So, you have joined the fast-paced world of Amazon, and are looking to grow your empire. Not only can this generate a steady income for you, but you do not have to go to the full effort of putting together an eCommerce site and creating a functional website to sell products to your customers.
Rather, you can list products on Amazon under the relevant categories and wait for someone to buy them. And, with the traffic that Amazon gets monthly, you will not need to wait long to sell your product. Amazon had over 2.4 billion visits in September 2020 alone, up from 2.01 billion in January the same year. They ship over 1.6 million packages a day, which is just over 18.5 orders a second. So, there is certainly potential to make money.
But, how do you make your products stand out, and how do you make a profit on your Amazon business? We took a look at some of the most effective ways of turning your idea into profit and making big bucks from this retail giant. So, let’s get stuck in.
Make Your Business Sellable
If making a huge profit at the end of the day is in your sights, consider building up the business from scratch to sell it on for a large profit later on. The best way to do this is through private label sales, which is an effective way of taking existing products, putting a spin on them, branding them and selling them on Amazon through the FBA network.
This way you get to build up your own branding and following, which you can effectively sell to customers on Amazon, and establish your customer base. Using the FBA network, you are able to ship the products to your customers through Amazon services, as well as make use of their storage facilities.
If this gets big enough, and your brand starts succeeding, you can start to investigate how to sell Amazon business rights to an eager buyer. Because the start-up process of Amazon businesses can be time-consuming and slightly risky, entrepreneurs are always on the lookout for new businesses that they can buy at a profit to continue running.
So, if you are willing to put in the hours and build it up, you could end up being able to successfully sell it on and make a good profit.
Be An Active Marketer
But, just how do we get to that stage, and how do you make money off your products in the interim? The answer lies in active marketing. And luckily for you, there are a number of ways to market your products digitally to a global audience.
Firstly, start building up content about your products – educational articles and blog pieces to share on your blog, as well as with affiliates, content for your social platforms, as well as content for your emails. You will need to start building up a database of potential and regular customers who you can send emails to to market new products, special offers and last-stock announcements.
Regular content on all of your social media as well as to affiliates is key to not only generate SEO for your products to be found on the expanse of Amazon but as brand building too. The more your brand pops up in searches, the more traffic you will get to your products and the higher your conversion rates will be.
Paid ads are also a great way to get your products in front of the right audience when they are online. By making use of paid ads, you are paying for specific keywords that are relevant to your products, and these will keep popping up on sites as well as in the search engines. So, spend a bit of money each month and get seen by people who are actively looking for your products.
Have In-Depth Knowledge of the Market and Your Competition
This is really important when going into selling on Amazon. You need to keep in mind that there are billions of products already for sale, with thousands already in your category. So, you will need to make sure you stand out.
Keep an eye on which products have high turnovers. The higher the turnover on Amazon, the more in demand it is and the more likely you are to sell successfully. If you notice that particular items readily go out of stock, invest in them to launch into the market when the rest is out of stock to hook in the customers.
Watch your competitor reviews closely and adjust your products and product descriptions around those reviews. You can find success in capitalizing on where your competitor is falling short. So, if customers are complaining about low quality, wrong sizing, excessive pricing, make sure you are selling the right products and actively advertise that on your product listings.
Keep market trends in mind, and when you see an increase in attention to a particular product, consider buying a supplier out to solely distribute it to customers. Be mindful of your risks though, and the ROI of it not selling out completely.
Make Use of Smart Selling Strategies
Aside from monitoring your competitors’ listings, you will need to track product price listings. These tend to fluctuate drastically on Amazon at times, and if you are not keeping on top of it at all times, you might be losing out on customers. You can either do this manually or with the use of online repricing tools which will allow you to monitor the general price points of products.
Secondly, consider bundling your products together. Bundling allows you to sell two associated products together under one listing. So, if you are noticing that one product is not doing as well as another, consider bundling them together to increase their appeal. Just keep in mind that you will need to create a new listing, and make sure that you have a reason and great description for bundling them together.
Lastly, try and win the Buy Box. This is the white box on the right-hand side of the screen that highlights specific products. This Buy Box usually increases sales by up to 78%, so it is totally worth your while trying to win it. You will need to ensure that you have competitively priced products from an eligible account that has garnered a good reputation. Unique items, as well as bundled products also seem to land the Buy Box, so do some research into it, and get your products seen today.
When it comes to selling on Amazon, this is merely the tip of the iceberg when it comes to your FBA business. There are tons of ideas and advice and tips to get your products listed and seen by your potential customers. By creating a unique, and reputable brand, you will be significantly increasing your chances of succeeding with your Amazon business. So, stick to quality products, fair practices and wowing your customer, and you should be headed for success.