Review Your Amazon Sales Analytics
No matter what strategy you start with, its crucial to analyze your results. Just because you think something will work doesnt mean it will pan out the way you expect. Monitoring your results will allow you to shift your strategy and priorities to areas that will make it easier to sell your products.
Be data-driven! That doesnt just apply to your product research before launching your Amazon stores. It also applies to continuous operations. As market conditions change, data becomes more critical to your long-term success.
Amazon Seller Central provides a great deal of information you can use to guide your strategy. The Selling Coach reports help keep you on the right track with your sales and inventory trends, so you can see how much of any particular product sells on a daily, weekly, or monthly basis. This helps you maintain your inventory levels over time to always have what you need on hand for the customer.
Keith OBrien, Page.One Power
Have staying power. 80%+ of competitors are new each year. Be consistent.
First Start By Deciding Which Business Model You Want To Use
- Private Label: Private label is the process of a retailer rebranding/renaming a product that is already being manufactured on their own brand or label.
- : Wholesaling is the practice of purchasing low-cost or discounted goods in bulk in order to sell as individual units in a retail marketplace.
- Online and/or Retail Arbitrage: Arbitrage is a method of finding low-cost or discount goods in brick-and-mortar retail stores in order to resell them online.
- : Dropshipping is a business model where an Amazon seller does not keep their own product inventory, but instead transfers their customers orders directly to the manufacturer or supplier.
- Handmade: Amazons handmade sellers are people who create their own products to sell on the Amazon marketplace. Examples include jewelry, accessories, home decor, and more.
Ner With An Amazon Marketing Agency
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Dont Focus On Building Your Brand First
It may seem counterintuitive, but theres a reason you shouldnt worry about your brand first and that comes down to money and revenue generation. Founder of Jim Cockrum blog and Business consultant Jim Cockrum advises,
Isaac Wanzama, GeekSpeak
Its not enough to just list a product on Amazon and hope for a sale. Make sure youre taking advantage of every content opportunity on the marketplace. A title, bullets and description that are not only optimized for search, but written in a way that targets your ideal audience, will help drive those shoppers to your PDP and make them fall in love with your product enough to make the purchase. Add in A+ content, video and a storefront, and youre that much closer to conversion.
Use Amazon Sponsored Product Placements
is a fantastic avenue for increasing impressions and page views.
They work similarly to Google AdWords, where you bid on search terms. If a person is searching on Amazon for your product, you can buy an ad relative to those search terms, and your offer will appear next to the best results.
Amazon Sponsored Products is straightforward and can be set up in minutes. However, ensure you manage your Amazon account carefully and regularly to avoid an exploding marketing budget.
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Create A New Product Listing For Each Product You Sell
To make things easier for you, if youre selling something already on Amazon, you can search for the product. This way, you can use the product information already there to make filling out the detail page go a bit faster.
Once you search for a product, Amazon will show you all the current listings they have. You can choose to sell one of those or create your own.
Amazon Professional Selling Account
Once youre consistently selling more than 40 items per month, you should really switch over to the $39.99 per month Professional plan. Why? Because the Individual plan has a 99¢ per-item fee on top of other fees, youll be spending more money per month on the per-item fee than youd be spending on the Professional plan.
But thats not the only benefit the Professional plan holds. Here are some more:
- Access to Amazon MWS, which allows you to connect apps like repricers and accounting platforms like SellerZen
- Ability to sell in more categories once you apply for approval
- Upload inventory forms if you have a lot of inventory to handle
- Access to Amazons valuable reporting tools
- Ability to win Buy Box or be placed high on the product detail page
- Costs $39.99 per month
- If youre upgrading from an Individual plan, your account may be suspended until your account is verified
Really, there arent any big disadvantages to the Professional selling plan if youre serious about selling on Amazon. The cost is more than worth it to have access to Amazons over 300 million customers and close to half of the market share for online sales in the US.
So what are you waiting for? Get out there and start making money!
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How Do I Downgrade My Business On Amazon
Downgrading your business on Amazon can be done in a few steps:
1. First, youll want to log into your account and go to your account settings.
2. From there, youll want to click on the Your Account tab and then scroll down to the Settings section.
3. Once youre in the Settings section, youll want to click on the Change account type link.
4. From there, youll want to select the Downgrade to Individual option and then click on the Continue button.
5. Youll then be prompted to confirm your downgrade by clicking on the Downgrade button.
6. Once youve downgraded your account, youll no longer have access to any Business features and your listings will be removed from the Amazon marketplace.
Can You Sell Your Amazon Seller Account
Understanding what is allowed and what is not allowed on Amazon can be tricky. Generally, Amazon seller accounts are not transferable as it is against the terms of service of the online retail giant.
Amazons reason for this rule is to avoid fraud, as every sellers account provides tools and resources that can be used to list products and manage orders. These accounts also feature activity history and buyers feedback, which are unique to each account.
While Amazon prohibits the sale of seller accounts, some loopholes allow the transfer of ownership of your sellers account. The idea is that youre not just selling your account but also selling your business, and theres no way for Amazon to stop this from happening as that will be illegal.
So while you are not permitted to transfer ownership of your sellers account, you can sell your FBA business. The mere fact that large publicly-listed companies selling products on Amazon have changed ownership several times without going the route of establishing an entirely new seller account every time a sale occurs points to the fact that you can transfer ownership of your Amazon FBA business.
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How Much Does It Cost To Set Up An Llc
You can set up an LLC for as low as $45 in the state of Arkansas. Other states fees vary, with Massachusetts having the highest filing fee at $500.
