Tips To Become Millionaire By Selling On Amazon
You may have seen many young millennial entrepreneurs around you working in the field of virtual market, who just started earning from few bucks to millions in a short span. How they are able to do so? This question may arise in minds of many folks; well we thought of helping you guys by sharing some useful tips that can help you to gear up your income as an Amazon seller. The core thing for a successful business is how to launch your business that can help you to generate sales even in the start of the business. We will guide you about the way how to enter in the field of virtual market and how to boost your sales.
So, let’s have a look at some useful tips that can help you to improve your success probability.
1) Use analysis and research to find the right opportunities
When you visit Amazon you will see thousands of products and merchants and you might think it as a hard task to start your business as a small entrepreneur. But not to worry, you still have a lot of opportunities if you can understand the market. By understanding market we mean you must know about what is selling, which product has more competition and which product has more margins.
A little hard work is required for this as you have to analyze huge data of product research. After doing data analysis and aggregation, go for the products that are selling good and have little competition. The best thing is if the competitors have bad reviews, start checking their reviews and look for the things they are not doing well and try to figure out the solution of resolving them.
For this you can also take help from tools like Jungle Scout; that can perform all the data analysis and can easily help you in product identification.
2) Focus on 20/80% view
A lot of folks think of scaling their company as quickly as possible and for this they have to keep on adding new products, but inappropriately they get stuck in little things that can only help them to add little sales to their buckets. So, for this you can go for 20/80 view, which means emphasis on the 20% actions that can help you to generate 80% sales, and go for the next product after this. By doing so, you will be able to get an explosive progress from $5k/month to about $400k/month within a period of 24 months.
For this you must focus on these 4 things:
- Opt for the right product
- Get almost 10 honest reviews about your product
- Make a perfect listing
- Go for the Amazon’s pay-per-click platform
We thought that the success and failure depends upon the product selection and research. Thousands of shoppers are searching on Amazon every day; you just have to provide them what they are looking for. You can only do so when you have done enough research and data analysis of different products.
3) Go for simple, small products between $20-50 range
We prefer you to choose small, simple products between the ranges of $20 – $50, as you don’t have to worry about quality control that much and it also reduces shipping headache.
We preferred you to choose products between these ranges as products below $20 want give you that much profit and products above $50 are less purchased and are mostly overlooked by the customers..
4) Label products and make improvements
We recommend you not to go for inventing your own product, as it will take decades to do with its complications like certifications, engineers, patents and more. Better is to use already manufactured product and stick your own label on it. As most of the big companies are also doing the same things, they just add their label to the product and sell it in the market.
But for the betterment you can make small improvements in the product to stand out from the competitors. You can take ideas from the negative reviews on Amazon of that product and look what customer wants. Mostly, customers look for a detailed manual, different color, longer handle, sharp blades etc. these are some small modification that can be easily done.
5) Model successful products and sellers
You have to choose your product wisely as according to stats 8 out of 10 small businesses fails and majority of them is because of the wrong selection of products and without doing analysis of what actually people are looking for. Now with the betterment in the industry, you can choose tools like Jungle Scout to figure out bulk of data and get analytical report of product with higher demand and less competition and try to model these products. The decision based on your analysis of your model product is more likely to get you more revenue.
Hope you guys find out these tips useful, follow these tips and be a successful entrepreneur on Amazon.