10-step Guide On How To Become A Successful Amazon Seller
Congratulations! You have decided to harness the power of the world’s biggest online marketplace, Amazon. If you are thinking about taking your business online or starting a new business and reaching out to customers over India’s rapidly growing e-retail sector, then being an Amazon Seller is the right step forward. Stress-free shipping, millions of potential customers throughout India, and plenty of professional services to assist you in every step will make your journey smooth and profitable. But navigating through the world of online selling is a slightly tricky part. We have compiled a quick guide to help you through this journey.
Here’s the 10-step guide on how to become a successful Amazon seller:
- Find a product you want to sell
- Create your amazon seller account
- Choose the fulfillment method best suited for you
- List your products
- Get your products ready
- Promote your products
- Manage your inventory
- Keep an eye out for competition
- Manage your customer reviews
- Analyze your competition
Let’s look at these steps in detail:
1. Find a product you want to sell on Amazon
Begin with setting up a business plan based upon your market research. Is there a product that can be sold quickly and has a high turnover rate? Do you know if your target audience is likely to buy your product? Having these answers will help you formalize a business plan. Having a clear idea of how much investment is required and what kind of legal requirements must be fulfilled is important. Knowing what you want to sell will also help with branding and marketing in the future.
2. Create your Amazon seller account
Before you start selling your product through Amazon, you must have all the required documents for the registration process. Check the document checklist on Amazon’s website for reference. Being a registered seller ensures that your product is visible to a large user base. Your sales will gradually increase, and you will get the best rates as a merchant from Amazon. Added benefits of being a registered seller on Amazon is that all payments are handled securely, and your products are always well taken care of.
You can start the registration process at Seller Central
3. Choose the fulfilment method best suited for you
As a seller, you must ensure that the customer gets the product. This can be done in two ways. If you choose Fulfillment by Merchant, it is your responsibility to store, package, label, and ship the products to the customer. If you opt for Fulfillment by Amazon, then Amazon will store your products at its storage facilities and package and deliver the products as per the order. However, you have to pay a fee to Amazon for their services. Depending on your logistics and finance, choose the method best suitable for you. Click here to read more on the different types of fees charged by Amazon.
4. List your products on Amazon
Listing your product gives you actual visibility and starts your journey. List all necessary details like Product Category, Brand Name, Features, Specifications, Images, and Prices for the customer to see. Adding accurate details and clear and concise information regarding your product will help it stand apart from the competition. While listing your product, check if the product is already available on Amazon. If it is already available, you can Add a new offer by matching products searching for them or using a barcode scan. If your product is brand new i.e., has no listing on Amazon, you can Create a new listing by providing the details and images.
5. Get your products ready
As you are setting up the listing, ensure that your product is now deliverable. Whether you manufacture the product yourself or source it by ordering and shipping from a third party, it must be ready to be dispatched to the customer once ordered. Any delay in this will create a negative impact and will lower your credibility. Ensure the supply chain is in place so that there is only a minimum delay between the customer ordering your product and the customer receiving it.
6. Promote your products on Amazon
What sets you apart from your competitor is how well you can showcase and present your products to the customer while making them look attractive. One way of doing that is optimizing your product listing by providing a detailed description. You can add some popular keywords and a range of hi-definition photos so that the customer can get a proper idea of your product. You will need to drive external traffic from Google or social media to your product on Amazon. A digital marketing campaign will help you do so. You can also choose to make your product an Amazon Sponsored Product so that it gets greater visibility and is suggested to prospective customers. Offering discounts and taking part in the Great Indian Festival Sale or Amazon Diwali Sale can also increase the visibility of your product.
7. Manage your inventory
A key aspect of running your business is being able to keep a track of your inventory. Knowing which products are about to run out and what is the turn around time of replenishing the said product is paramount. Being aware of low stock scenarios or out-of-stock information in real-time is important. You can either manually and painstakingly track your inventory or use ForceSight for intelligent inventory management which will help you to plan better. Not just that, ForceSight can also provide you with a common inventory across all your marketplaces and you can manage your stock from a single common system.
8. Keep an eye out for the competition
Whether you are selling a brand-new product or an item that is sold by others, looking out for competition lets you stay ahead of the curve. Know who your direct and indirect competitors are and research their strengths and weaknesses.
Check out their product listings and customer reviews and identify where they are falling short. Preemptively work on those issues so that you never have to face that problem in the first place. This will give you a head start in differentiating yourself from the others and help you become a coveted seller in the eyes of the customer.
9. Manage your customer reviews on Amazon
In the age of lightning-fast information available at the fingertips, public perception is key. Your business will thrive on goodwill and word of mouth if you can work the customer reviews and feedback in your favour. The review management tool from ForceSight does all the hard work on your behalf! Whether it is automatically asking customers for a review or having a ready template to deal with a negative review, ForceSight has you covered. The tool not only helps you go to the root of the situation by understanding review sentiments, but it also helps you customize your response for adding that personal touch.
10. Analyze your performance
As an Amazon Seller, you should have a constant eye on the revenue you are generating. Learning where to focus and where to allocate your resources is key in growing your venture. Profitability analysis of your product(s) enables you to streamline your business.
Worried about tracking profitability? Well you don’t have to. The Profitability module from ForceSight provides you with a detailed understanding of the process at play. The performance data and revenue report you will receive will enable you to let go of things you don’t need and double down where you are getting more profit.
Now that you have gone through our 10-step guide on how to become an Amazon Seller in India, you can see how easy it is to begin your journey towards success. Following the suggestions provided will greatly expand your business amongst fresh new geographies and consumer base.
While there is immense competition on Amazon, you can still stay ahead of the pack. Using ForceSight’s powerful and intuitive system you can reach more customers, increase your sales and scale up your online selling business. Get in touch with our e-commerce experts to begin your transformation journey today.