Successful Selling on Amazon doesn’t have to be complicated.
Here’s what you need to know though, to have success when selling on Amazon
1. Get Products to Sell on Amazon
You can be all set up to sell on Amazon, but if you don’t have anything to sell, you won’t sell anything.
You can source products for Amazon in a couple different ways:
Retail Arbitrage – Buying Products from Stores, then Offering the Products on Amazon
With Retail Arbitrage (sounds cool, doesn’t it?), you find products that are already for sale at retail locations, they might be markdowns or just hard to find items. You’d be surprised what you can find at your local Target, Costco, or Walmart that you can resell online.
Why would an Amazon shopper buy something from Amazon that they can just get at Target?
The convenience of the Internet.
When done right, Retail Arbitrage on Amazon can work great because you don’t have to buy products from overseas and have them shipped in bulk. You can use Amazon’s Seller App to check prices, availability of products right as you’re shopping in the store. It can be a great way to get started.
Manufacturing Products to Sell on Amazon
You may be making products in your own backyard or have contracted with a factory to make them for you. With your own products, you’ve got an advantage because you control the quality and selection, not to mention, you can have a much greater profit margin.
Buy Wholesale and then Resell on Amazon
Buying Wholesale from an existing company is like retail arbitrage except for going to a retailer, you go right to the manufacture and become a distributor or wholesale customer of their products. You’re building up their products and their brand as you go, so use with caution because what you want is control over your future. That brings us to:
Sell your Own Private Label Products
Maybe making products isn’t the right thing for you, but you want to connect manufacturers and buyers in a way that ads value. You can do this with Private Label Products. With Private Label, an already existing factory with products they make will put a logo you design on the product, making the product your brand. Sure beats owning a factory. For more info check out the 3 Secrets to Selling Private Label Products on Amazon.
2. Check Pricing and Profit Margin
With all these methods, it’s important to check Amazon to see how similar products are selling, and what they’re going for. Look at number of reviews, and search order in Amazon (closer to the top, the better).
Check the price you can get a similar product for, and if there’s room for profit after purchasing it, and the Amazon fees using the Amazon Fee Calculator.
3. Get an Amazon Selling Account
To sell on Amazon, you need a seller account. Go for the Pro-merchant Amazon account (requires a small/moderate monthly subscription) if you’re serious about selling, you need-to-go-pro. A pro-merchant account will let you have the all-important Buy Box. It’s the Add to Cart button on the listing page. Pro-sellers are allowed to compete for the buy box, so go pro, and it will make a huge difference.
4. Use Fulfillment by Amazon
Fulfillment by Amazon is one of the best revolutions in online selling. It allows customers to get your products with Free, 2-Day Shipping, because your products will ship from an Amazon warehouse. It’s one of the Best Kept Secrets of Selling on Amazon.
It takes out the headache of selling online. You ship your products in bulk to Amazon, and Amazon’s fulfillment warehouses take care of the individual orders and customer service. It’s brilliant, and it’s launched hundreds if not thousands of small businesses that wouldn’t otherwise be able to get their products in front of millions of shoppers.
5. Promote your Products so Shoppers will Buy Them
Once on Amazon, you need to promote your products so potential buyers can see them. Too many sellers get banned from Amazon because they don’t follow Amazon’s policies (trying to manipulate reviews, sending out free/discounted products for review which was recently banned by Amazon, etc.)
Do it the right way. Check out our article, 50 Fantastic Ways to sell More on Amazon for ideas.
6. Track Your Success
Amazon provides a number of reports that you can use to track your success. Keep an eye on those profit margins, and you’ll be whistling success all the way to the bank (except for the fact that deposits are electronic). 🙂
7. Get some Training: Learn the Secrets from the Already Successful Sellers
Imagine going to the Olympics and trying to compete without having a mentor or training.
Yes, you might be good, but you can be so much better and leap frog over the mistakes that others have made. That’s why we recommend that no matter what you do, get some training to help you rocket to success!