Want to make a little extra cash from home? Or are you an established merchant looking to increase sales? Selling products on Amazon is convenient and can be very profitable.
There are some great tools and simple ways to be successful in the marketplace. Making smart choices with products and analyzing your data can be helpful. Strengthening your listings and getting good feedback from customers will give your sales a huge boost.
From large to small, there are a lot of things you can do to increase sales and profitability. All while balancing your costs and profits. Here are five easy ways you can start earning more.
1. Convert Your ASINs
In sales, access to information can be essential in making decisions. It’s helpful to have clear and organized data to make informed choices. And converting your ASINs can give you a lot of good information.
The ASIN is the Amazon Standard Identification Number that the site assigns your item when you list it. It’s different from the item other identifiers like the SKU or UPC. It can tell you a lot about market competition. If you have to create a new ASIN, it means that no one else is selling the same item on the site.
You can convert your ASINs to get more data about products. You can pull reports on your items and other similar items. You can analyze the date and organize to find things like the best selling items. Converting to other identifiers also allows you to research products on sites other than Amazon’s platform.
2. Use an FBA Calculator
A Fulfillment By Amazon, or FBA, calculator is essential in developing your pricing strategy. It’s a great way to simulate price models. And the calculations can help you decide what products to sell. The calculator can also make sure you keep your profit margin steady.
FBA fees are a total of several smaller fees. Your referral fee is a set percentage of the sales price and the rate varies by category. The other fees associated with shipping and storing depend on the size and weight of your item.
There are so many factors that it can be tough to figure out potential profit on a product. An FBA calculator can help you quickly calculate these fees. You can quickly input different sales prices and have an idea of possible profit margins.
The calculator is a good tool to ensure you are selecting profitable items. It can also help you develop a pricing strategy to maximize your profits. Some FBA calculators can even track your sales to make sure your profits are steady.
3. Choose Items Carefully
It’s important to be thoughtful and deliberate when choosing items to sell. Evaluating the most popular items on the site will increase your chances of more sales. You also want to consider market share and competition.
Check out the most popular products in the marketplace. The ranking of the items will fluctuate. But the list will give you a good picture of what types of items are selling well. You may also want to think about choosing items that fall into more popular categories.
Less expensive items tend to sell better on Amazon, as it’s a great site for impulse purchases. Look for an item at a lower price point, so customers don’t see it as much of an investment to purchase. Keeping prices low will also allow you to have lower costs and risk on your end.
Size dictates how much you will pay in FBA fees. Consider how the size and weight of your item will increase your fees and affect your profit. Because referral fees are based on categories, you can save by selling items in a category with a lower percentage rate.
Check out the competition for your product. Search terms that have fewer results mean that there is little saturation. More of the market share will be available to you. And avoid trying to compete against a major brand name product that dominates the sales of an item.
4. Get Great Reviews
Positive feedback is vital to increasing sales. Not only does it determine your product’s placement in search results. But buyers are more likely to purchase an item that has good reviews.
Personally ask your customers for their feedback, especially early on. Buyers appreciate being asked for their thoughts on a product. Make sure you are providing a quality product and customer service. Then reach out to buyers with a link to review your listing to establish your listing.
The search results on Amazon are ranked according to a number of factors. The amount and positivity of the product’s reviews are one of them. As you grow your number of reviews, your listing will move up on the page.
Online shoppers have to rely on descriptions and photos to make a decision about purchasing. They also depend on reading the reviews and experiences of others. It’s important to have a lot of reviews so buyers can trust your product, and you can increase sales.
5. Improve Your Listing
Make sure you have a quality and professional listing for your product. Be very descriptive and pay attention to the appearance. And use strategies to ensure it’s easily found.
A detailed, accurate description of your item is essential. Customers can’t physically touch your item, so they need as much information as possible. Your title and description is your chance to really sell buyers on your item’s features. Use bullet points or charts to organize product information for easier reading.
Crisp, clear photos of your product are important. Having several cohesive images is appealing to buyers. Consider having your product professionally photographed and edited. Your product photo is your one chance to catch the attention of shoppers.
Use a keyword tool to improve your listing. Find out the most popular search terms and add them to your title and description. This will make your listing appear more widely in search results.
Conclusion
A little research can easily lead to bigger profits. From choosing the best items to sell and calculating the profit, you can set the groundwork for a successful listing. And tracking your sales and getting great reviews will lead to long term success.
With so many sellers entering the marketplace, the competition is tough. But these strategies can give you an advantage. And you’ll be growing your profits in no time.
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