Amazon has become a powerful selling platform with 4000 items being sold every minute, so it makes sense to look at an Amazon selling strategy. With this figure in mind, it is no surprise that there are 1.9 million sellers active on Amazon currently. The best thing about Amazon is that anyone with an internet connection can sell their products there.
However, if you are going to start selling then you need to make sure you are well informed.
Here are 5 pieces of advice to help you stay on top of things with your Amazon selling strategy.
5 things to consider in your Amazon selling strategy
1. Do thorough research before selling
First things first, you have to do significant research before you can start with your Amazon selling strategy. If you jump in blind then you can get lost very easily. There is a lot to learn, for example, shipping methods, how to use the ‘buy box, how fulfillment Amazon works, what policies you will need and more. I know it is easy to get overwhelmed when you see all these different words and terms that you don’t know the answer to, but just invest the time to do some research on the topic and you’ll be able to grasp everything in no time.
One way to speed up your learning process is to undertake an Amazon FBA course, as this will give more insight than your bog-standard researching process. Some things you will learn on the job, but other things you will need to learn beforehand to make sure that your stock starts to sell.
The other type of research you need to conduct is market research. If you want to stay on top of the game then you need to know all that is going on within your market range. Ensure that you keep track of your competitors and how well their sales are doing.
This should give you a more realistic picture of the market as a whole. Alongside this you should also be researching what suppliers are available, the costs involved and try to get a greater understanding of customer behavior.
Once you have covered the basics of all that, this will put you in a strong position to stay in control while selling and not be overwhelmed by all the learning that comes with it.
2. Ease yourself into it
When you first begin selling you must ease yourself into it and avoid jumping straight into the deep end. Set yourself some realistic expectations and goals and work towards those. The likelihood is that your sales are not going to go through the roof straight away, and things can take time.
Start by stocking inventory that you are sure you can handle the shipment of if they all suddenly were sold in one day. As time goes on you’ll become more familiar with the processes involved and that is when you can start aiming higher.
3. Create an Amazon selling business plan
A common mistake beginner sellers make is that they go into this process with absolutely no business plan or idea of what it is going to take. To have a successful business, regardless of whether that is on or off of Amazon, you need to have a business plan. It is there to help keep you and the business on the right track.
Typically a business plan will include your business purpose, goals, market research and analysis, products being sold, a financial plan and so on. So as you can see, there is a lot of ground that needs to be covered in the business plan. While this may seem like a pain to do, it is well worth investing your time into it because a business plan can not only save you from stress and hassle but also protect your business from running itself into the ground.
There is a lot to know, but your business plan is the foundation for your success, and creating one will help you keep on top of things.
4. Never sell more product than you have in stock
Do not make the mistake of listing more inventory than you actually have online. Amazon is there to make your life easier so make sure that you follow protocol and procedure properly. As your products sell, your inventory levels will naturally decrease. If you set it at an accurate number when first detailing your inventory you will never have to worry about selling more than you have.
Keep a close eye on inventory levels as you want to replenish them regularly and properly. The last thing you need is to run out of stock without releasing because you will end up missing out on potential customers.
5. Regularly follow up on customer reviews
Replying to customer reviews is an important part of being a successful and reliable seller. If you can reply quickly and regularly to customers this is going to create a strong sense of credibility for you. Credibility is the backbone of any successful business, so do not underestimate its importance.
An important bit of advice for any seller is to reply to reviews and emails as they come to you, otherwise, these can build up and up until it gets all too much and you end up not being able to reply.
The best way to stay on top of things and to manage your time properly is to aim to reply as and when. This is especially important when you receive negative feedback, because if potential customers look at your review page and see that you have not bothered to address complaints then they are just going to go shop with one of your competitors instead.
The more positive feedback the better, and if you can reply to some of the better ones because that will look good for you too.
Amazon as a platform is going to develop exponentially in the coming years, and with the growth of customers, this will create a greater demand and a better environment for sellers on Amazon. So get started now, stay on top of your sales and keep striving for success.
