Here’s how you can start using amazon to make a profitable living
So, you've decided to sell your products through Amazon. The first step is to sign up as an Amazon Seller:
When choosing a category to sell, you do have to fit into one of the 20 types to be a third-party seller. Some of the more common categories - that are also profitable - are clothing, healthcare, beauty products, baby products, jewelry, home and garden items, cell phones and electronics. Just about anything you'd want to sell is covered but for a complete list, click here.
How to make a profitable living through Amazon
1. Look for creative ways to gain customers.
You can't just list your products on Amazon and hope for enough people to stumble across them. Unlike a traditional brick and mortar business, the adage of "build it, and they will come" doesn't necessarily hold true in the digital space. Marketing your business on social media, or a blog, using marketing forums and/or, sending emails to potential clients will help you get the word out about your business and your products. For instance, you could write a blog post with reviews of products and add links back to your Amazon seller page. With each marketing effort, ensure you link back to your Amazon store creating greater online “foot traffic”. Building up a potential client email list and proactively marketing to that list can also be very effective.
2. Pick the Right Niche
To run a successful a business on Amazon, your aim should be to sell products that people are interested in and will most likely buy. For this, it's important to keep in touch with trends through social media, what's in the news, and other sources.
If a trend takes over, it is possible for you to make a quick profit from certain items such as fidget spinners, for instance. But for long-term financial success, you'll want to focus on products in the market that are always strong, such as weight loss items, natural health, self-development, yoga, consumer electronics, baby items, and others.
The beauty of Amazon is that it connects buyers and suppliers so at the end of the day, if you wanted to you could sell anything and everything on Amazon; but having a niche is important because if you try to cater to everyone, your overall marketing and messaging won't speak to anyone. If you do pick a niche product area, it will enable you to understand and sell to an ideal client market.
With that said, don't be afraid to have multiple niche markets. Amazon allows you to register as many brands as you want in their Brand Registry, and you can have various stores under the same seller account. In short, the infrastructure is there for you to serve multiple markets, should that be a something you choose.
3. Be Competitive and Know Your Competition
It always pays to see what your competitors are doing, in relation to pricing, marketing and the specific products themselves, especially if they have new products on offer. Even if your Amazon store is doing amazing, with the ever-changing buyer and seller landscape, it's no guarantee it'll stay that way. You can't allow your business to stagnate. It's essential to always evolve with the market to remain profitable.
A great way to do research, especially on Amazon, is to read the positive and negative customer reviews. Find out what people hate and what they love about specific products, then be sure that you meet those needs and avoid pitfalls.
4. Always find ways to cut costs
When selling on Amazon, it is vital to remember that there are always fees you'll have to consider paying; fees that will easily eat into your profit margin if not managed properly. Here are three simple ways you can reduce seller fees on Amazon.
One cost that is always overlooked is foreign exchange charges. Most Amazon sellers source their goods from overseas suppliers. What they’re not aware of is that every time they spend money on new supplies through for example, Alibaba, due to the exchange rate provided by the bank or PayPal, they end up spending more pounds than required.
Using a digital currency specialist enables you to save money on the exchange rate every time you source good from overseas, but also saves time as digital currency specialists usually provide you with an online platform, saving you time and providing you with the flexibility to exchange currency and pay your overseas suppliers when it suits you.