Selling products on any merchant site is not a simple task. Therefore, if you are looking for a secondary income, start with the right vision. If you are planning to sell on Amazon, know the common pitfalls that many sellers encounter and how you can avoid them. To succeed and become a top seller, know how to make money selling on Amazon.
Discover what it Takes to Become an Amazon Featured Merchant
As a merchant seller on Amazon, you will no longer struggle to sell products. With good feedback, it will take you just few months to feature here. Normally, though Amazon won’t show you how to become a merchant seller, 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 fulfill the product for you. You can ship out items in bulk but for individual orders, leave that to the fulfillment service. This way you will have time to grow your business and increase sales.
Choose Products Suited for Your Business Size and Available Space
Sell products that you can easily manage. As a starter, you can sell products that don’t require a lot of work and as you progress further, you can now venture into bigger products.
Be Flexible with your Pricing Strategy and Promotions
Most sellers on Amazon tend to under-price products to attract more buyers. The best thing you can do is look at your competitors and then sell products that have little competition. Then you can reduce prices if you want more sales or raise them by 3% or less to earn 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 need to cover the product cost. So if you set low prices, you may even fail to pay the selling fees imposed by Amazon. Therefore, find more information about the product, the fees involved, shipping costs too 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 income. Great results will however depend on the product you have chosen.
Get ready for the Holidays
During holidays sales usually tend to increase above average. This can be good time for you as an Amazon seller unless you run out of stock. Therefore, know how to forecast demand especially if you are selling seasonal products. This is a great way on how to make money selling on Amazon and you won’t miss out on sales that would have boosted your earnings.
Make use of Seller Central Reports
You will find great tools and reports too on your seller account on Amazon also known as the Amazon Seller Central. Here you can track your sales, your promotions, check your inventory, reasons for returns and refunds too. This information will help you forecast future sales and increase your income.
Most importantly, remember to follow Amazon’s rules and guidelines while selling. Getting banned after working so hard to build and promote yourself as a seller is very frustrating. This is also a key aspect on how to make money selling on amazon.