With the holiday season of 2020 fast approaching, it is generally expected that consumer demands will likely increase and If you wish to profit from the anticipated massive spending of consumers in Q4, selling on Amazon can help achieve this.
Yes, there is a lot of competition on Amazon, however, according to statistical data, only 30% of those who create an Amazon Seller Central account actually proceed with the selling of products. Hence, more room for those who are truly dedicated to online selling.
To help you begin your Amazon journey, below is an overview of how to become a thriving Amazon seller for the upcoming holiday rush.
Simple Tips to Start Selling on Amazon This Holiday Season
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1. Pre-Registration Phase
This part will discuss the things Amazon sellers should be preparing before fully engaging in the Amazon industry. To help you become a successful Amazon seller, below are some of the things you should do before registering for Amazon Seller Central.
Evaluate Your Potential Product Selling Strategy
Before sellers start their Amazon Seller Central registration, be sure to identify your product selling strategy. In the context of Amazon Seller Central, product selling strategy refers to becoming either “Brand Owners” or “Resellers.”
When sellers choose to be brand owners, it simply means that sellers manufacture their own inventory items. Alternatively, sellers may also outsource products to sell under a private label.
On the other hand, becoming an Amazon reseller entails looking for products that already exist and listing them on the Amazon marketplace. However, such products will retain the branding of the original manufacturers.
Assess Your Possible Fulfillment Strategy
After choosing the product selling strategy, sellers should now evaluate their potential fulfillment strategy. For new sellers, Fulfillment by Amazon (FBA) and Fulfillment by Merchant (FBM) are popular options to choose from.
Amazon FBA simply means that Amazon will be the one responsible for the picking, packing, and shipping of the items you list in your Amazon Store. On the contrary, the FBM program allows sellers more freedom when it comes to handling the storage, packaging, and shipping of their items.
Create a Business Plan & Find a Niche
To ensure the success of any business, whether it is on Amazon or not, a business plan is essential. For sellers thinking of diving deeper into the Amazon industry, a robust business plan should be created.
A business plan should include but is not limited to a mission, market analysis, products and services, marketing and sales, and financial plans. For that matter, thorough research is crucial, especially when deciding on which online selling niche to follow.
Understanding the right niche to fit your skills, interests, finances, location, and target audience will make or break your Amazon business. That is why online sellers should be acquainted with the market and consumer trends while studying its emotional impact, practical value, online visibility, and global recognition.
2. Registration Phase
Set up Your Amazon Seller Central Account
Setting up a Seller Central account may be a daunting task for new online sellers. To avoid delays and corrections, it is advised to prepare the following ahead of time:
- Email Address
- Business Information
- Internationally Chargeable Credit Card
- Contact Number
- Tax ID
- State Tax ID
For step-by-step instructions on how to set up your Amazon Seller Central account, you may check on the video below:
3. Post-Registration Phase
This part here will be discussing the things Amazon sellers should immediately do after setting up their account. The following suggestions are geared towards increasing the profitability of your Amazon Store.
Create Accurate Product Listings
To begin your online selling business with Amazon, you should create a product listing first. The main elements of an Amazon product listing include Title, Bullet points, Product description, Backend keywords, and Photography.
When listing a product on your Amazon Store, utilize high-quality images, and follow other guidelines relating to image use. Be sure to optimize your product listing to avoid conflict with the Amazon A9 algorithm and the standard for Amazon SEO.
Similar to other online platforms, Amazon has its own guidelines when listing a product. For a detailed product listing guide, CLICK HERE.
Regular Inventory Checks
After listing products in your Amazon store, make sure to check your inventory. You should manage your inventory properly to avoid customer frustration with listed items that are out of stock.
Ensure that you update your inventory status daily, weekly, and monthly. Top Amazon sellers make use of sophisticated inventory management tools, you might want to check it out for better sales performance.
Invest in an Amazon Repricer
If you are aiming to increase your Buy Box winning rate, you should check top repricers on the market. For convenience and practicality, automatic repricers are highly suggested by top Amazon sellers.
Seller Snap is one of the most convenient options on the market. As well it’s AI algorithmic repricer, that is driven by Game Theory principles to apply a cooperative strategy to secure Buy Box share and maximize profit, they also offer other more customizable repricing strategies. These features are designed to provide a dynamic pricing strategy for sellers.
Follow up Customer Reviews
Whether you are selling on Amazon, eBay, or Walmart, customer reviews play a crucial role. If you want to have a lasting Amazon business, focusing on customer feedback is crucial.
A customer review is one of the key elements of a successful business and it helps distinguish your Amazon store from other online stores. Reviews help build the credibility of your Amazon store.
Apart from serving as a testimony for your service and Amazon products, reviews are among the metrics being measured by Amazon’s algorithm when it comes to awarding the Amazon Buy Box. For sellers to increase their chances of winning the Buy Box, it is necessary to aim for high-level customer service all the time.
Go With The Pro
If your goal is to profit during Q4 2020, venturing into the eCommerce industry could potentially be the right move for you. Since Amazon is already a tested and proven platform for online selling, adjustments can easily be made, especially with the help of the tips outlined above. Furthermore, becoming an Amazon seller in 2020 also means access to Amazon’s large customer base.