Selling products on Amazon can be a great thing for small businesses to make as much profit as possible with over 160 million monthly visitors. Amazon has grown to become the largest marketplace and the most used by sellers to sell their products. In fact, it has now surpassed the most popular retail sites like eBay in terms of traffic and sales. But, just signing up, listing products, and hoping for the best on Amazon isn’t enough. At Amazon, we also have to compete with other sellers from around the world. If you want to be successful, you have to know the tips and tricks to be more than others from cost of the wholesale formula.
Here are some great strategies for selling on Amazon:
Make sure to choose the right merchant account
The fee for a merchant account on Amazon is $ 39.99 / month. In comparison, for individual accounts, the fee is $ 0.99 / month. According to Amazon, if you plan on selling more than 40 items per month then the unlimited price of $ 39.99 will be meaningful. If you are just starting out or don’t plan to sell a lot of items, then this account may not be the best option. If this is the case, use an individual seller account and upgrade when you are comfortable or when your sales start to exceed the $ 39.99 mark. If we want to sell more than 40 products then for an account priced at $ 39.99 it is the right choice. However, if you are just starting out or don’t plan to sell a lot of stuff, then use the $ 0.99 individual account. We can still upgrade if sales start to rise.
Understand that price competition is fierce
When selling on Amazon we must be aware and ready to compete with other business owners from around the world. That means we will be competing with hundreds, even thousands of competitors who sell the same or identical products, some may charge much lower than us. This doesn’t mean we can’t be competitive, but we have to be prepared for such conditions. Therefore, we have to rack our brains to find alternative ways to make products more attractive.
Look for ways to make your product look unique
Instead of trying to compete directly with competitors, it’s better to find ways to make our products unique. Amazon groups items by title, so if we sell the same product to a competitor who is ranked higher and at a lower price, then we will lose. On the other hand, if there are no other competitors selling the same product as ours, then we will be the rulers. It’s easier said than done because almost anything we can imagine is already on Amazon. However, doing your research and finding unique ways to put our products in a good position will have a tremendous impact.