It is no longer news that people and brands make a lot of money by selling on Amazon. What you can make by selling on Amazon depends on what you know and how you apply them. I have seen people who make well above $5,000 in a week by selling on Amazon. And I have heard of people making millions of dollars per month from amazon alone, though I am yet to meet one of such persons one on one.
IMAGE: PEXELS
On a personal note, I have made a fair share of this fortune myself and it changed everything regarding my finances. The amazing part is that all of this can be done right in the comfort of your home.
See this: more than 70% of all consumers in the US now buy from Amazon and by 2021, Amazon is projected to command a massive 50% of the eCommerce market. The number of third-party sellers on Amazon keeps increasing at a pace that beats projection and there is hardly a better time to join this stream than now.
Thanks to technology, there are now many tools out there that you can either buy or download for free which helps you make good income from Amazon. According to https://infinitefba.com/best-amazon-seller-tools/ the amazon affiliates who are doing really well are those who have been able to automate the process by downloading the best Amazon seller tools. Some of these tools are paid and there are some that are free as well. How I did it.
Make Amazon The Growth Strategy
When I began this journey, I made Amazon a growth strategy. I got a certain level of result, but I surely wanted more and I kept trying all I could until I got the gist; Amazon is the future and shouldn’t be made just a growth strategy. It is a growth strategy. Stay on it, it is worth the try.
Determine Your Selling Strategy
Selling on Amazon can either be directly to Amazon or by selling on Amazon yourself.
For me, I found a balance between these two and it paid off. Amazon keeps growing its direct catalog at an impressive pace. You won’t be a smart player if you are trying to beat them at their own game, swim with the tide and you will make more than enough if you do it well. Make Amazon your customer, not a competitor.
Items Sold By Amazon Also Often Sell More And Faster
The other option which is selling on Amazon yourself becomes a game changer if you are offering a unique product that is not yet sold on the platform. Most margins are made here, but it is equally unpopular to offer such products.
When you combine both, you keep Amazon honest and avoid stock-outs of your product by their algorithm. Even for new products, you can initiate sales by first winning Amazon over by selling to them and when it’s on freeroll, you ride.
Do’s
- Don’t just put an item on Amazon, diligently identify a product that makes sense.
- The next thing to do is to walk through the store to see if the item(s) is already on the platform. If yes, check interest and competition and evaluate your chances.
- Then gather the information you need to get the products on Amazon, including pictures and description.
- Check out the processes an Amazon order entails.
- Get software that makes these steps easier.
- Any task that isn’t core to your business should be outsourced. Don’t try to do everything; it compromises efficiency
- Submit your product data to Amazon
Pricing
Product pricing is a very important aspect of the processes. Online prices do not perceived permanency like price tags, hence it is best to test prices to see the margins and velocities. Initiate automatic price adjustment to optimize sales velocity. The price(s) should be optimized for products outside Amazon.
Note
- Items in $30 – 50 range are better options with about $20 margin.
- Keep track of your inventory, both Amazon and Non-Amazon.
- Ensure your product and seller reviews are current and positive.
- Boost your inventory towards holidays, about three months earlier, in preparation for higher sales.
- Understand your suppliers and how they work. Places like China take almost a month break during certain holidays hence the need to get your products stock up before such times.
- You must be detailed and careful when calculating Amazon fees. It is important for proper revenue evaluation.
- Shipping fees should also be carefully calculated. See how it impacts your revenue and make necessary adjustments where needed.
Selling on Amazon is not just lucrative, it is the real deal now and for the foreseeable future. Products to be offered are diverse. You can write a book on a relevant and trending topic and place it on the platform. You can also order products, repack and place them on Amazon. Whichever you choose, follow the steps above and you will make a fair share of the money made on Amazon.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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