Start Selling on Amazon
For those who are not satisfied with a salaried job and are exploring various avenues to boost side income, you could try starting your own Amazon store. You can plan your store in any theme you want and find wholesale outlets that are willing to dropship your products, or just sign up with Amazon as a seller, and you are on your way to set up your own Amazon store business in no time.
Become an Amazon seller
First, you need to create a seller account with Amazon. You can either choose business or individual as per your need. The subscription fee varies for business accounts ($39/month) and individual accounts ($0.99 / per sale). You handle the responsibilities of storing, picking, packaging, and delivering to your customers in exchange of some fees. This is the biggest advantage of using the Fulfillment by Amazon, or, more commonly known as FBA, in which you don’t have to worry about warehousing, packing, or discarding your products.
Hand-picking your Product
Before you venture into selling, the next thing you will need to do is to find out what you will be selling in your Amazon store. Choose a product that is more popular yet less competitive. You can do your research and analysis by gathering reviews about a product. The idea is to give customers what they would like to buy in a welcoming price range. Amazon invites businesses that maintain good stock in their store. If you become a reliable supplier to Amazon, they will encourage and boost your sales automatically to maintain good business.
Next, now that you have singled out your product to launch on your Amazon store, visit a marketplace like Alibaba.com to contact manufacturers of the product. It may take a while to understand the quality of the product and compare with other manufacturers. After you feel satisfied with a particular producer, you can place your order. This would be your primary cost. Now, from here, you are going to send the entire lot directly to Amazon. FBA offers shipping, customer service and deliveries in exchange for a percentage from every sale of the product.
Roles and responsibilities of an Amazon Store owner
The various roles and responsibilities of an Amazon store owner include:
- Keep track of the requirements of their consumers.
- Take into consideration the feedback and reviews of the consumers.
- Updating their stock with the latest version of the products.
- Doing thorough research on the items that are trending in the market.
- Keeping a progress report of their performance and making necessary improvements accordingly.
- Keeping a close check on the competitors in the market and having a close look at their selling and marketing strategies.
- Coming up with innovative and creative marketing strategies to sell your products faster.
- Keeping the defected or damaged products apart from the fresh pieces.
- Providing proper descriptions and specifications of the product so that the user is aware of the various details of the product.
- Providing discounts, offers, and coupons on special days or festivals to increase the sales and visibility of their store.
Salary of an Amazon store owner
It has been noted that the average base pay of an Amazon store owner in the United States is around approximately $1000 per month in sales. Further, around 50.7% of the Amazon store owners make around $1000 to $25000 in a month, which would result in an annual income of around approximately $12000 to $300000.
Furthermore, around 20% or 1 out of 5 Amazon store owners make around an approximate $25000 to $250000 in a month, which results in annual sales of between $300000 and $3000000. Most significantly, 3.3% of the Amazon sellers make around $250000 in a month!
Steps required to become an Amazon Store Owner
The various steps that are needed to become an Amazon store owner are as follows:
- Before starting a store on Amazon, observe the activities of the current store owners, and try to figure out their marketing strategies and the types of services or offers that they provide their clients.
- Improve your marketing and presentation skills. You should do thorough research on the platform that you will be working on. Before starting a store on your required platform, you should develop ample skills to survive or sustain your business there.
- Figure out your selling capabilities and accordingly become aware of the type of audience you want to target.
- Form a business plan and work accordingly.
- When you are ready, you either need to go to the official site of Amazon or download their app.
- Next, you need to browse through the menu of the ‘services’ category and choose the option of “Selling on Amazon.”
- After this, you need to choose between either “Selling as an individual” or “Selling as a professional.” If you are doing this for the very first time and have no prior experience before this, then as a beginner, you should choose the “Selling as an individual” option. This choice Amazon costs you around $0.99 per sale while, on the other hand, for a professional seller account, Amazon costs you about $39.99 per month.
- Lastly, fill out the various information, such as demographics, type of products you will be selling, and your target audience. After filling all this information, you officially become the owner of a store on Amazon!
Don’t Forget to use Amazon’s FBA
Benefits of an Amazon store owner
- Flexible work hours.
- Work from HOME.
- Working online saves from the hassle of traveling or commuting.
- You can still work anywhere that has an Internet connection.
- You have a high potential of making a good living with a business you can enjoy.
Business Ideas Dropshipping Entrepreneurship Selling Online Website
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