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Are you looking for ways to earn extra amid the COVID-19 pandemic? Or do you simply want to venture into the dynamic world of online selling or eCommerce? Then one of the best places to start is on Amazon Prime.
Amazon Prime is Amazon’s paid subscription service. Subscribers will enjoy access to services that are not available to regular customers. Some of these services include video and music streaming and free one-day deliveries, among others.
As of 2019, 82% of households in the United States have an Amazon Prime subscription. Hence, selling on Amazon Prime offers a lot of earning potential.
But how exactly do you sell on Amazon Prime? Continue reading below as we give you some simple yet effective steps to help you make serious money on Amazon Prime.
Decide on a Product
Being an Amazon seller is a journey that has to start somewhere. Thus, selling on Amazon Prime begins in deciding on a product to sell. Start by doing some research and make a list of the possible products you want to carry.
When deciding on which products to sell, there are key factors you must consider. Two of the biggest ones are your budget and your sales goals.
Consider using Product Discovery to get an idea of products that match the two key factors. Also, you should analyze the barrier to entry. This pertains to how hard or easy it is for your product to enter the market and compete.
Another aspect to look into is the potential for revenue and profit. How much do you think you will earn from your product? Make sure to check the market average to predict your revenue.
Last but not least, do some research on the current market trends. Is your product seasonal or will it sell any time of the year?
Create a Seller Account
After finalizing your products, the next step is to create a seller account. Sign up using a valid email address. It is best if you use a separate email address for your online business.
During the signup, you will have to choose between two account types. These are Individual and Professional. As an Individual Seller, you can only sell not more than 40 items per month.
Choose this plan if you only wish to start a small online business. Amazon will charge you $1 for every item you sell. Also, you don’t have to worry about any monthly subscription fees.
On the other hand, a Professional Seller plan lets you sell beyond 40 items per month. It gives you access to restricted categories that an Individual Seller cannot sell. As for the fee, a Professional plan will cost you $40 a month.
Create a Listing
Next, you want to create your listing. When listing your products, there are two categories you need to familiarize with. First are the products that are already in Amazon Marketplace’s listings.
The second one is the products that you will introduce via Amazon for the first time.
When listing products that are already on Amazon, you can use any of the stock images, as well as the descriptions that you may find on the website. To distinguish your products, indicate the quantity, condition, and shipping options.
The key is to make your product stand out. You can do this by launching special deals like free shipping. You may also offer discounts for the first week or two.
You may also carry some of the latest Amazon deals.
If you’re selling new items, provide all the necessary information in your listings. These include the UPC Number, the SKU, and the product title. You also need to provide a clear description of the products, as well as their images.
Manage Your Inventory
When it comes to inventory management, be sure to cover all bases. Go to the Seller Central website and check if you have new orders. You also want to monitor your metrics and add to your inventory when running low.
Things will be trickier if you are a Professional Seller because of the larger inventory. Hence, consider using a bulk Excel upload to better manage your inventory.
Pick the Method of Fulfillment
After organizing your inventory, you can now choose your method of fulfillment. This pertains to the way you want to get your products to the hands of your customers. You can approach this in two distinct ways: Fulfillment by Merchant (FBM) as well the Fulfillment by Amazon (FBA) option.
Choosing FBM means you are responsible for the maintenance, labeling, packaging, and shipping. On the other hand, FBA means Amazon will store your products and they will take care of the handling and shipping.
The next step is to optimize your listing. This means using the most relevant keywords to boost your search engine rankings. Try using the Keyword Search tool to ensure you are using the right keywords in your listings and descriptions.
Ship Your Products
With everything in place, you can start shipping your products to your customers. Using your product fulfillment of choice, send the items to your buyers. If you picked the FBA route, note that there will be fulfillment fees to settle.
The fees will depend on the size, weight, packing, and shipping preference of your products. Also, you will have to pay a monthly storage inventory fee.
Leverage Product Reviews
After completing your first sale, follow-through by leveraging your product reviews. Studies reveal that most consumers check product reviews before purchasing.
Thus, you need to embrace product reviews and customer feedback. Yes, you cannot control what your customers will say. But knowing how they feel about your offerings will help you improve in different aspects.
Once you start getting those excellent reviews, expect your target market to grow.
Grow Your Online Business Faster by Selling on Amazon Prime
Selling on Amazon Prime requires patience, learning, and perseverance. But if you start the right way, your potential to earn serious cash increases. However, building a solid foundation or learning how to sell on Amazon Prime is only the start.
We invite you to expand your knowledge further by reading out other blog posts. We discuss topics that will help you grow your eCommerce business faster.