7 Steps On How To Sell Successfully On Amazon

#Business

Yesterday, I posted a blog post on How To Set Up An Ebay Wholesale Consignment Business , and make good commission. I guess my readers enjoyed reading that post. Today, I‘ll be discussing on some steps on how someone can sell successfully on Amazon- another online store. Enjoy it!
 

Amazon has definitely become the giant of the retail industry. You can find millions of products being sold by Amazon directly and by an army of third party sellers that list their products on the e-commerce juggernaut.

 Amazon allows third party sellers, such as me, to list their products and either have the orders fulfilled by Amazon, or the third party sellers can pack and send out orders directly to the buyers.

 According to Amazon, 40% of their unit sales come from third party sellers. That means that there are people just like you and me that are collectively selling millions of products.

 Step#1

 You need to register as a seller. You can register as an individual or professional seller. There is a different fee structure for individual and professional sellers, plus different categories for which they can sell items in. If you are planning on listing many items, and conducting a large volume business, I would recommend that you set yourself up as a professional seller.

 Step#2

 Research the listings on Amazon and see which products are in high demand. You can see that information by looking at the sales rank of an item, and the feedback which the item has received.

 Or, you can look at the merchandise which you currently have and determine its sales potential on Amazon. If you see that the competition is relatively low, or nonexistent for really unique products, you might consider selling the merchandise which you already have. The only challenge is that it's possible that if there is no competition it is because there is no demand for it. 

And even if there is demand for your product, you are going to have to wait to receive positive reviews from customers until you can really ramp up your sales. People like purchasing products that have good reviews, so if you are introducing a brand new product not previously available on Amazon, it will take you time to get your first few sales and reviews.

 You can also list your items as part of already existing listings. That means that if for example Coach is selling a specific handbag which you also have, you can include yourself as a third party seller in the same listing.

 Step #3

 Look for wholesale sources for the merchandise that you will be listing on Amazon. The merchandise should be ready for retail, which means that it is in brand new condition, and has an ISBN number. I believe you can order an ISBN number if you are creating your own product.

 I know that many sellers look for wholesalers that specifically carry products for Amazon, which is fine, but they should realize that all Amazon sellers will have access to the same products, so the competition will be intense.

 I personally prefer to look for really good wholesale and closeout deals, and then decide the best place to sell them at.  I would suggest that you visit closeout warehouses and determine which of the products that you find are suitable for Amazon.

 You can also call manufacturers and see if they have any closeouts which they can offer you at below wholesale prices. Make sure that the items are in brand new working condition. You want to keep a favorable rating with your customers and you do not want your account to be closed.

 Step #4

 You have to decide if you want to fulfill your own orders or if you want Amazon to fulfill the orders for you.  If you fulfill your own orders you will be sending the merchandise directly to the customers, and Amazon will give you a set amount for the shipping.

 If you can send the merchandise to your customers at a lower shipping cost Amazon will allow you to keep the difference. It's really important that you ship out the items within the time period that you are required to do so.

 You can also send in your merchandise to Amazon, and under their Fulfillment by Amazon (FBA) program the e-commerce retailer will fulfill the orders for you. While this option might sound ideal, keep in mind that you will be charged storage and other order processing fees. But on the other hand you won't have to worry about packing and sending out individual orders.

 Another advantage of having Amazon send out your orders is that products that Amazon has in their warehouses can be eligible for Prime, which is a membership program that offers free shipping to customers. Customers like purchasing products that are covered by Prime because they will be eligible for free shipping, will receive their order within days, and know that they are purchasing directly from Amazon, as opposed to a third party seller that might be challenging to communicate with.

 I would recommend using Amazon's fulfillment services for products that move quickly this way you won't be subject to high storage fees. 

 Step #5

 Amazon has an email newsletter that they send to their sellers. The newsletter provides you with tips as well as lets you know which products are currently in high demand. Make sure that you read the newsletter so that you can take advantage of the insider information that you are being provided with.

 Step #6

 Visit the forums where sellers discuss important issues, ask questions, and share stories that can inspire and benefit you.  

Step #6

 Like any business endeavor, you want to keep on top of the latest trends and insights. There are many books available at Barnes and Noble, as well as from online book sellers, that can provide you with expert advice on running your Amazon business. 

 If you see a consumer trend starting to pick up steam you will want to see which wholesale products you can purchase to meet that demand.

 In a way, online and offline sales are very similar. It's a matter of matching the right products to consumer demand.

 Step #7

 Make sure to carefully track the progress of your Amazon sales. This way you will be able to spot trends such as the increase in popularity of an item, as well as your actual profitability.

You should definitely give your business time to grow, but you also want to evaluate your progress so that you can make decisions based on factually correct information, and not simply emotions.

 Whether you are reselling merchandise that you are obtaining from wholesale sources, or creating your own merchandise, you should definitely consider this powerful online sales channel.

 Please if you have any contribution or comment to make do it in the box below. Thank you!