Every day, Amazon sends out 1.6 million shipments. Yes, once a day. According to CNBC, Amazon is where around 55% of customers begin their online purchasing searches. This means that if you have anything to offer and you’re selling online, you’re missing out on nearly half of your potential market if you don’t have an Amazon presence. (ecommerce platforms)
Every day, Amazon sends out 1.6 million shipments. Yes, once a day. According to CNBC, Amazon is where around 55% of customers begin their online purchasing searches. This means that if you have anything to offer and you’re selling online, you’re missing out on nearly half of your potential market if you don’t have an Amazon presence.
Look for a product that will sell. (ecommerce platforms)
After you’ve completed the necessary steps to sell on Amazon, the next step is to decide what to sell. If you have your own brand, you’ll need to go through the brand registration process, which is a separate matter. However, if you’re reselling other brands’ products, you’ll have to choose which ones to put on your Amazon site. This is a huge decision because you’ll have to invest in inventory first. There are a few things to think about:
The prices of the products are as follows:
When I first started selling on Amazon, the best advice I received was to choose a product that I could offer for a low price. We were trying to get into the beauty sector, and I immediately thought of my baseball card collection when I heard “sell something for cheap.” However, it was my business partner (and sister) who came up with the concept of selling lip balm. This was ideal for us because it is relevant in our industry and, more crucially, we were able to stock up on a large quantity of merchandise without making a significant financial investment. We knew this technique worked since my sister and I have consulted with several brands that have sold millions of dollars every year on Amazon.
Every product sold on Amazon has a sales rank assigned by one of Amazon’s algorithms. A lower sales rank indicates that a product has a better likelihood of selling and a better track record of sales within its category. A product with a lower rank should sell faster, but a product with a higher rank will likely not sell as well or as quickly. You should be good to go if you can identify a product with a sales rank of under 10,000.
Check the list of Amazon Best Sellers inside your product category if you don’t know where to start your product search or want a benchmark of what a fantastic sales rank in your category looks like. You can also employ an Amazon consultant to assist you with your product search as well as all other aspects of Amazon selling.
Another significant element to examine is the pricing at which other merchants are listing your potential new product on Amazon. If you are a reputable, approved merchant in the beauty area, like us, the companies establish the rates for all of the products. For example, the suggested retail price (SRP) for the lip balm we discussed previously is $3.89. We won’t be able to sell the product for less than this. As a result, we must exercise extreme caution when opting to offer a product on Amazon since if other (unauthorised) vendors are selling the goods for less than its SRP, we will be unable to sell it. Consider this: if you go to Amazon to buy your favourite sunscreen and find two offers, one for $30 and the other for $50, which one are you more likely to choose?
Even if you don’t have to follow manufacturer pricing standards like we do, you should be mindful of other sellers’ listing prices since you don’t want to enter into a pricing war and drive your prices so low that you can’t make a profit.
Low prices and free shipping:
While you don’t want to start a pricing war, you do want to start off by pricing your products as low as possible. Even if you’re just breaking even or losing money at first, making sure your pricing are lower than everyone else’s will get consumers in the door and provide you the sales volume you need to really establish your Amazon presence. Having the lowest prices can help you get into the Amazon “Buy Box,” which will result in more sales.
Offering free shipping is another approach to ensure your price is the lowest. This is something you can do merely to get started if it’s too expensive in the long run.
Source: ecommerce platforms , online selling platform
