Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Because of the fast-developing technology of the internet and logistics, you can buy everything online. More people prefer it too because they can have their order right on the doorstep with just a few clicks. So you take this opportunity to start a business as the online market has grown rapidly in recent years. Data shows that Amazon generated sales of $280 billion in the past year, and it will only get higher in the coming years.
This is your chance to generate huge income from online selling. In this article, we'll give you some of the best practices to make sure you'll stand out in the competitive online market.
5 Tips to Become a Successful Amazon Seller
At present, there are almost more than 300 million active users on the Amazon marketplace. Almost 50% of the total retail sales of this online selling platform come from the United States and Canada alone. With all these people dependent on the online marketplace, this is a great opportunity to make your business big. But before you can do that, your products must be on top. Amazon trends are never the same; you must keep up with those changes to be at the top.
In this article, we'll share some strategies to help you with your success journey so you're always on top of your game in the online market.
Optimize your product listings
Before your customers purchase your products, they should first see them when they search for them on the Amazon marketplace. It’s a natural instinct for consumers to choose the products on the top of the search result. If you want a lot of sales, it’s your goal to be on top of the search results. If you're a new seller, you can search for similar products on the market and take note of the keywords they use.
Limit the item title of your product to 60 characters and be mindful of the word you use. For example, it could be the brand name, sizes, colors, and quantity. Use words that accurately describe the product/s you are selling. Put in mind the key terms and phrases potential buyers will type on the search bar. This will help you create a better description of your goods.
Picking the correct product to sell
The success of your online selling is greatly affected by the goods sold. Aside from the common needs, customers also purchase their hobbies, crafting, beauty, lifestyle, and gaming products. It’s essential to understand the trends and what your customers want. With this, you can rack up your sales in no time. Also, avoid selling only seasonal products. For example, selling Christmas-related items generates huge incomes during the last three months of the year. After the holidays, it will be hard to generate income with your seasonal items.
It's also crucial that you are interested in your products. How will you convince your buyers if you don’t know and trust the product completely? In addition, having an interest in your products will make it easier for you to market them and answer inquiries from potential buyers.
It’s also important to have a consistent source for the products you sell. When your products are in demand, they will sell out fast. Therefore, you should source your product regularly, so your sales income is also consistent. Furthermore, providing bulk orders will generate more income with your products if you can provide bulk orders.
Take advantage of the Fulfillment by Amazon (FBA) service
One of the hardest parts of being an online seller in the shipment. You have to manage shipping expenses to make sure you are earning profit and not all your earnings go to your shipping cost. Finding logistics that will give low shipping prices is a good start for small businesses.
But if you're an Amazon seller, there's an Amazon fulfillment service that helps you with your order shipping. Instead of shipping the items yourself, you can send them to an Amazon warehouse, where they will handle shipping and inventory. When your business gets bigger, you can use services like accounting for amazon FBA sellers to keep track of your financial transactions.
When your items are in transit, it is hard to control the potential damages that transport can do to your product. So make sure to secure your items before you ship them to Amazon’s warehouse. Damaged items will cost you and even affect your shop's reputation.
Get the Amazon featured seller status and register a pro seller account
The first thing you need to do to start selling on Amazon is to register a seller central account. The wise move is to upgrade it to a pro seller central account so that you can list 40 products in your shop and you have the chance to become a featured seller on Amazon.
Amazon gives chances to featured merchants to enjoy the "Buy Box on Amazon." The buy box features give you your default sales. So every time a customer presses the add to cart button, you will get the sale. If your item is in demand, you'll see sales skyrocket in an instant.
Avail accounting services for Amazon sellers
Understanding the Amazon playing field is essential to your success. Aside from the products and shipping, numbers are also important. You must stay on top of all your business transactions. Your shipping and product expenses, profit, taxes, and other financial-related matters are crucial for your business. These finances can tell your business help and help your strategies to improve your sales better. And what better to help you than a professional? Several firms focus on e-commerce business, so take advantage of their services. Play your numbers right, and you'll have no problem generating a large income.
Jumpstart Your Success with Unloop
If you're looking for a trusted professional to handle your business finances, Unloop has you covered. Unloop has been working with e-commerce sellers for a long time, and our professionals are up to date with all the laws, changes, and trends in the online market, so we can assist from day one when you avail of our services.
Our services include:
- Amazon bookkeeping services that keep all the financial records of your business so you can track and analyze them and assess the overall health of your business
- Our professionals will also help you set up the best accounting software for Amazon sellers. The software stores your data and provides accurate and instant financial statements. It can also provide monthly income statements, inventory management, and balance sheets of all your expenses.
- Our plan offers you a subscription to compatible Amazon accounting software like Hubdoc, DEXT, Quickbooks Online, or Xero.
- We also provide services for sales tax to help you properly price your products and collect them accordingly. This is so you can comply with the requirements of your tax collection agency.
- We have flexible payment plans based on your annual revenue to avail our professional services without breaking your profit.
Final Thoughts
It's easy to start an Amazon business online, but the path to success is long and tiring, especially in today’s congested online marketplace. Anyone can be an online seller nowadays. Simply posting a product using your mobile phone and putting it up for sale can jumpstart your selling industry. As more and more people depend on the convenience of online selling, take advantage of this to generate huge income.
We hope these tips help your business stand out against your competitors in the age of e-commerce. And don’t hesitate to ask for professional help when it comes to accounting for Amazon sellers; we’ve got you covered. Book a call with us to learn more about e-commerce strategies. Let's plan your first steps into making it in the modern world!