Selling on Amazon is difficult, but rewarding, work. Many sellers are content to just stick to a certain process when they find something that works. But the Amazon sellers that have the most success are the ones that are always looking for new ways to improve their processes and to increase profits on Amazon.
Whether you are just getting started or a long-time professional seller, chances are there are changes that you could make to boost the profitability of your business. Here’s a look at five ways you can increase Amazon profits.
Fortunately, Amazon does the work for you when it comes to keeping up with hot trends. If you visit Amazon.com, you can click the drop-down menu on the top left corner of the website that is labeled “All”. The first three sections you see when you click on the “All” tab are “Best Sellers”, “New Releases”, and “Movers & Shakers”.
Amazon sellers should make a habit of checking these pages regularly. You could decide to develop a new product based around current trends. Or market your products with bundles or advertisements that ride the wave of hot trends. Understanding who and what is having success on Amazon can give you some great ideas on updates you can make to your store.
Even the slightest error or imperfection on your product listings can have a negative effect on conversion rates. Missing out on a valuable keyword might make your product less likely to show up in certain searches. Not having clear, high-definition pictures could leave your potential buyers confused about the product and its size or other valuable details. A description that doesn’t properly explain your product’s utilization could force shoppers to look for another listing that does.
Go over all of your product listings with a fine-tooth comb. Your photographs, titles, descriptions, bullet points, and everything else should be as detailed and accurate as possible. Don’t just set and forget your product listings; revisit them from time to time to see if anything has changed or if customer questions could better be answered within the description. A flawless product listing will make your brand look professional and lead to more sales per visit.
Many Amazon buyers use product reviews as a major part of their shopping process. Given the choice between two items with similar prices and functionalities, the product with the higher quantity and quality of reviews will more than likely get the sale. You want as many people who buy your product as possible to leave a product review; it adds to the credibility of your products and makes your product more likely to show up organically in searches.
Amazon has very strict policies in place to regulate the legitimacy of its reviews. Your best option for making sure you are within Amazon’s Terms of Service is to use the site’s “Request a Review” button when requesting a review. This button can be found on the order page. Of course, remembering to click that button for every order and doing so in a timely fashion can be time-consuming. The product review manager at FeedbackWhiz allows you to automate the process and gives you access to other helpful tools including alerts when you receive feedback on specific items.
Paying fees is just part of the cost of doing business on Amazon. Many of the most common fees that sellers run into including referral fees, fulfillment fees, inventory fees, and refund administration fees are set by Amazon and there isn’t much that Amazon sellers can do about them. But there are a few things that you can do:
The numbers tell the story at the end of the day. If you take the time to study exactly how much profit every item in your store is generating and how those products are performing now compared to other time frames, you will always have a grasp on which products might need tweaking with extra advertising or stock changes or whatever else.
The FeedbackWhiz Profit and Loss Tracking Tool can be an excellent companion in this quest for knowledge and statistics. It organizes every facet of your business into attractive and easy-to-read charts and graphs that are fully customizable to your needs and research. You can always be on top of everything happening in your store by closely monitoring its profitability on both an overall and a product-by-product level.