Contained are more secrets of successful sellers Amazon sellers: what made them successful, what new sellers should know about joining the Amazon marketplace, and what realistic expectations a seller should have as it contemplates Amazon as a sales channel.
- Be product-flexible / brand-flexible: Don’t grow too attached to the items you carry as Amazon has the potential to block products or discontinue them. You need to adapt to the competitive landscape, and you should be ready to shift as needed. Selling on Amazon is a numbers game – units sold, margin made, the number of sellers on the same item, the number of competitive alternatives available to Amazon customers.
- Learn from customers continuously: Your best bet for market research is right in front of you and will provide invaluable insight. In order to ensure you have the best product possible– go straight to the source, which is, of course, the customer, to ask for feedback. Staying on top of your competitor’s product reviews to figure out their latest offerings as well as where the current offerings aren’t effectively meeting customers’ needs is something you should be continually seeking.
- Use analytics & data to identify opportunities and emerging problems: Become familiar with your product’s analytics. Amazon’s Seller Central lets users determine which products have the highest negative feedback aka order defect rate. In return, this will allow you to pare down inventory that isn’t selling well and tying up capital in the process. The analytics will also give you a glimpse into products which are high-margin, quick selling inventory, so you can stay in demand and stock up.