Consider making the switch to full-time Amazon selling if you've been successful with it as a part-time seller. However, you must appr...
Consider
making the switch to full-time Amazon selling if you've been successful with it
as a part-time seller. However, you must approach the change with
consideration. Going full-time, after all, entails trading in an established
and presumably more stable source of income for a riskier but potentially very
lucrative one.
Here are 5
strategies to grow your e-commerce side business into a lucrative full-time
venture so you can maximize the high-risk/high-reward trade-off of selling on
Amazon.
1. Learn
the Seller Code of Conduct and Amazon's Selling Policies by heart.
You should
never put your account at danger of suspension if you're serious about making a
living off of Amazon sales. This entails abstaining from all of their forbidden
seller behaviors and strictly adhering to their code of conduct and selling
policies.
*Pro Tip:Avoid putting all of your eggs in one basket. Instead of focusing only
on Amazon full-time, think about making a career out of selling online. In this
manner, you will have another online marketplace (i.e., a source of money) in
case you are suspended from Amazon.
2. Choose
Which Product or Products to Sell
If you are
not strategic about what you sell, you will not succeed as an Amazon seller.
Therefore, be sure that the products you invest in are both in-demand and have
a solid track record on Amazon. When looking to increase the amount of
inventory you have, use an Amazon scanner app or other third-party product
research tool to learn more about an item's past sales performance. Then,
determine whether it is a worthwhile investment to make and sell.
*Pro Tip: Try to steer clear of products that
have a lot of competition and instead search for gaps in the market, or those
that Amazon does not now sell.
3. Have a
Trustworthy Inventory Source
A strong
inventory management plan that dictates how much goods to keep on hand at all
times as well as how much and when to replenish is essential for full-time
Amazon sellers. In this manner, you may both prevent the dreaded Amazon stock
out and, conversely, avoid having all of your money invested in merchandise
that is merely taking up space on your shelves.
Pro Tip: To ensure that your stock levels are
optimal, use the Seller Central inventory reports or an outside inventory
management tool for Amazon. Along with many other useful inventory statistics,
they will assist you in figuring out your sales velocity and, at the very
least, how much merchandise you should have on hand at any one time.
After
obtaining this information, get in touch with your suppliers to let them know
when you anticipate receiving orders and how much they will cost. This will
ensure that there are no unforeseen circumstances or delays and that you always
have the ideal quantity of inventory on hand.
4.
Receive Pay Every Day
The secret
to success as a business owner, and particularly as an Amazon seller, is having
money in the bank. It's also among the most difficult goals to accomplish.
Purchasing inventory, growing your product line, funding purchase orders,
paying for returns and/or chargebacks, investing in third-party growth tools,
hiring staff, and other expenses all require cash if you want to sell on
Amazon.
However, you
must wait for payment for a minimum of two weeks, which causes irregular sales,
pauses in cash flow, and startling growth.
Thankfully,
selling on Amazon can earn you money every day. You can receive your Amazon
money one business day after making a transaction if you use Payability, a
finance company designed for high-growth Amazon merchants. Growth is consistent
when there is a steady cash flow. Thus, this straightforward but revolutionary
funding option may be the difference between a part-time Amazon business and a
full-time one. Check out the reviews left by actual customers on Trustpilot,
Web Retailer, and the BBB Amazon Payability Review.
If your Amazon Seller Central account is suspended, what are your options?
Amazon Compliance Documents: Important Information for Sellers
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