The average cost for setting up an LLC in the US, though, is $132. But, of course, if you hire a professional service, like LegalZoom, it will cost you more.
How Do I Find A Buyer
Its exciting to see that theres an audience for your business, but youre likely wondering how you can find your dream buyer. You have a number of options: Ask other FBA sellers you know who might be looking to buy, or advertise with online marketplaces and classified sites, such as Flippa.com, bizbuysell.com, or businessforsale.com.
Even when youre using an online marketplace to sell your business, its smart to use a broker. Ive always used brokers to both buy and sell online businesses.
A broker will take care of everything for you, so you wont have to deal with tire kickers, or worse, people who just want to see your products and replicate them or your brand, or even directly compete with you.
A broker will help you present your business so its attractive to buyers. They will find ideal buyers for you, help with negotiations, and then assist you throughout the transfer process and ensure you get paid .
Depending on your profit levels, a broker will charge a percentage of the selling price, ranging from 15 percent on smaller deals to 10 percent on larger deals.
In the Modern Lehman formula, the broker charges 10 percent of the first $1 million, plus 9 percent of the second $1 million, plus 8 percent of the third $1 million, and so on, until it gets down to an additional 3 percent for every million above $8 million.
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Enter Your Personal Information
From there, youll be asked to provide Amazon with a number of personal details. This includes a form of identification .
Make sure the address you entered is correct because Amazon will send you a postcard with a verification number on it that you must enter before you can use your account.
You will also be required to give them your phone number. Again, this is for verification purposes.
When youve entered everything, click on Next at the bottom of the screen.
Take Advantage Of Promotions
Promotions including Lightning Deals are a great way to sell units at an increased velocity, ultimately leading to more reviews. Lightning Deals are flash sales that are featured on the , one of the most frequently visited pages on Amazon.
Not only do they help increase discoverability of your product, they also help you increase sales during the limited-time sale and even after the deal is completed. This is because you often increase your rank and search relevancy due to the increased units sold during that flash sale, and this carries over for a period of time once the deal completes, sometimes for several weeks.
Lightning Deals for most sellers are invite-only in a sense, since you can only run them when they show up on your See All Recommendations section of the screen on Seller Central, and there is often a nominal cost associated with running this deal.
For big events such as Prime Day and during the holidays, Lightning Deals can be very successful in selling hundreds to sometimes thousands of units in the period of a few hours and also can help new customers discover your brand, even if they dont buy immediately.
The goal is not to always be on promotion or providing deep discounts, but if you can sprinkle these in occasionally, including toward the beginning of your product lifecycle on Amazon, its a great way to gain additional reviews and build relevancy so other customers can find you.
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Big Mistakes New Amazon Sellers Cant Afford To Make
by | Aug 24, 2018 |
Amazon has very clear selling policies and outlines best practices and mistakes to avoid for Amazon retailers within Seller Central .
However, if youre selling on Amazon as a beginner, there are some mistakes you could easily make without realizing it. Theres a lot of fine print in those requirements, and Amazon put them in place for a reason everything they do is driven by the shopper experience.
That being said, below are some of the leading avoidable errors Amazon sellers make when setting up accounts, selling on Amazon, and handling Amazon orders.
Can You Downgrade Your Amazon Seller Account
Yes, you can downgrade your Amazon seller account. For example, if you currently have a Professional Selling Plan, you can downgrade to an Individual Selling Plan. To do this, you would need to contact Amazon and request the change. Amazon may require you to provide a reason for the downgrade.
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Create An Amazon Seller Account
The next step is to create a new Amazon seller account. Before signing up, keep the following on hand:
- Business email address
- Tax information
Next, head over to to sign up. Amazon will ask for details about your business, such as address and tax information, as well as bank and identity information.
Amazon requires sellers to get approval for certain product types. Fashion, grocery, music, and jewelry are popular categories that require approval before setting up your Amazon seller account. Read the overview of product categories you can sell in.
Once your Amazon seller account is approved, youre ready to get your products listed and start selling.
The First Step To Increasing Your Smbs Amazon Sales Is Getting A Free Proposal
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Factors To Consider Before Selling Your Amazon Seller Account
Disclaimer: As with all major business decisions or transactions, you should seek legal counsel from a licensed business attorney. Fast Lane Academy does not offer legal advice and the information on this page or website should not be construed as such and used only for informational purposes. Now that this is out of the way, lets continue.
First, if you were making a net profit of at least $2,000 per month or more selling on Amazon for at least a year or longer, a better option would be selling your business through a business broker. You can usually sell your business for around 2-3 times net earnings. So in this example, your business would be worth around $48,000-$72,000 minus the brokers fees, so you would probably walk away with around $41,000-61,000.
That would be more than what you could sell your individual Amazon seller account for. This would only apply if you are willing to sell your entire business entity and if you can prove those net profits for at least the last 12 months and preferably longer.
If thats the case, then use this free online valuation tool for Amazon businesses to get an instant estimated valuation based on a few questions you will be asked about your business. Its a great tool to get an idea of what your Amazon business is worth without having to speak to a broker.
Or you can learn more about selling your business in this complete 10 step guide on how to sell your business.
Taxes When You Sell Your Amazon Business
Its not how much you sell your Amazon business for that matters most, its how much you keep.
Lets assume you sell for $1,000,000 excluding any inventory. After a typical fee, youll end up with about $900,000 in taxable money. Because the sale of a business falls in the realm of capital gains rather than personal income, we can estimate roughly 25 percent in combined state and federal taxes.
That takes your million dollars down to a ballpark of $675,000 after taxes. Please keep in mind that the estimated 25 percent changes based on your actual income levels and geographic location.
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