Amazon, which is inarguably the most successful online shopping platform right now, has for long been a market hub for entrepreneurs from all over the globe. It’s actually sometimes referred to as “The Everything Store” since there’s literally nothing you can’t find on Amazon as long as it’s known and it’s legal.
This means that when joining the bandwagon as an affiliate marketer or product provider, it is not unusual to face stiff competition. It’s a busy market place that requires you to be strategic and firmly rooted for you to make your Amazon business profitable and successful.
Being an Amazon seller or affiliate can be a daunting task, especially if you’re not patient, financially sound, and strategic enough. According to a recent CNET post, Amazon became the 2nd company (after Apple) to hit a $1 trillion valuation so this is expected.
While starting an Amazon business may seem like a simple task, maintaining it is the hard part. But worry not, because this article is meant to make it less daunting for you. On this note, here are some tips on how to maintain a growing business on Amazon.
Invest Well in Marketing
As an Amazon seller or affiliate, one of the first things you’ll want to focus on is marketing. As mentioned earlier, competition is fierce on Amazon and even if you select the list competitive product categories, it’s your marketing efforts that will make you stand out from the rest of the crowd.
You have to adopt strategies that will attract as many potential customers to your page as possible without violating the amazon sales rules. According to Nathan Schwarzbaum from Velocity Sellers, many businesses on Amazon fail due to poor account management and the lack of a strong marketing strategy.
To ensure you promote your brand, products, and Amazon page so that it generates the utmost traffic and attracts numerous potential buyers, you may want to consider investing in professional Amazon consulting services.
Among other expert services, they’ll help you with Ad management, content optimization, brand promotion, buy box management, inventory management, and even sourcing so you can sell more, faster.
A Killer Website for Your Products
One of the rules in the Amazon seller agreement is that you’re not supposed to promote website URLs, company information, or business name in your product feeds. But for your brand to stand out as legitimate and reputable, you’ll need an official website that customers can easily find through a simple Google search of your brand name.
Simply put, your Amazon page can be a tool to promote your products (and services) on your website and vice versa, so make sure you have a functional, optimized, user-friendly, and up-to-date website all the time.
Ace It On Customer Service
Without excellent customer service, very few businesses live to see sustainable success. Even if you’re providing superior quality products on Amazon, this alone is not enough. How you treat and deal with your customers and potential customers will have a huge impact on your sales margin, profitability, and overall growth of your business. Some things you can do to improve your customer service as an Amazon seller may include:
- Ensuring timely deliveries
- Providing clear shipping and returns policies
- Offering timely refunds
- Assisting customers whenever they need support
- Monitor reviews and feedback
- Deal with negative feedback professionally
At the end of the day, you need as many loyal and return customers as possible for you to maintain your Amazon business and see it through its success.
Pay Keen Attention to Your Pricing
Needless to reiterate, competition is fierce in the Amazon marketplace. Especially if you’re dealing with a highly competitive product category, your pricing strategy can make or break your success. Therefore, you need to keep an eye on your competitors and adjust accordingly as long as it won’t affect your profits so much.
You can even consider using an inventory managing software, which allows you to adjust your prices automatically based on the market average and a preset limit. Moreover, since 63% of abandoned carts are caused by extra shipping costs according to statistics in 2019, you’ll also need to pay keen attention to how much you charge your customers for shipping.
Strive to Stay Stay in Stock
Your inventory is also key to the success of your Amazon business. Staying in stock gains you favor from Amazon, as well as your customers’ loyalty, especially when your sales start to increase. For this reason, always stay abreast of the supply and demand curve so you don’t lose money and your customer’s trust/loyalty.
Finally, you can even venture into new product lines if your revenues allow it. One thing with online shoppers is that most of them like and expect to constantly see new products. For instance, we all want to own the latest phones, fashion, tech devices, cars, and so forth, and the first place we look is the internet. With the few tips above, maintaining your growing Amazon business doesn’t have to be all that stressful.