If you’re looking for a way to earn more money from home, selling on Amazon could be a great opportunity for you. If you’re wondering ‘Where do I even start?’ then this article will give you some top tips on becoming successful Amazon seller on the biggest e-commerce platform out there!
Has the Amazon Ship Sailed?
Some people believe that only the sellers who got into the Amazon game early can still make money on the platform; however, this is not at all the case. While there is more competition than ever before, there is also a market flooded with substandard imports, so as long as you’re willing to do the work and stand out from the crowd there is still very good money to be made on Amazon.
Finding a Product
Finding a product to sell on Amazon is going to be the most difficult task. Ideally, you want something fairly lightweight (cheap to ship and store), which costs at most 33% of the retail value for you to buy. 33% will give you one-third profit, one-third for fees and costs, and one-third for the item. For example, if something retails at £99, you want to ideally be able to source it for less than £33.
You also want a product that will sell. Use tools like Camel Camel Camel to research items you can see around your home. Think of things you use regularly and particularly items that solve a problem, for example, joint pain shoulder straps. Then from there, view other people’s listings for them on Amazon. Are they getting good reviews? Could you take that product and somehow improve it by having the manufacturer change the design or packaging?
Sourcing Your Product
Once you have your product established, you need to source it. Websites like Alibaba are amazing for this, as they allow you to connect with manufacturers and secure low-cost deals. However, you want to always make sure you get a sample prior to ordering in bulk to ensure the quality is good. Also, use the customer reviews to ask the manufacturers to improve the products where possible, as this will help you stand out from your competition. For example, if you’re going to sell a water bottle, and you have noticed a lot of people were complaining of it leaking, you might ask the supplier to add a rubber ring into the lid which will prevent leakage.
One of the biggest benefits of selling on Amazon now is their Fulfilment by Amazon program (FBA) this is essentially where you ship your products directly to the Amazon warehouse, and they will deal with shipping to your customers and even customer service. This makes Amazon a great lifestyle business as you can work from anywhere with a computer.
While Amazon has a fantastic platform for generating customers, you could also do some additional marketing should you wish. Getting a social media following on Facebook, YouTube, and TikTok, showing your products and the benefit of it is a great way to increase sales. You can also use Amazon pay per click ads, which will allow you to select keywords and drive traffic to your products.
Selling Your Business
Having an exit plan for your Amazon business is a great idea. FBA businesses sell for huge multiples of their yearly revenue and many millionaires have been created this way. Have the mindset of build then sell it for a big payday, and you can also rinse and repeat the process if you wish to.
Become a Amazon seller is a wonderful way to create a flexible income or side hustle. It’s beginner friendly and can not only create a wonderful stream of revenue, but also a fantastic payoff if you decide to sell the business.