Selling on Amazon is a lucrative opportunity for those who want to be their own boss. To be successful as an ecommerce seller, a lot of research, hard work, dedication (and possibly a loan for Amazon business) is needed. Amazon is among the most well-known online marketplaces where people sell everything from jewelry to paper towels. Here’s how to sell on Amazon and be your own boss:
Identify the Product to Sell
The first step is to research and find a product to sell. Gather data and create a list of products you’d be passionate about selling. Conduct thorough research of the product, keywords, market trends, and competition before making the final decision. There are different methods for selling on Amazon, including:
Private label: This entails identifying a manufacturer who can make generic products in bulk at an affordable price. Tweak the product by adding business information and other preferred information and then sell it as a personal brand. Private label is the most common selling method on Amazon.
Real arbitrage: Real arbitrage is buying products from retail stores at a discounted price and later reselling them at a higher price on Amazon. Beginners can use this method because it doesn’t require a considerable investment.
Wholesale: This entails purchasing products directly from well-known brands at wholesale prices and reselling them on Amazon. The products are sold with the approval of the major brands under their name.
Create a Seller Account
Creating a seller or personal account is crucial to selling products on Amazon. The following information will be required when signing up:
- Valid ID for proof during the verification process
- Tax information
- A chargeable credit card
- Contact number
- Business email address
- A bank account where amazon can send the sales money
Identify your product category and pick a selling plan. Amazon offers individual and professional plans. For the individual plan, sellers pay $0.99 every time they sell a product. The professional plan charges sellers a flat rate of $39.99 regardless of the number of products sold.
The next step is to develop a selling strategy. Then, sign up under the brand registry category to safeguard intellectual properties and access features such as a brand dashboard and free brand stores to become a brand owner.
The last step is to create a product listing. Include high-resolution images of the items for sale, a product description with relevant keywords, shipping information, and any other important details.
Choose the Fulfillment Method
Fulfillment refers to the duties of packing, storing, picking, and shipping products. Prime sellers get more benefits compared to other sellers. For instance, they can access prime shipping–a preferred shipping method by most customers since it’s reliable and fast.
As a result, Prime-eligible products get a higher ranking, more clicks, more visibility, and more sales. In addition, Amazon offers two options which are:
Fulfillment by Amazon (FBA): FBA is a pay-as-you-go service where sellers follow the standard guidelines to send items to Amazon. Amazon handles everything from customer service to warehousing, packing, handling, shipping, and returns. FBA is ideal for those with limited time and resources to deal with backend jobs.
Fulfillment by Merchant (FBM): Sellers list products on Amazon and handle order fulfillment and storage themselves. The seller is also in charge of any damaged, missing, or late packages.
Identify a Manufacturer
FBA sellers interested in selling private-label products need to look for a reliable manufacturer for their business. Find an overseas manufacturer with the capability to supply products in bulk orders.
Private-label sellers should research the different sourcing options to find a reputable manufacturer to work with. Check the supplier’s product page and view details on the number of transactions they’ve made within the past six months. It’s also smart to check their response rate.
Market the Business
One of the best ways to market any Amazon business is through web marketing. With a strong web marketing strategy and a unique brand, sellers will find their target consumers faster and more efficiently. Here are a few ways to market products on Amazon:
- Advertise on social media or buy partnerships with influencers
- Consider investing in search engine optimization
- Start a blog to provide readers with information about products on sale
- Send email newsletters to customers to keep them updated on upcoming promotions
Choose the Best Financial Solution Platform for a Loan for Amazon Business
If you want to start your own small business by selling on Amazon, but you don’t have much capital to work with, a loan for Amazon business may be necessary. Identify a financial solution platform that offers loans for growing businesses. Compare multiple platforms to make an informed decision.
