There’s no secret to success. Every dollar you earn is a product of hard work, strategy, and the right attitude. But not everyone gets this dynamic right away.
Most of the time, Amazon Wholesale sellers lose focus on the actual selling because they’re stuck with the other aspects of their business. So if you’re a seller, consider delegating those technical, time-consuming, and repetitive tasks to the professionals—Amazon VAs for example.
Amazon Wholesale VAs can help you realize your business goals. They can execute your plans and strategies in order to scale faster.
The following hacks, when done consistently and right, are proven to significantly increase your sales.
In the business of wholesale, it’s tricky finding a space you can own and win at. With an average of about 3.9 billion products being sold every year, the Amazon Marketplace is swarming with serious competitors sharing the same goal—to sell.
If you want your Amazon FBA Wholesale business to truly flourish, you’ve got to find the right product niche. You need to do thorough research on which items have high demand but low competition.
Which specific market has unique needs and preferences that you are capable of addressing?
Your product line should be what your target audience seeks. But it has to have higher margins and lower competition because that’s the only way you can maximize your profits.
And how do you do that? By identifying your niche. Afterward, it’ll be easier for you to focus on creating targeted marketing campaigns instead of just throwing spaghetti to the wall and seeing which ones stick.
One of the core must-haves in an Amazon FBA Wholesale business is a strong supplier network. When you understand and acknowledge that you are nothing without it, you’ll realize that it’s all about establishing sustainable relationships.
Having a strong supplier network means having access to diverse product types for your customers. You know how customers’ needs are constantly evolving nowadays. It’s better to keep them hooked and entertained by the variety of products they can choose from. Not only does it expand your business, but more importantly, it keeps you ahead of your game.
Quality also plays a big role in customer product selection. Once people know you offer only the best for them, your products will be able to sell themselves.
Choose a reliable supplier network that can help you maintain a positive reputation.
You don’t have to lower your price just for the sake of attracting customers. That’s not what competitive pricing is all about.
There are many ways to outsell your competitors other than compromising your potential profits. In fact, this is totally the opposite of what competitive pricing is. When your prices are set right, you will be able to:
So how do you really offer competitive pricing?
It all starts with the main switch—supplier’s prices. We all know that the most common reason sellers give when asked about why their products cost so much is their purchase price from their supplier. Because that’s actually true. Sellers need to make a profit, too.
You don’t want to be the odd man out, especially if you’re targeting a specific audience. Customers are most likely to consider and compare products belonging to the same price range.
Repricing software like Amazon’s Repricer tool can help you adjust your prices in real time according to your competitor’s pricing and other market trends.
Customers want to get the most out of their purchases. So offering promotions like discounts on product bundles, coupon codes, and free shipping are really great attention catchers.
Imagine being a loyal customer to a wholesale seller and not being able to buy the product you need from them at the instance you want because, guess what—it’s out of stock.
It would totally bum you out. In fact, it would lower your expectations of the seller. And when you’d want to buy that same product in the future, you won’t be checking first with that seller that didn’t have it in stock like the last time.
This is what makes effective inventory management indispensable. You have one product out of stock just once, and it could end a long-term relationship with a potential loyal customer.
At the same time, you wouldn’t want to overstock. While it’s good to be ready for immediate demands, it could be damaging your profitability as well. Being ready is different from being excessive. You could have utilized the storage cost and the excess product cost better.
All you have to do is manage your inventory effectively. Make sure you have just the right number of products in stock so you can fulfill customer orders in a timely manner. This way, you can maximize your profits and maintain customer satisfaction.
When you sell on Amazon, you must already know that you have millions of products to compete with. And with the reclining attention span of your online shoppers, you need to find the best way to strategize your eCommerce business.
Here’s one proven way to make sure more customers notice your products and buy them: listing optimization.
The first thing you want customers to do when they visit the Amazon website is to land on your product listing. You can do this when you rank higher in the search results.
How do you achieve that? You have to utilize SEO (Search Engine Optimization) tools and techniques to incorporate relevant keywords into your product title and descriptions. This allows customers to find your products when they search for related items.
You can also optimize your listing by providing accurate, informative, and engaging descriptions and images. This will totally enhance the customer experience and leave a positive impression.
With a highly optimized listing, you get to be more visible to prospective buyers—a step closer to a sale.
The art of selling is not something you are born with. It’s one that you have to master through proven strategies and consistent practice. And by adopting the above-mentioned hacks that have been tested over time and proven to be effective, you won’t have to wait forever to achieve your 8-figure goal.
You don’t have to start small. You just have to outsmart your competitors with techniques that will relaunch you a few steps ahead. Surprise them when you bounce back from a no-sale to wholesale.