How to Succeed with Amazon FBA
Doesn’t it seem like it was just yesterday when setting up an eCommerce store was a thrilling new frontier to conquer? So many entrepreneurs turned their attention from land-based businesses to online ventures and while many succeeded, a great many more failed in their efforts. Part of the reason was that few took the time to understand how to reach their intended audience and those who did make an effort didn’t understand the relationship between demand and competition. Then, players like Amazon opened up whole new ways of reaching consumers around the globe and thus began the journey through Fulfilled by Amazon, FBA. In fact, being an FBA seller offers more opportunities than meets the eye. If you are interested in succeeding with Amazon FBA, here are a few ideas you might like to explore.
Learn Before You Earn
As alluded to above, altogether too many eCommerce hopefuls get so excited that they don’t take the time to fully understand what they are doing. It should be said that there is money to be made as an Amazon FBA business, but first you need to learn how to set up an Amazon storefront and have a solid understanding of what products would be in high demand. It should go without saying that in order to succeed with Amazon FBA, you would need to have a product line that is in high demand and that sells quite easily.
The Prelude Explained
It is suggested that before you do anything, you take the steps required to establish a business. This might entail registering your business and then applying for an EIN if you are going to have any employees. If not, you might be able to use your Social Security number, but you may want to speak with an attorney or an accountant before deciding how to proceed. One may be preferable over the other when it comes to ordering wholesale and finding suppliers. However, the key takeaway here is that before actually applying to be an Amazon FBA business, you need to be a business!
Finding the Right Products
You may already have a product or product line in mind that you’d like to list as an FBA seller. That’s amazing if you do! However, if not, you might want to seek products in a niche or industry you are familiar with. Also, supply chains are critical, especially in this era of the pandemic. You have probably read much in the news about delivery delays due to a breakdown in the supply chain and if you need to find your own transportation to Amazon warehouses, this will take a good deal of research. Price isn’t everything, so bear that in mind. Reliability is much more important and if you find a supplier that will ship direct to the warehouse for you, all the better!
Demand vs. Competition
If you want to succeed with Amazon FBA, then it is imperative to seek products with a huge amount of demand but with a lesser amount of competition. It has been suggested that the best way to accomplish this is to check out vendors selling a high-demand product you are interested in and then weight that against reviews. Those with fewer reviews will attract less traffic and those are the ones you want to compete with. Remember, every review and every product listing helps you to gain SEO rank and that’s what you will be up against.
Whether you are looking to build successful Amazon FBA businesses to flip for a profit or simply want to develop your own lucrative Amazon stores, you can have fun while earning amazing profits if you take the time to learn the ropes first.