How Amazon can be used as an effective $$money$$ making tool for starters?
Guys let's be honest here. E-commerce is taking over the world by storm and Amazon definitely has a bigger fish to fry with annual sales of $89 billion. The reason behind this thread is to share my personal experience through my interaction with one of my colleague who started his clothing business from scratch. I always knew this guy as a regular 9-5 working person who I never thought to have thrill for entrepreneurism.
Anyways guys , to cut the long story short I came to know about his Amazon ' endeavors' and asked him( by imagining myself as a future successful online seller) the in's and outs of his business just out of curiosity. I got to say his overview regarding this business gave me an insight into the potential of e-commerce market. The following are the pearls he bestowed upon me:
1. Be patient.
Don't expect that your business will start yielding fruit from day one. Give it time to breathe and absorb the competition.
2. Always prefer the trending merchandize.
Find out what's hot in the market and do it a little better with good marketing. For this purpose Amazon helps you a lot because it gives the list which products are trending in the market and gives you a go ahead from where to start.
3. Start with your own brand.
Brothers! Legacy goes a long way. Naming your own brand is called private labelling. Therefore you will actually be buying product directly from the manufacturer and then placing your own logo on the product. What's the edge? Well you will have your own private listing place where you control your own prices and build a sustainable long term business.
4. No warehouse or employees required for your business.
Yes!! Thanks to the revolutionary program called FBA (fulfillment by Amazon) which is the network of Amazon's warehouse all around the globe where you can send your inventory. Therefore all orders processed online at Amazon are packed, shipped and send to the buyers from these FBAs. They also provide a modest customer service as well for your products. All you have to do is sit back, call your supplier to send inventory to the FBA and BAAM!! You got your business. Amazon will charge you a minor commission based on your sales which is just a minor fraction.
5. Selling Price
Analysts claim that big chunk of Amazon sales are for products which lie in the range of $7-$40.
6. Best seller rank.
Always go for products that are ranked <500 by amazon. These products have huge market potential and your investment has a higher probability to return gains. ( PS: Check out the product details to find out the product rank)
Friends I hope my effort will give you some insight into Amazon's business potential. For all the pros out here, I'll really appreciate if you guys would share your experience doing business through Amazon and share which products are hot in the market to start with right now.
Thumbs up for all curious Entrepreneurs out there. J
Anyways guys , to cut the long story short I came to know about his Amazon ' endeavors' and asked him( by imagining myself as a future successful online seller) the in's and outs of his business just out of curiosity. I got to say his overview regarding this business gave me an insight into the potential of e-commerce market. The following are the pearls he bestowed upon me:
1. Be patient.
Don't expect that your business will start yielding fruit from day one. Give it time to breathe and absorb the competition.
2. Always prefer the trending merchandize.
Find out what's hot in the market and do it a little better with good marketing. For this purpose Amazon helps you a lot because it gives the list which products are trending in the market and gives you a go ahead from where to start.
3. Start with your own brand.
Brothers! Legacy goes a long way. Naming your own brand is called private labelling. Therefore you will actually be buying product directly from the manufacturer and then placing your own logo on the product. What's the edge? Well you will have your own private listing place where you control your own prices and build a sustainable long term business.
4. No warehouse or employees required for your business.
Yes!! Thanks to the revolutionary program called FBA (fulfillment by Amazon) which is the network of Amazon's warehouse all around the globe where you can send your inventory. Therefore all orders processed online at Amazon are packed, shipped and send to the buyers from these FBAs. They also provide a modest customer service as well for your products. All you have to do is sit back, call your supplier to send inventory to the FBA and BAAM!! You got your business. Amazon will charge you a minor commission based on your sales which is just a minor fraction.
5. Selling Price
Analysts claim that big chunk of Amazon sales are for products which lie in the range of $7-$40.
6. Best seller rank.
Always go for products that are ranked <500 by amazon. These products have huge market potential and your investment has a higher probability to return gains. ( PS: Check out the product details to find out the product rank)
Friends I hope my effort will give you some insight into Amazon's business potential. For all the pros out here, I'll really appreciate if you guys would share your experience doing business through Amazon and share which products are hot in the market to start with right now.
Thumbs up for all curious Entrepreneurs out there. J
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