Business growth is often crystallized by one key element being knowledge and acknowledgement of right opportunity at right time and Amazon currently is one such opportunity which, if used correctly, can end up turning into a MMMM (Massive Money Making Machine). This isn’t a game for just the big fishes or the established ones; in fact Amazon has gone on record to state that nearly 50% of all the products sold on their site come from market place sellers. Further, if advertising revenue growth is any indicator of marketplace viewership, Amazon continues to grow by nearly 400% year-over-year.
When starting a business or product idea, one of the first questions I challenge entrepreneurs to ask is, how quickly can you get to 1000 True Fans (As Kevin Kelly state’s it) and “How big is your audience?” From Amazon’s perspective, they’ve successfully built a prime costumer base north of 95 million buyers. This data shall suffice to have you understand the intensity of potential market and the scalability of growth in here. So gear up to be the next sensation killing it on Amazon!
Step 1: Choosing the right account
This is a crucial step where most sellers take it easy and end up messing themselves up royally. Starting from the scratch, one must consider all the available options. First, consider the seller account which is characterized by charges for per-unit fee per item sold and $0.99/sale. For those entrepreneurs or first-time product sellers that are venturing freshly into the market and unsure of how they will recover the fees, this is the option for you. Again, as a starting point, this is a highly recommended option. A more progressive option is the professional seller account or the Pro Seller account that charges you a flat monthly subscription fees no matter the number of units sold. This type of a subscription will cost roughly $39.99/ month. This amount won’t bother you much if you end up selling 50+ units in a month but the risk is on you to convert. Also, this type of account comes with some clear product delivery benefits that should be considered for any serious seller.
If you are moving from stage one early entry product selling to more predictable and consistent product selling, you must not hesitate or hold back from opening a Pro Seller account and make use of these perks to grow business by leaps and bounds. Look at it like training wheels on a bike: The seller account is a bicycle with training wheels. It does the job, much less risk, and gets you there, though very slowly. The second option, Pro-Seller, takes the training wheels off: more risk, higher speed, more chances to fail, but better experience and profit possibilities down the road.
Step 2: How to set up your Amazon seller account?
Setting up your new account will take around 10 minutes to complete. Come prepared with your Business EIN at hand (or else you can sign in using your social security number). Amazon will then ask you to complete a short questionnaire which is mainly concerned with them fulfilling the taxation criteria and formalities. Once the formalities of the tax reporting procedures settle, you are then taken up to the next step which again collects some information about the seller and products. This administrative piece should be fairly strait forward. Once you clear this bar, the setup is done and you are all set to start earning.
Self-Fulfilled or Amazon Provided?
You will be faced with an important decision at this point. It is necessary to decide whether you wish to be a self-fulfilled dealer or an Amazon FBA. A self fulfilled dealer can benefit from low postage charges of Amazon approved carriers. The Amazon FBA sellers gets to have Amazon warehouse your products, ship them, as well as handle your costumer services and returns on your behalf which is not the case otherwise. This can be an enormous benefit, especially when starting out.
If you are a new startup, it is highly recommended to use a professional Amazon seller account along with Amazon FBA. Simple, quick, and easy.
Step 3: Setting up your product:
Once you have your product ready you need to add it to the Amazon catalog which can be done from the seller dashboard. This page will serve as your landing page which will convert potential customers into to paying customers.
Start with your Product Title
To create a perfect Amazon product title keep following points in mind:
Keep within the character limit of 200
Make it informative
Use your keywords
Include your brand name
Add the quantity of products
Adhere to Amazon’s guidelines
Don’t forget how important imagery is. You’ll need to show people what they might purchase and it needs to entice. Here are some tips to make sure your pictures look the best:
Use a white background
Optimize the pixel density by keeping it at least 1000 at the farthest and 500 at the closest for it to be perfectly zoom able.
Take real images instead of computer generated images.
Include lifestyle shots which will show your products when in use.
Add details and alternative angle shots, close-ups of product and from varying angles.
Another key to have a nice impression on buyer is to describe your product perfectly. Here is how to exactly do it:
Discuss the features and benefits
Reference the problem that your product solves
Make it relatable
Conclude with a stern call to the costumer to buy the product
Key words play a key role in having your product found during Amazon product searches. found. Make sure you choose the golden nerves which will connect you the quickest. Knowing how to do the keyword research right will take you a long way gaining Amazon visibility. Use these words in your title, product description and on the back-end of product listing. Easiest way to slide through this is using the giants of these games like Keyword.io or MerchantWords.
Step 4: Jack up the sales:
Once your product is available for sales on Amazon, the next step is getting your first order and making the first sale! The primary objective of the first few orders is to give boost to your product ranking to start gaining an organic visibility. In order to get your ranking up on the aisle, it’s imperative to make the initial sales as soon as your products goes live on the site. Also if you have sold your product elsewhere and have a customer list available to you, then you can use it for your Amazon product launch. Don’t forget these tips to boost your Amazon sales:
Remember, Amazon is a search engine as much as it is a marketplace. Abide by the algorithms and Terms and Conditions.
If you have a customer list, use discount offers / coupons
Pile on the reviews after every sale
Don’t stop short on those keywords
Starting an Amazon business is an exemplary way to launch yourself on e-commerce market and launch yourself as a completely successful brand. As an Amazon seller, you will have the ability to plug into a highly conducive e-commerce ecosystem and an incredible buyers network. And thereon you are all set to launch your upward spiral to financial liberty.