similar hourly API data stream, but for advertising metrics (ad traffic/conversion/spend/etc). With the combination of both Marketing Stream and RRA, brands will now be able to view hourly trends of sales and traffic metrics against media performance (think real-time budget allocation based on inventory, increasing paid traffic during periods sales are slow, etc.)
Any pitfalls for brands?
- While data is power, data also needs to be actionable. Similar to AMC, this should not just be a dashboarding exercise. If you are going to invest time and energy with RRA, make sure you have a POA to utilize the insights gained
- Actioning on real-time data in real time is hard. Things break. BUT… flexing these muscles now will pay dividends in the future