We’re sure you’ve spent countless hours trying to figure out how to increase your sales and why your efforts don’t result in profits. The vast number of sellers has led to an extremely competitive market, which is why every little detail matters.
Do not worry, we are here to assist. Through this post, you’ll be taught about five important things you need to be aware of or consider for an extremely successful Amazon store.
1. Win the Buy Box
Amazon strives to give the best experience for its customers, which is the reason they decide which is the most popular seller for each product.
This means that the top seller will show on The Buy Box as the pre-determined option for purchases However, you can select another one manually.
The most crucial elements for being successful in winning in the Buy Box are price, the ranking of feedback, as well as the availability of the items. Additionally, they pay particular attention to sellers who are selling their products through Amazon FBA.
Amazon statistics suggest that more than an 80percent of Amazon’s revenue is derived directly from Buy Box purchases.
2. FBA products
As an entrepreneur, you can select between storing your items at your warehouse or on Amazon. If you select the alternative, Amazon will send the products to you. This is known as FBA.
Being able to offer FBA products comes with advantages and disadvantages.
The service comes with an expense, and storing more bulky items can decrease the amount you earn.
If you’re trying to decide whether to utilize this FBA system, you must be aware that it can increase the number of sales you make.
3. Excellent feedback ratings
Amazon is interested in your customers’ feedback about your business. If you have a score on your feedback lower than 90%, then you may be punished as a seller.
However, if you’ve got excellent feedback, you’ll get more chances to show up within the Buy Box, increase your sales, and establish trust with future customers.
This is vital to your success as an Amazon sellers Make sure your customers are satisfied and leave positive feedback.
4. Find out the price of your items throughout the day
When it comes to sales, everyone is aware of the importance of price. If a prospective buyer is searching for a product and comes across it at five different prices, he’ll likely buy the most affordable.
Other details such as the delivery date could be significant, but not more than the price is.
This makes it extremely efficient and important to keep track of your costs throughout the day. Some systems track them at night and provide you with reports in the early morning, but it’s not enough.
Prices fluctuate constantly and they may change at different times throughout the day for certain products.
5. Do not fight Amazon
Consider it this way. If you’re selling your products on Amazon’s marketplaces, but Amazon itself is selling the same product that you do, Now there’s a huge issue.
If you’re looking to increase your profits, you have to discover new products and compete against other sellers.
You can try this: pick one of the products you sell to Amazon and then lower the price a little. Within a matter of minutes, Amazon would have the same price that you picked.
They employ an automated repricer, which lowers the cost of their product if the algorithm detects that they have an increase in margin.
In boardFy, we aid our customers to manage their prices, identifying their competitors, and improving the seller’s management of accounts.
We also sort out to see if the rival will be Amazon or another vendor this is an extremely valued feature. By using this information you can pick an alternative pricing strategy for each scenario.