5 Growth Opportunities Every Amazon Seller Should Take Advantage Of
Are you looking to grow your business but don’t really know where to start? Whether you’re new to selling on Amazon or have been doing it for years, you should always have your eyes set on growth.
That means setting goals, outlining how you’ll achieve them, regularly checking your progress and making adjustments as needed.
So, how can you actually get to work growing your business? There are a wealth of tips, tricks and hacks out there so below, we’ve focused on five of the key things you can start doing now:
- Plan for Seasonality
- Effective Marketing
- Supplier Relationships
- Streamline Your Books
- Control Your Cash Flow
Plan for Seasonality
Selling on Amazon, like any ecommerce platform or industry, comes with its seasonal peaks and troughs.
Depending on the product(s) you sell, you might see the lion-share of your revenue coming at a specific time of year rather than spread evenly year-round. Regardless, your spikes are likely to come during major shopping events for Amazon, like Amazon Prime Day and the Q4 holiday season.
Online shoppers are extra motivated to shop, and there are lots more of them - so leverage that. Prepare for it; whether that means promos, extra effort in winning the Buy Box, sprucing up your listings and marketing or just ensuring your inventory is stocked up ready to cope with higher demand.
This is an opportunity to raise brand awareness, earn loyalty and try to maintain the momentum after the traffic dies down.
Source: Statista
Combined desktop and mobile visits to Amazon.com from May 2019-Sept 2020.
Effective Marketing
Speaking of marketing, getting the world out about your listings is an essential part of your growth strategy. There are several ways to approach this:
- Identity your competitive edge: What sets you apart from the competition? What could set you apart even more? Is that being made clear to customers?
- Advertise on Amazon: Amazon Sponsored Products are a good way to promote both individual listings and entire storefronts. You could also work with outsourced firms like Hypergiant to help you with Amazon PPC management.
- Leverage/create your own assets: If you have your own website and/or social media channels, make sure you’re using them! Regularly update on your latest sales, promos, customer reviews and drive traffic to your listings. If you have neither, consider creating them! There are numerous benefits in it for your business.
- Brush up your SEO: Don’t make the mistake in thinking SEO is only relevant to Google. Whilst Amazon’s search algorithm works very differently to Google’s, it is still worth investing the time in optimizing your listings. Check out this helpful guide for ranking highly on Amazon via SEO.
For more marketing ideas, check out this article by BigCommerce.
Supplier Relationships
Planning to grow? Make sure you get to know your supplier(s). Having an open line of communication with them about your plans will ensure that:
- They can prepare ahead of time to meet your orders to prevent delays in shipping
- You can be across their lead times to also ensure you are sufficiently stocked up
This should lead to more streamlined inventory management and less room for error, or stockout.
Plus, if you have a good relationship with the supplier and they work with other Amazon brands, they might be able to share any tips about products selling well for others. Share your learnings and help each other grow.
Streamline Your Books
One of the first steps in your growth journey has to be knowing your numbers.
These include your Amazon sales, but also fees, costs of goods sold, sales tax collected etc. Understanding your financial data inside and out is the only way to make solid, achievable plans.
By knowing what is selling well, where your profit margins are and which months are tighter on cash flow for your business, you will be able to make informed, logical decisions about the future of your business.
To automate your accounts and get all the information you need reconciled and organized automatically, consider using a tool like A2X and start your free trial today.
Control Your Cash Flow
You need capital to grow - that’s a fact. It’s also a fact that many Amazon sellers just don’t have the cash at hand to grow. Just imagine what you could do with daily access to your Amazon income…
Take advantage of last minute supplier deals, turn more inventory more quickly, grow your business faster - even cover unexpected expenses. Payability makes all this possible, and more!
Payability pays you 80% of your Amazon income one business day after making a sale. With cash almost immediately available, you can invest in growth in real time. That remaining 20% is kept back for covering any necessary returns or chargebacks, then paid via Amazon’s usual payment schedule. It’s not a loan, nor a cash advance, just next-day access to the income you need to grow!
Amazon sellers who use Payability, on average, grow their businesses 2.5x faster. Check out the success stories on Trustpilot, Web Retailer and Fit Small Business.
Your Free Trial of A2X for Amazon
Automate your accounting today and give yourself the time you need to focus on growing your business.
A2X integrates with Amazon and your accounting software flawlessly so that you get accurate, reliable and reconciled numbers sent straight from your ecommerce store to your accounts.
A2X ensures you get every piece of detail you need as a seller to assess the performance of your business, meet its tax obligations, figure out profit margins and create future-proof financial plans.
Get your accounts in order at the touch of a button with A2X for Amazon - try today for free!
Also on the blog:
The best advice and insights for selling on Amazon this year
There’s a lot to know when it comes to selling on Amazon. In this guide, you’ll find expert tips and advice to make sure you start strong and stand out from the crowd.
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