Third party selling on Amazon is a booming business. Many vendors have built veritable empires within an empire using the platform. You need to plan carefully if you want to be a successful Amazon seller. Here are some key things to consider before you start.
A Marketing Strategy
You can’t just put your products up on Amazon and expect them to fly out. You need a robust marketing strategy to get your products seen. Search Engine Optimization, content marketing and influencer marketing can all help your items be seen and ultimately purchased in large quantities. A consultancy like https://nuancedmedia.com/ can help you build a good marketing strategy for Amazon.
Good Quality Products
The quality of your products really matters. Amazon is a responsive marketplace. Too many poor reviews or customer complaints and you are going to see your pages become next to invisible in comparison to your rivals. Make sure you carefully vet the products that you sell.
Great Customer Service
Amazon customers expect great customer service. Quick response times, reasonable refund policies and product support are all essential parts of your business. Make sure that you staff your business adequately so that it can be responsive to multiple customer enquiries simultaneously.
Competitive Pricing
There are many reasons why Amazon has managed to become such a global ecommerce force. Innovative technologies, quick service and convenience have all played parts in the unstoppable rise of the company. Competitive pricing might be the most important factor in ensuring that customers keep coming back to the site. You need to make your prices eminently reasonable if you want to have any chance of success on the site. This usually entails large, low margin operations with lots of stock and a quick turnaround.
Long Term Pricing Strategy
There are no winners in a pricing war. Price dumping does not always lead to a good share of the market. Instead of seeking to undercut your peers with unfathomably cheap prices in the short term, it is better to make sure you can maintain competitive pricing in the long run. This will help you build a reputation as a vendor with stable and sensible pricing. If you are unsure of the number you need to aim for, organize a consultation with a specialist Amazon accountant.
Simple pricing strategies that enable customers to clearly see the value that you offer in the long term are often the most successful on Amazon.
Identify Your Most Popular products
After a few months of trading, you need to conduct a thorough audit of your sales reports – which you would of course be keeping very safe indeed. Streamlining your business by prioritizing and promoting your best-selling products is a great way of making sure your overheads are low and your profits are high. It might be hard, but you need to let go of the products that are not selling. Poorly selling products are dead weight and do nothing to help your business grow.
