Maybe you’re just starting out, or maybe you’re stuck in a rut and need a hand getting out. Whatever the case may be, RepricerExpress has seven sales strategies for Amazon you can start using right now. Interested in making more money? Read on!
1. Measure Twice, Cut Once (aka Research, Research, Research)
Most of the time, sales volume is directly related to how much research went into picking the right product. Not every time, as sellers sometimes get lucky and hit it big by accident. But far more often, those big successes are the result of preparation meeting opportunity.
2. Start Small and Scale-Up
Selling on Amazon is all about risk management, which is why one of the top sales strategies is to start off with a small inventory and scale-up based on which items are most successful. Start with a few items that your research has shown will likely do well, build up your reputation, and test out more items gradually.
As time goes on, diversify your inventory. If you’re hesitant to take that next step, remind yourself your competitors are already selling those items and there’s a pie of sales to grab a slice of.
3. Speaking of the Competition…
Always keep them on your radar. You know the saying, “Keep your friends close, but your enemies closer”? Apply it to selling on Amazon. You’ll want to be deeply familiar with what your competitors are doing, as the landscape shifts regularly and you want to keep up.
This strategy is especially useful when researching new products to sell. You might come across something with a high sales volume and be tempted to sell that as well…until you notice the hundreds of reviews it has, indicating it’s a hugely competitive product. Time to back off that one and find something else with a high sales volume, but fewer than 100 reviews.
4. Always Be Looking to Improve
Not just in the general sense, but specifically on the products you’re selling or looking to sell. Let’s say you notice socks are a good opportunity for you — improve on that. Look for socks with reinforced toes so they last longer, or are made with Merino wool so hikers and campers are drawn to them.
You’ll have to get creative here, but it’s worth it. The selling landscape is incredibly competitive and a lot of the products seem to blend together. To nab that sale, you’ll have to show buyers how you stand apart.
And want to know an easy way of finding improvements? Read through the reviews. Buyers are telling you in plaint text what they’re happy and unhappy about. Everything you need to make a sellable improvement is right there in front of you.
5. But Don’t Be Afraid to Reinvent the Wheel If Needed
Sometimes, you’ll have to reinvent your brand on Amazon. If that sounds like a drastic move, it doesn’t have to be. Some products simply do better under a different brand, and you don’t necessarily have to throw the baby out with the bathwater.
Let’s say you’re still on the socks idea, but you’re wanting to move from selling them on your personal site to selling them on Amazon. Maybe buyers on your personal site prefer to buy them in individual pairs, but you’re finding they sell better in packages on Amazon (or maybe even bundled with other items). An effective way around this is to reinvent your brand and sell the same product on Amazon in a way that works best for that marketplace.
6. Practice Caution When Purchasing Your Inventory
One mistake new sellers often make is ordering too much inventory, especially on their first order. Running out of products sucks, but it can be simpler and less expensive to order more items than to try and get rid of slow-moving stock.
If you’ve run out, all you have to do is temporarily de-activate your listing and order more. But if you’ve ordered too much, then you have to worry about long-term storage fees, creating campaigns to drive interest in something you overestimated the selling power of, paying for that campaign for as long it runs, creating hype to increase sales, or even possibly liquidating inventory. A good rule of thumb is to order enough to get you through 2-3 months of projected sales (or even a tad less).
7. Delegate Whenever Possible (And It Makes Sense)
Remember how we talked about selling on Amazon being all about risk management? It comes into play again here. You might think that handling feedback solicitation, SEO, ratings, shipping and sponsored campaigns yourself can save money, but you’re looking at it from the wrong angle.
Instead, approach it from analyzing each area based on its return on investment, and see where paying for a service can lead to more sales than if you did it yourself. For example, using feedback software automates asking for reviews. While it costs money, it works while you do other things and costs less manual labour. Plus, it has a compounding effect. The more reviews you get, the more users trust your product and will want to purchase it. Your initial monthly subscription has now turned into more sales than if you wrote each feedback email yourself.
It’d be easy to write a whole book on sales strategies for Amazon you can be using, but we picked out some of the most effective ones you can put into use right away. But here’s a bonus tip for you for increasing sales: aggressively repricing your products with RepricerExpress. It’s also one of the areas you should be delegating for automation, with the return on investment being worth it. To help you get the most out of your sales, we’re offering a free trial when you sign up right now.