54% of millennials and 49% of non-millennials make their purchases online. With so many customers on the Internet, if any seller is not online, they are losing out on valuable revenue. Once you decide to be present online, it makes sense to become a seller on Amazon – the leading e-commerce marketplace. Let us see what you need to do to become a successful Amazon seller.
Get an Amazon Seller Central account
Yes, you read that right. The first step to becoming a successful Amazon seller is to create an Amazon seller account. Don’t worry; it won’t take you more than a couple of minutes if you have the necessary things at hand. To create an Amazon seller account in your first attempt, have the following ready:
- Business details like business email ID, legal company name
- Tax registration papers and other tax details depending on the country where you want to conduct your business
- A mobile phone that you want to register
- Bank details of the account with which you want to do all transactions
Choose a product to sell
Once you are a registered Amazon seller, you need to decide upon the product that you want to sell. Choose your product wisely after researching the competitors. You might want to go for a product that has high demand but low supply. Or, you could give a unique twist to a high demand item and tap into the already available sizeable market. You could also sell a unique product – something that no one is selling. Yes, despite millions of products selling on Amazon, if you look hard, you could find products that are not available.
Whatever the product that you shortlist, take care to consider the financials before final selection.
Source your product
Selling is all about profit margins, and Amazon should be no different. In the highly competitive Amazon marketplace, right sourcing strategy can make the difference between a good, successful and highly successful product. Here are some pointers to guide you in deciding where to source your products from:
- What is the minimum profit that you must make?
- Quality of the product
- Is the supplier ready to give free samples for the quality check?
- Is the supplier willing to make changes according to your requirement?
- Will the supplier ship your product to your warehouse directly?
- What is the response time of the supplier in case of bulk orders?
Sign up for Amazon FBA
Signing up for Amazon FBA (Fulfilled by Amazon) enables you to take advantage of Amazon’s delivery network and world-class customer care services. This frees up your valuable time and resources for concentrating on more important aspects of the business, like planning and marketing. FBA sellers get extra benefits like higher product ranking, better visibility, and customer faith.
Take advantage of Amazon tools
Amazon has many tools to assist its sellers. For example, you should take advantage of its reports on how your product is doing and how your campaigns are performing. It also has many sales and marketing options like PPC, FBA, EOS sales, etc. which you must utilize to increase your sales. However, you must always perform your own cost-benefit analysis before joining any of the programs.
Get reviews for your product
Product reviews are very important for selling on Amazon. Most people patronize this site because they have access to lots of beer reviews to judge whether the product is today liking or not. So, you must try to get as many positive reviews for your product as possible.
Market, market, and then market some more
You cannot sell unless you market your product. To become a top seller, you need to market your product on all possible platforms. So, market it through Amazon account, website, social media pages, even offline advertising. Run marketing campaigns within Amazon as well as outside it. The Idea is to drive as much traffic to your product page as possible.
Analyze and take appropriate action
Whatever you do, continuous analysis of your product performance cannot be emphasized enough. Whenever you do something new like run a campaign, make some changes to your product or its description, introduce a new color or size variant, etc. analyze the effect it has on traffic as well as conversion rates. This will help you to keep fine-tuning your actions towards becoming a top seller on Amazon.
The progress of a seller on Amazon can be judged by the rank of its products on category or sub-category pages. Amazon publishes its best seller items’ lists based on some units sold. This list is updated hourly and reflects both recent and older sales. As a seller, your goal should be to achieve the top seller rank in your category or sub-category. As it gets updated regularly, you have a fair chance of breaking into it if you follow these 8 steps diligently.