There's a lot of money to make as a seller on Amazon. However, if you want it badly, you'll have to put the work in to get there.
Many people start by part-time selling on Amazon, while others leave their traditional 9-5 jobs to become full-time Amazon sellers. Not everyone can make their way to the leader boards, but everyone can try, right?
Whether you're interested in selling products on Amazon as an additional stream of income or have struggled to stay afloat, let these seven tips aid you in your journey to success with Amazon:
1. Be Prepared to Invest
If you don't have the funds to start a business, it's no different from starting a business through Amazon. You will need some capital to get you going, and investment isn't an option—it's a requirement.
Trying to make it happen on a shoestring budget will prove difficult, and some may even say it can doom you from the start. So before you get your feet wet, make sure you have the funds to support a start-up business.
2. Don't Become a Bottom Feeder
As more people rise to the top of Amazon's selling leader boards, they'll try to make a business out of educating newcomers on how to make money. This business within a business is a scheme to make more money, not empower people like you. After all, if they teach you too much, you can take their spots.
Be smarter than that, and don't start shilling your money out to ‘experts’ online who can help you grow your business. Do the work yourself, and the results will show.
3. Use Chrome Extensions to Your Advantage
Many browser extensions can make your life easier, streamline your business, and keep your list of menial tasks down to a minimum.
It's crucial to understand how Amazon rankings will impact the money you make and influence your long-term selling career. To earn a high ranking, you'll need to dedicate funds to pay-per-click marketing and create promotions to keep your products fresh and exciting.
5. Don't Reinvent the Wheel, Reinvest In Yourself
Rather than try to do what everyone else is doing, re-invest in yourself. As you make money, take a portion of your profits and invest it back into your business. Doing this will increase your profit margins while growing your business day by day.
6. Build a Bigger Business
To build a bigger business, take a three-prong approach: reach more customers, increase your customer value, and increase your conversion roach.
There's no sexy approach to this — you need to research business strategies to accomplish these three things and learn from the best.
7. Retention, Retention, Retention
Your cost of new customer acquisition will always be higher than the cost to retain current ones. Focus your energy there to keep your customer base high with these tactics:
Sell quality products first — if it's not high-quality, a customer will never reorder
Provide excellent service — provide responsive customer service, especially for unhappy customers
Use emails and coupons to promote deals and lure them back
Sell related products — build an entire brand around a niche, not just one product
The Path to Amazon FBA Success
If you want to be a successful and profitable Amazon FBA seller, you have to commit to the work. It's not an easy pass to extra money. It's a demanding job. However, it offers a wide window of opportunity for those who work hard enough to earn it.