Selling products on any merchant site is not easy. So, if you are looking to earn secondary income from doing that, you must have the right vision and knowledge. If you are planning to sell products on Amazon and earn a secondary income from it, you are at the right place. In this article, I will bring you up to speed with a few things you ought to know on how to- make money selling on Amazon.
1. Follow Amazon’s rules
This is the most important thing to know on how to make money selling on Amazon. Like any other profitable business, you must be ready and willing to follow all rules and guidelines set by Amazon. Remember, Amazon is like any other store out there and is governed by rules and regulation. Neglecting such rules can lead to your account being banned and permanently close. Be sure to read their merchant terms of service to ensure you’re in compliance at all times.
2. Become a featured merchant
Unfortunately, Amazon does not offer a formula on how to become a featured merchant. However, its basic practices are quite simple. You only need to own the right account on Amazon for your business, have good sales and focus relentlessly on getting positive feedback from customers. That?s all. And, once you are a featured merchant, you will be smiling your way to the bank. As a featured Amazon merchant, you are practically guaranteed to double sales for all your products. Becoming a featured merchant will make your life a lot easier because, in the eyes of consumers shopping, you’re a much more reputable merchant they can trust.
3. Do not be static with your promotion and marketing strategies
One lesson that I have learned along the way is most people tend to underprice their products during promotions to get more customers. But, under-pricing the product is not all that good as you may end up taking on big losses. If you wish to earn greater profits, try raising your pricing by a small percentage, but still be priced competitively in the marketplace. You’ll want to make sure that your prices are not higher than that of your competitors. If your sales volume is halfway decent, a small increase price, let?s say by about 2-3 percent could have mean a lot on your income.
4. Determine Your Margins
This is another important factor on how to make money selling on Amazon. When buying a product to later sell it, you ought to recover your incurred cost and make a profit. So, if you sell at low prices, you may lack money to settle the fees charged by Amazon. Therefore, before setting your selling price, find out more about the product, its shipping costs incurred for selling the product and the amount of profit you wish to earn.
These are some of the things you need to know on how to-make money selling on Amazon. Good luck in your endeavors!