Amazon is without a doubt the largest e-commerce service there is. When you consider the fact that it seems to stock most products you could ever imagine at the most reasonable prices and unparalleled customer support, and delivery speeds, this fact is unsurprising.
It certainly revolutionised how people shop. Not only that, but it has revolutionised how sellers operate. A number of our clients at Aston Black Accountants, come to us for support selling on Amazon. Read about how to sell on Amazon here, and how we can help you.
How to become a top Amazon seller
People tend to say that there is no formula for success. In the case of Amazon selling, this could not be further from the truth. To make money, you need to treat this venture as a whole new business. This applies whether you are already in business, or are starting afresh.
Planning is Mandatory
You know the saying, fail to prepare, prepare to fail. The bottom line is, for your business to succeed, you really do need a plan. It doesn’t have to be overly prescriptive, if that isn’t your style: You just need something that will keep you on track and on task, ensuring you aren’t wasting time or money.
Ask yourself the following questions: How well do you know the market? What are the trends? Who is your biggest competitor? What do they do? How much do you want to spend on each aspect of the business? Although not every last aspect of your business needs to be meticulously planned out, you must have an idea of your operations.
What is your Unique Selling Point?
E-commerce success on Amazon FBA requires a balance between uniqueness and trendiness. Don’t be yet another business using Amazon to sell Lularoe on, and veer away from things that are overly specialised and undesirable to the mass market.
When you are doing your research, be on the lookout for what is selling well over sustained periods. What are other sellers always running out of? Check google trends to see what consumers are looking for. Don’t get emotionally invested in anything at this stage: Be brutally honest with yourself about whether one particular product is a money sinkhole.
Build Relationships with Potential Suppliers
Finding the right supplier can be challenging. If you are planning to use a low-cost site such as Alibaba, it is important that you verify any potential supplier to ensure they aren’t scamming you. Speak to them on the phone, or via zoom, and get to know who they are. Even visit their production plant if you can.
Always order samples and make sure the quality is something you feel comfortable selling.
Knowing as much as you can about the provenance of your products is important, especially with ethicality now forming a significant chunk of buyer consciousness.
When you come to place your first order, keep it on the smaller side. It’s about mitigating financial risk. If you find that the products you chose simply don’t work, the last thing you want is a house totally stuffed with unsellable items.
Keep in regular communication with your supplier, pass on customer feedback to them as well, and ensure they know what your plans are. You must be honest and open with each other.
Getting on Amazon
So now, you’ve got your products, you’re really happy with their quality. Now it’s time to actually sell them! First things first: Choose the right type of seller account for where you are in your business.
If you are expecting to make fewer than 40 sales in a month (at least at first) it would be best to opt for the Individual Seller account, as they charge no monthly subscription fee, but rather on an item-by-item basis.
Your listing should be clear, informative, and written in a neutral tone of voice. You need to make your product sound appealing, but an overly emotional description will be off-putting. Consumers don’t like to read walls of text. Keep paragraphs to 3 or 4 lines, and summarise the product features in bullet points.
When you are just starting out, email your satisfied customers and ask them to leave you good reviews. These are crucial for getting more sales as buyers will make their choices on the basis of word-of-mouth more often than not.
Similarly, if a customer is unhappy, don’t get defensive. Help them solve the problem, and be polite.
Do You Need Support?
Starting any kind of business is always going to be a daunting task. Here at Aston Black, we have experience with helping Amazon sellers do their best.
Not only are we able to offer assistance with the financial side of things, but we can also help you with your business plan, try to answer questions, and generally provide advice.