How you can start earning on Amazon
Amazon is one of the largest and fastest-growing online markets today. Well, who am I telling this? You already know that and here you hustling to learn everything that you can about selling on Amazon.
Let’s get straight to the point…
Product Research
There is a unique formula that you need to follow if you want to get soaring high profits in this domain. It is that you need to choose products that have medium to high demand with lower competition and more margin.
Searching for the right product manually is not something that I would suggest. The reason being that it will take a lot of time and effort. Instead, you may use some product research software that will help you get around it.
I would recommend using Helium 10 for this purpose. It is evident that any good tool will have a multitude of tools and solutions. To get access to the whole package, you can go for the Platinum pack. But, if you are just starting your venture, then Helium 10’s “Black Box” tool will serve your purpose. Plus, there are a few other free tools that you can use in the smaller packs.
If you have installed the software (Helium 10), then go to the Black Box and you will see a dashboard with lots of information listed on it. The top right area is where you will find your Category. Now, you need to go through all these categories, take some time out, research all the categories and what type of products are listed on it.
Look for the Price and Monthly Revenue:
In the next step, you need to finalize how much monthly revenue and selling price that you would want to earn. Ideally, it is best to go for a monthly revenue between $6000 to $25000. Because below this, you won’t get compensated for the efforts that you are needed to start selling on Amazon.
And under the Price, you need to put the range between $25 to $55. Another reason for keeping the minimum price as $25 is that your buyers will get free shipping. Yes, even if the buyers are non-Prime members, they won’t have to pay for shipping. On the seller’s part, if you want your buyers to get free shipping even though the price is below $25, then you will have to pay some fee so that your buyers won’t have to pay for shipping.
Review Count:
Another way to determine whether or not your product choice is right, you may need to look at the Review Count. One good thing on Amazon is that all the top sellers are getting some sales. Even if there are 10 top sellers on the first page, all of them are making money. The reason is that there are up to 150 million paid members on Amazon and more than 200 million non-paid members.
Now, the question arises: Where do reviews come in?
Well, this thing is that with reviews, the buyers get to know the product a bit better. They get first-hand information from the previous users. Due to this, if the product you are selling has thousands of reviews, this means that the sellers are getting a lot of sales from these products.
On the contrary, products with less number of reviews are still getting sales, but they are not too competitive. There is still some vacancy in the market for that product and that is where you can blow your first strike and get entry.
So, it is also important to set the review count from 1 to 55.
Review Rating:
Ratings also matter when you are finalizing the products that you want to sell. Set the bar from the “Minimum to 4.2”.
Here’s why:
Any product that has a 4.2-star rating means that the customers are willing to pay money for that product provided it is presented in a better manner. Meaning, that if a product like a laundry bag has a 4 Star rating and has a substantial amount of sales. That one missing star is due to a feature that is missing. It can be size, color variants, durability, warranty or anything else.
So, what you can do is find that missing link and sell that product with better features and get more sales.
These few tweaks will get you a list of products that you can sell on Amazon. There are a lot of other filters that you can set under “Advanced Filters”. But they are not needed for a beginner, so it is best to leave them be.
About the product:
Now, when you have all of this. You need to publish the product on Amazon under your store banner.
To show a good product there are a couple of ground rules. First, the main picture of the product should not be blurry or hazy. It should be set in a white background. Make sure that you also post some lifestyle pictures. A picture that shows how the product looks while it is being used or what its capacity is.
I have got my product, what now?
Awesome! Once you have chosen the product, now it is time to get someone to make this product for you, but better so that you can get more sales and good reviews. But, as a beginner, it is evident that you would not want to spend a lot of money on getting the product manufactured in your city.
However, there is a way out and that is where Alibaba.com comes in. In simple terms, Alibaba.com is nothing but Amazon for sellers. This is where you can get a lot of products similar to what you have chosen at lower rates or even get them manufactured by the sellers.
Alibaba.com runs from China. So, you will certainly get a lot of manufacturers who are ready to make the product for you.
Go to Alibaba.com
Once you log in to the website, search for the product that you have chosen. So, if you have chosen a hand blender or anything else, you will get a lot of results. These will be the manufacturers who are making similar products as to what you have seen on Amazon.
Products listed on Alibaba.com are basically cheaper than what you will find on Amazon. So, you can buy the products on Alibaba.com for a lower price and sell them on Amazon for a higher price with a better profit margin.
Even better, you can also put your company name on the product by asking the same manufacturer to make them for you.
Stay under the learning curve:
The next thing that you need to do is join some groups online or communities of people who are in the same boat as you. Primarily, you will get a lot of such communities on Facebook which you can join without any cost.
Start selling:
After you have got your manufacturer, get the products and make sure to send them to the Amazon FBA. From here, Amazon will ship the product to the required address, whenever an order is placed for your product.
FBA means Fulfillment by Amazon. Basically, Amazon provides the sellers with a foolproof system to ship their products with safety and accuracy. For this, you need to buy a subscription from Amazon and start your FBA journey right away.
For selling your products, you need to take care of two things, one is getting more and more reviews for your products. This is because prospective customers always look for previous customer reviews before they buy a product.
Another thing is that you need to learn to rank the product on Amazon so that you are able to get more and more views and potential customers. For ranking, you may also need to run some PPC ads so that your product ranks higher on the search results.
Conclusion
This is not it. In this excerpt, we have only taken an overview of how to start with your Amazon FBA journey. There are a lot of things that still need to be discussed and taken in other excerpts. For now, understand that selling on Amazon is easy, but it takes some effort from your side. You need to take into account a number of factors and ensure that you follow them through. So, sit tight as you are in for a long haul. The journey to success is amazing and taxing both, but I am here to guide you through and get you on the top position of Amazon Sellers.