Have you ever wondered where you might have gone wrong or if there is room for improvement in your campaigns while trying to sell products on Amazon? Perhaps, you might have missed out on something that you should have known. Let us dive in to know a few things that make selling on Amazon a better experience.
- Proper Guidance
This is the simplest yet the most important tip. Getting help from someone that you can count on will make your experience much easier as you will have a lot to learn from their mistakes rather than learning it the hard way. If that person has had the experience that aspires you to continue your journey on a good start, it’s more than you’ll ever need. Proper guidance will further help you understand and scrutinize the rest important tips that we will discuss. But make sure the person that you are getting help from is completely trustworthy and reliable.
You can also refer to a few reliable sources like blogs, books or interviews of people who are successful in Amazon’s selling experience. Informed decision is ALWAYS better than an ignorant one.
- Upgrading the product
Most of the sellers that sell on amazon wish they would have known how to upgrade or improve a product when they have just begun selling. First, find a product that is in demand. What you must know is you shouldn’t directly sell off the product rather focus on upgrading it a bit.
Why do you need to do that?
Because if you don’t then there is a chance that it would either be flopped or people might sell on top of your listing. And basically, buyers would always prefer to choose a better version of a product than the most basic one. So, improving a product before selling is much more important than it sounds and this is a great way to be ahead in the competition.
- Keyword demand
This alone is going to be your savior as this would save you from losing thousands of dollars. Try to have a better idea about which product is in demand, which product would face tough competition in the market, and which one would be low in competition. Why do you exactly need a keyword? You can think of this from the buyer’s point of view. The user would search for something specific say, he requires earphones. He would rather be particular in what he needs, like whether they are air pods or other Bluetooth-enabled earphones. So that is why you need to use the right keyword.
For example, you may be thinking that it is better to go after high search volume – but there is something much more important and that is the number of competing products. If there are too many competing products you would not prefer that particular keyword.
So, choose a keyword with a decent search volume and a relatively less number of competing products.
- Know what you’re doing
This is another important factor. Remember to have a clear-cut idea of what and how you will proceed with this. As mentioned, you can chalk out your plan after referring to reliable sources and expert advice. A few mistakes here and there would not seem such a big deal to you but certainly you would save up a lot more than you think if you avoid them.
Try to do thorough research by reading from a few reliable sources, websites, and videos about how you are going to go ahead in each step in the beginning.
Remember that amazon specifically prefers branded products over random ones. Do not try to sell many random products but instead focus on building a brand. This way you’ll be able to get approval without any questions and on top of that you’re building an actual brand that’s going to be more long-term and you can build around that one product and slowly grow to other platforms.
How to build a brand? First of all choose a strong and viable name, a name that you can potentially trademark down the road.
Choose a generic name for your store so that you can include products from different niches along the way.
Then make a logo that would communicate your brand’s personality. Pay attention to the design and color to make sure to understand the type of logo you would want like whether it’s classy or pictorial etc.
Make sure that you have enough capital put by so that whenever there is an extra demand for your products you won’t get all stressed out. This will help you avoid the loss due to products being out of stock. Setting aside this money you will be able to reorder the products quicker than you have expected, which might sum up to a profit of thousands of dollars.
Another best practice is when you seem to be running out of stock order in advance because you would not want to run out of your products when they are in high demand due to the lead time given.
- Keep a track on performance metrics
Keeping a track on your campaign’s performance metrics is undeniably going to teach you much more than you can imagine.
There are two key reasons to do this. As the saying goes, Experience is the best teacher. By analyzing your performance in the past, you do learn to implement strategies that you haven’t thought of before. This makes your campaign get better by day.
Secondly, whenever you run your campaign, your metrics communicate whether or not that campaign was successful. A detailed analysis of your campaign includes a look at Click-Through-Rate (CTR),Conversion Rate (CVR0, and Advertising Cost of Sale (ACOS).
1. Amazon Click Through Rate (CTR) is the ratio of shoppers that click on your ad to the number of times it is shown. Each of the campaigns and keywords have a specific CTR that measures how successfully your ad compelled the customers to view your product.
2. Conversion rate (CVR) is the ratio of the number of clicks converted to sales to the number of clicks. More conversion rate means more successful is your ad in promoting your brand. It is used to measure the number of page visits that result in a sale.This means your ad is not just attracting traffic, but attracting the right traffic.
3. Advertising Cost Of Sale (ACoS), which measures the performance of Amazon ad campaigns. It’s the ratio of the ad spend to the revenue generated on it. It’s calculated in the percentage to show you how much profit or loss you are making through the advertising campaign.
- Keeping a record of finances
This step is of utmost importance in any business whether it is a startup or if you are an Amazon seller or an entrepreneur and no matter what. Keeping track of your finances can help you manage your financial future to understand and manage your cash flow.
These records also a mandatory requirement to prepare and file proper solid tax returns. So remember just don’t throw away the receipts and stuff but instead stack them up.
If you think bookkeeping is not your cup of tea, you can ask or hire somebody who is in the field of e-commerce but remember being organized is the key.
- Automate your campaign
Why work hard when you can work smarter? If you can automate your PPC advertising, you can efficiently divide and manage your time and efforts into tasks that cannot be automated.
Sometimes, though you might really be good at PPC advertising, there are probably some tweaks that you can make to the campaigns that can help you enhance them. Using Amazon PPC Automation software helps you in overcoming these obstacles and enhances your PPC campaign.
- Buy Box
The Buy Box refers to the white box on the right side of the Amazon product detail page, where customers can add items for purchase to their cart. Not all sellers are eligible to win the Buy Box. For Amazon sellers, the Buy Box is everything. There are a dozen factors that are taken into account to get the Buy Box. Your return rate, product reviews, customer response time all play a significant role in deciding whether or not you get the Buy Box.
To have a better chance at winning the buy box:
1. Respond to customer feedback and take action accordingly.
2. If you choose Amazon FBA as your shipment method, Amazon will ensure faster deliveries, manages customer feedback and responds to negative ratings.
3. Put a clear and genuine product description in the product detail page. If you put a bogus description to trick the customer into buying your product, he / she may return the product. More return rate decreases the chance of winning the buy box.
- Update your strategies
It is an acknowledged fact that Amazon Sponsored Ads are one of the most powerful ways to enhance conversion rates and discoverability for your products. As more and more sellers enter the amazon business, the competition would be tough enough to implement much more effective strategies such as video ads.
Sponsored video ads are relatively new ad formats that are incorporated into the search results page. The video ads are what make your product’s ad stand out from everything else on the same page and take you a step ahead in the competition.
Recently, Amazon widened the scope of the Sponsored Brand Video ads landscape. Now, both mobile app and desktop users can see your videos in action while browsing search results.
- Fulfillment By Amazon
As it is fulfilled by amazon, its name will be associated with your products and makes your product appear more reliable to the buyers. FBA ensures super-fast delivery. Who would wait for about a week when they can get it within a day or two?
You will gain access to new prime eligible customers. More than half of the shoppers on Amazon are usually prime account holders. Only the products Fulfilled by Amazon are eligible for Amazon Prime. Moreover, Prime customers spend twice more than regular customers. If there is a product that is as good as yours in the listing, but you have an added advantage of Amazon Prime delivery, the buyer would choose yours without a second thought.
Moreover, you even have the option of multi-channel fulfillment so that you can ship your products outside Amazon on other shopping websites like e-bay, etc.
Becoming a successful Amazon Seller is easy yet difficult. A lot of planning and strategy goes into determining your sales. These were some of the best practices that you could follow to boost your sales.