Did you know there are 6.3 million worldwide sellers on Amazon? This is a lot of competition for a relatively small pool of products. If you are thinking of putting your business on Amazon, how do you manage to stand out?
Starting properly is one way to do it. Read on as we tell you how to sell things on Amazon successfully.
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Opening an Account
If you already have a business, then selling on Amazon is a case of listing your stock properly. When starting from the beginning, you are going to need some inventory.
Start by visiting Amazon services. Scroll down to the section that has the selling on Amazon link.
You will now be asked if you are selling as a business or an individual. The difference is the amount that Amazon charges for a sale. If you are a business, you will need to pay for their $39.99 a month account, which may not be financially feasible to people who are selling in low amounts.
It is then just a case of filling in the rest of your details. You will be approved and then become an Amazon seller.
Selecting Your Products
For those who don’t already have a business, then to sell stuff on Amazon, you need a product. Without it, you have no business at all. Unfortunately, this requires more work than just buying some items and waiting for people to make a purchase.
Choosing a product should be based on two factors. The first is your genuine interest in the product, and the second is the profit margins it brings.
Begin by writing down several interests and fields you may wish to sell products in. From here, begin to narrow it down to products that you think are profitable. You can then research how much they cost, how many competitors there are, and what your margins will be.
For your first few products, find something easy to ship. It should be selling for around $20 to $200 on the platform. Make sure it sells more than 10 items a day and has a profit margin of two to three times its original cost.
Avoid anything being sold in huge quantities every day. It just means that you will have too much competition. Also, avoid anything mechanical or fragile.
Once you know your product, you need to find people to provide it. Luckily, with the internet and cheap export tax from many countries, this has become easier than ever. You can start with the major suppliers such as Alibaba and Aliexpress.
It is highly likely you will get more than one lead. Make sure you get in touch with them and discuss your needs. Make sure you discuss price and the minimum order quality.
A quality test is essential before making any large commitments. This can be done by ordering a product, small run, or asking an independent person at the other end to do it for you. This is important, as products from different companies can produce very different quality.
Integrating Existing Inventories
If you already have the stock and want to sell it on Amazon, then make sure you sync your inventories in physical stores and warehouses with that of the Amazon platform. You don’t want to sell products online that are sold out in the store. There are several software solutions to assist with this.
Pricing Products
It is important to get your pricing perfect when selling on Amazon. Too expensive, and no one will buy the product. Too low, and you won’t make a profit.
In addition to this, you will likely have lots of others sellers with the same wares. This means you have to do more than just outprice them to get the sale. Ideally, you want to get a middle ground between the two.
For people with large inventories, pricing stock manually takes a lot of time and research. If you are in this position, consider automatic pricing software to help you out.
You also need to price according to the product. If your goods are inexpensive, price them as such. In general, you should not be selling higher than someone shipping through Amazon, and you should be only a few cents less than the cheapest seller.
Some tactics to use are waiting until competitors have run out of a product. You can then up the price of yours. This does mean keeping an eye on the stock of other sellers on the platform.
Marketing on Amazon
Now you have the products; you need to get them sold. You can rely on people simply searching and finding them. But to get ahead of the competition, you need a strong marketing strategy on the platform.
Amazon has its own built-in marketing service, abbreviated to AMS. It allows you to place various pay-per-click advertisements at different parts of their website. Each has its own advantages and disadvantages.
Make sure you set aside a budget for marketing. To get the best return on investment, you need to conduct thorough research into your customers’ shopping behavior and habits. This is the best Amazon marketing blog to assist.
Sell Things on Amazon
In summary, if you sell things on Amazon, do your research. Make sure you have the right product and market it properly. With a few tweaks, you could soon have a very profitable business.
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