Here are 5 keys to success when selling on Amazon. Amazon is unquestionably the current 800-pound gorilla of eCommerce that no online seller can ignore. Therefore, if you can’t beat them, join ‘em.
Whatever is it you are trying to sell online, you will most likely find that Amazon is a great marketplace that can dramatically propel your sales revenue. Below are a few key steps to do so successfully.
Stay current with the updates and changes – Amazon is such a dynamic marketplace that a period of one month is like a period of a year or two of updates in any other typical retail industry. Therefore, it is vital to stay attentive to the constant changes and updates.
A prudent seller can stay updated by staying attentive to Amazon’s email update announcements, keep an eye on the announcements that Amazon publishes on the home page of Seller Central and quite simply, just follow the news. Amazon has a very high public press profile that any major updates get published in major news outlets and goes viral quickly on social media as well.
Strive to be the best at all times – This is the Amazon way and spirit. Keep questioning and challenging yourself with every aspect of your operation. If you discover that you can optimize practices in your business, it’s best to do so. If you miss out on opportunities to be more efficient, you may negatively affect your business sooner than later. The speed and agility of Amazon players are notoriously vicious and it is crucial to strive and effectively be a top player.
Amazon is effectively competing on so many levels with top global opponents like Apple, Microsoft, Netflix, Wal-Mart, Fedex, alongside many others. Not only is it cutting edge and groundbreaking, but it is also an overall reflection of how Amazon requires any player in its ecosystem to play the game and keep up with its pace. This is a major mind-shift key in the 5 keys to success when selling on Amazon.
Think scale – Top Amazon sellers that survive the test of time are the ones that are constantly able to scale up every aspect of their performance. From sourcing, logistics, catalog management, marketing, advertising, financing to auditing FBA transaction and securing FBA reimbursements, the top sellers tend to carefully craft and shape their ability to perform on an industrious scale by setting up and integrating the best systems, procedures, and dedicated teams that are well trained. These are the driving forces of every successful Amazon business.
Establish industry relationships – Some Amazon sellers tend to think that they are the only successful sellers on Amazon because they know something that no one else knows; therefore, they keep to themselves and remain remote thinking they will be able to somehow hide and preserve their position. Such sellers usually tend to discover sooner, rather than later, that Amazon is an extremely transparent marketplace and that any brand, product, listing, or storefront that performs well quickly gets noticed by other players. Once you do hit the radar of your marketplace opponents, they will quickly evolve into competing with you on the highest level possible with no mercy.
The best way to prepare yourself, rather than trying to prevent the inevitable attack, is to open up to other professionals within the industry. The best way to do so is to attend trade shows, conferences, and engage in social media groups. In these spaces, a wealth of useful knowledge is constantly shared between its participants and valuable connections can be made. If you synergize with Amazon sellers communities that are available out there, you may find yourself wearing the hat of a master player that is giving other players a run for the money – all in good faith of course.
Get your money right and prepare for the long run – Do not buy into any get rich quick schemes that are presented to you encapsulating what it’s like selling on Amazon. Treat your future Amazon prospects just as you would treat the reciprocal if you had to sell to a traditional brick-and-mortar retailer such as Wal-Mart or Target.
What does that mean? It means that you need to take things seriously as you are about to enter into a business relationship with a major retailer that has no sense of humor whatsoever, and it might take you some time to make profits you may have hoped for. As a result, you better have a good way to fund your business (and/or your lifestyle) until you break-even and start making steady profits. Once you enter the steady profits stage, which means you have a real business in your hands, you can give yourself a nice pat on the shoulder, buy yourself something shiny, and maybe take a nice vacation. But don’t get too comfortable, the game never sleeps nor rests, and it’s up to you – and to you alone to remain a top player.
We hope you have found these 5 keys to success when selling on Amazon useful. Now it is your time to take action. If you need any help, you can reach us at Support@getida.com. Good luck!