Selling products on any commercial site is not an easy task. So, if you are looking for a secondary income, start with the right vision. If you plan to sell on Amazon, learn about common mistakes many sellers encounter and how you can avoid them. To be successful and become a top seller, learn how to make money selling on Amazon.
Find out what it takes to become an Amazon Featured Merchant
As a merchant seller on Amazon, you will no longer have a problem selling products. With good feedback, it will only take you a few months to appear here. Typically, although Amazon won’t show you how to become a business seller, you do have the right type of seller account, consistent sales, and good reviews.
Use the right fulfillment service
This is an important factor on how to make money selling on Amazon. Let Amazon provide you with the product. You can ship items in bulk, but for individual orders, please leave it to the fulfillment service. This way, you will have time to grow your business and increase sales.
Choose products suitable for the size of your company and the space available
Sell products that you can easily manage. For starters, you can sell products that don’t require a lot of work, and as you go, you can now venture into larger products.
Be flexible with your pricing and promotion strategy
Most sellers on Amazon tend to underestimate product prices to attract more buyers. The best thing to do is look at your competitors and then sell products that have little competition. Then you can lower the prices if you want more sales or increase them by 3% or less for more profit.
Determine what your margins are
This is also an important factor on how to make money selling on Amazon because when you buy a product to sell, you have to cover the cost of the product. So if you set low prices, you may not even pay the sales fees imposed by Amazon. So, find out more about the product, the fees involved, the shipping costs as well, and then sell the right product that will benefit you.
Take advantage of simple marketing opportunities within Amazon
Amazon is always testing new tools that you can use to boost your sales and increase your revenue. However, good results will depend on the product you have chosen.
Get ready for the holidays
During the holidays, sales tend to increase above average. This may be a good time for you as an Amazon seller, unless you run out of stock. So, know how to forecast demand, especially if you sell seasonal produce. This is a great way to make money selling on Amazon and you won’t miss out on sales that would have increased your profits.
Use reports from Seller Central
You’ll also find great tools and reports in your Amazon Seller Account, also known as Amazon Seller Central. Here you can keep track of your sales, your promotions, check your inventory, reasons for returns, and refunds as well. This information will help you forecast future sales and increase your revenue.
Most importantly, remember to follow Amazon’s rules and guidelines when selling. Getting banned after working so hard to build and promote yourself as a seller is very frustrating. This is also a key aspect of how to make money selling on Amazon.