What Makes a Successful Seller on Amazon?
To be successful on Amazon, you need to go beyond listing products and hoping for the best — you need a strategy that will enable you to compete with the two million other sellers. To survive over the long term, you need to treat selling on Amazon like a professional business.
Data Collection and Measurement
Top sellers choose the products they sell on Amazon according to probable profits. By using a combination of online tools and your own research skills, you can measure important information, ranging from competition to price variation. Select items to sell that are in high demand and choose the opportune moment to sell.
You can start simple, by collecting detailed data about your own sales and watching trends, to predict sales in the upcoming months. If you have any rare items, keep tabs on sales and prices on Amazon by other sellers.
Collecting data is by no means easy but by using such methods, even to a small extent, you can expect higher sales, greater ROI, and lower FBA expenses during the holiday season.
To gain the best deals when acquiring merchandise, you need to build strong relationships with your suppliers. It is essential you are never afraid to negotiate — but make sure you still remain in your wholesalers’ good books. Ideally, you should be working with several regular suppliers who can provide you with high-quality merchandise. If you lack such business relationships, visit trade shows and research online to find trustworthy wholesalers.
If you are successful, at some point you will find it impossible to cope with all your business processes on your own. Harness the power of inventory management software to automate some of your daily tasks, such as ordering more inventory, adjusting prices, and requesting reviews from buyers. This will leave you free to concentrate on the tasks a computer is unable to handle, improving your productivity.
Change with the Market
What sells best on Amazon constantly changes, as new products hit the market and as other opportunities for buyers arise. Changes can be sudden, sometimes overnight. To survive, you need to be willing to change your merchandise at a moment’s notice. Better still, keep up with trends to predict changes before they occur and prevent losses from having numerous units in stock you’re unable to shift by diversifying your business to cover several product categories.
It is useless to rely on instinct alone when it comes to selling on Amazon. You need the hard facts about what works to ensure your success.