In recent times, competition on Amazon has seen a significant jump. More and more third-party sellers are joining this growing bandwagon. To that, customers have become even more demanding than ever. This has left many vendors with marginal sales and profit.
Are you an Amazon seller? Not happy with your revenue?
While there aren’t really any magic tricks that can fix this wrong for you, there do exist few smart ways that can help you overcome this high competition on Amazon (and even other marketplaces) like a complete pro. Here are 5 of such ways-
Today, 55 percent of online shoppers start their products search on Amazon; notably, the number is higher than Google. This means, caring about the internal search engine of Amazon is more important than ever. Meaning, optimizing your Amazon store isn’t optional anymore; it should be an integral part of sellers’ strategy.
There do exist many guides and “tricks” that supposedly teach you how to make your products/store search friendly. However, it is best to stick to the official guidelines of Amazon to stay on the safer side and to avoid penalties. This marketplace offers plenty of resources to assist you to optimize your store. Read and follow them carefully. Avoid trying to trick the system with black-hat approach; it does more harm than good.
One of the biggest differences between the top Amazon sellers and the rest is that they know how to market their products outside this marketplace, efficiently and at cheap. So have you been reluctant to reach out your target audience outside SEO, shift your strategy. Make use of different marketing channels to communicate and convert your audience.
Be different from your competitors. If everyone is having a Facebook fan page, you go with private groups; if everyone’s on Instagram, go with Pinterest; if they are using WhatsApp, pick SnapChat. Of course, be different, not just for the sake of it, but to find new, cheap and high-converting avenues.
On Amazon, being competitive in your pricing is one of the most important success factors. However, blindly following this approach helps less that leaves you with meager return, and even financial loss. Another thing many new sellers misunderstand is that “Cheapest price” always wins ‘Buy Box’. To win Buy Box, a host of other factors come into play; and competitive pricing is ONE of those many factors that alone don’t guarantee these boxes.
So having a full fledge pricing strategy is very important for the Amazon sellers. Other than own preferred profit margin, other aspects should be carefully looked into as well, like competitors’ pricing strategy, buyers’ shopping behavior, Amazon’s seasonal traffic fluctuation, holiday seasons and so forth. Remember, lowest price doesn’t always tackle the competition well.
When the competition is high, often the online sellers take up ‘follow the crowd’ approach – use marketing channels others are using, sell at prices that others are selling at – completely overlooking their own individual situations and needs.
One of the surest ways to boost your revenue is to gather and analyze all the data available, from marketing to sales. Making informed decisions, instead of shooting in the dark like others, guarantees high conversion. Sadly, making sense of this pool of database can be daunting and time-consuming task. And this is where e-commerce solutions come is. Other than helping in listing, inventory management and handling Amazon seller central, the top ones also provide detailed calculus report to help you analyze your sales performance and make improvement accordingly.
Of a range of tips and advices that successful Amazon sellers give, being on various other marketplaces top their list. Relying solely on Amazon traffic to ‘earn riches’ isn’t a great idea, given other platforms like eBay, Walmart and more too offer a large pool of potential consumers. More the number of storefronts, higher will be the sales.
While handling so many online stores was a difficult task few years back, it isn’t today, courtesy of top multi-channel e-commerce software solution. In partnership with many marketplaces, webstores and comparison search engines, they provide a centralized platform to help you handle everything of your stores at a single place, quickly and conveniently; from real-time inventory management to Google product feed optimization to order fulfillment. So get on other platforms, reach out to more number of consumers, beat your competitors and increase your sales easily.
These are 5 simple ways to beat high sellers’ competition on Amazon. Now you know, plan to get ahead of your successful competitors and welcome more revenue in 2017.