Amazon is one of the biggest online markets today. Since its inception, Amazon has evolved into a complicated and impressive business model with multiple elements and strategies that keep customers coming back for more.
If you are thinking about selling on Amazon, there are some things that you need to know in order to be successful. Here are 7 things you can learn from Amazon sellers who are doing well for themselves.
1. Use Helium 10 to Identify the Best Products to Sell
Helium 10 is an Amazon seller tool that helps entrepreneurs and small businesses identify profitable products with no upfront costs, risk, or experience needed. If you read the latest review on Helium 10 you'll see that it takes the guesswork out of choosing which products to sell, allowing you to pick the best ones by providing accurate estimates on monthly revenue.
Helium 10 generates these estimates by looking at historical data for similar products and calculating what they would be expected to sell based on recent trends in price changes.
It shows the highest potential earning per month, tax credit eligibility, your profit/selling price ratio, and more importantly it tells you whether that product is already trending up or down so you know whether it's a good time to jump in.
2. Buy From China Directly
If you want to build wealth long term then manufacturing is the way to go. Buying products from China will not only cut your costs but will also help you avoid the high fees associated with Amazon's FBA program.
You can order some samples first to see if they are of good quality and then place an order once you've found the right manufacturer. From there you'll be able to set up your own website and sell the product on it.
3. Set Up Your Own Website
A website is the most important asset that you can have. It helps you build your brand and reach out to more people.
Launching a website has become cheaper than ever and there are countless platforms that you can use to build a successful storefront in minutes. All that's required is an idea and some time and it can be up and running in no time.
4. Buy From Alibaba If the Product is Not Easily Available on Amazon
Alibaba boasts of millions of products sold by small businesses across the world. One great thing about buying from Alibaba is that it allows you to communicate directly with the manufacturer, negotiate prices and work out shipping logistics before placing your order.
It may take some time for you to find the right supplier but once you do, your business will grow quickly. Also, you can always sell the product on Alibaba itself and ride on its huge user base.
5. Sell Products That Are Harder To Find Locally
One thing that separates good Amazon sellers from the rest is their ability to identify popular products that are harder to find locally.
For example, something like a tabletop water fountain or indoor plant may be difficult to find at your local stores but they are easy to sell online because there are no barriers to entry. By selling products that are harder to find locally, you will be able to sell them at a higher price point.
6. Use Fulfillment by Amazon (FBA)
Using Fulfillment by Amazon is pretty straightforward and it will save you a ton of time especially if you have multiple products to ship out. Fulfillment by Amazon is a service that allows you to store and ship your products via Amazon's warehouses. It's a great way to extend the reach of your business and cut shipping costs at the same time.
There are some things that need to be kept in mind though when listing an item on the program which include: product weight, dimensions, shipping method, and type of product.
Some items also come with specific guidelines for storage and handling which you need to comply with in order to get your products accepted by Amazon. Once you've done that, all you have to do is send them the products and they will pack it up along with any other items from your orders so that they can ship them out when someone buys from you.
7. Use Negative Feedback To Your Advantage
In business, negative feedback isn't necessarily a bad thing because there are some things that you can learn from it. In fact, analyzing these comments may help you improve customer service or even identify ways in which could remedy problems going forward.
After identifying the root cause, focus on improving it immediately after receiving a piece of feedback about a customer issue. Doing this will help you save a lot of time, money and reputation in the long run.
Successful Amazon sellers focus on building a brand and expanding their business as much as possible and software like Helium 10 helps them to do this. They also try to source products from the right places and use Fulfillment by Amazon (FBA) when they can.
Using negative feedback as an opportunity for improvement is another great thing that you need to keep in mind because it will help improve your business over time.