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What makes Amazon FBA business attractive is the scale of which you can achieve with a lean and mean operation. Having Amazon fulfill all your orders means saving time from fulfillment and using this freed-up time on growth-producing activities that can grow your Amazon FBA business.
Making sure you’re not leaving easy money on the table, here are 9 ways you can grow your Amazon sales:
Quite possibly, the simplest way to achieve more sales is through variations. Not all customers will purchase your white variation; some want it in yellow, red, or blue. Research your niche and see what other competitors are selling. Are they selling another variation that is doing well? If so, launch that variation immediately, and capture those customer variation preferences.
Increasing variation does increase purchases and conversions, but be careful of diminishing returns on having too many choices/variations.
So as long as you don’t launch too many variations, this tactic would be very effective in scaling your Amazon business.
Adding Complementary Products
Since you are already selling to a target market, you can add a complementary product to your store. What is a complementary product? It is a product that your customer would potentially use on top of purchasing your product. One simple example would a battery charger and the batteries as a complementary product.
You can also create a tactic around complementary products through product upsells. By using an insert card in your package you can offer a discount on your complementary product and tap into your existing customer base.
To use the above tactic, please be sure to be TOS compliant, specifically your insert card should be directing them to purchase on Amazon only and not on your own website.
You can also use the grocery store tactic where you are actually losing money on one product, but you can make up the difference on the upsell on the complementary products.
Launch Your Product on Other Amazon International Markets
You can also launch the same SKU in your current active Amazon marketplaces to the other international Amazon marketplaces that Amazon supports. Currently, as of November 24, 2020, Amazon supports 17 marketplaces that allow 3rd party sellers to list on and sell.
Amazon’s Global Marketplaces:
- United States
- United Kingdom
- United Arab Emirates
- Saudi Arabia
- Turkey (limited categories)
By parallel operating on Amazon marketplaces in different countries, which also have their own FBA, you do not need to source a new product and use current product photos. You can also negotiate a possible lower per-unit cost by ordering a higher MoQ. What you need to do is to get your listing translated and check if your current freight forwarder can ship your product to the target country
Look into the Wholesale Business Model
Another way to scale your Amazon business look into is to wholesale well-known brands on Amazon. There is a whole different community out there that only wholesales versus private labeling. If you are wholesaling already, you can look into private labeling as well.
Basically, wholesaling allows you to tap into existing demand for the product without driving the demand yourself. The same operations procedures apply to wholesaling, but the only difference is that product launch can skip for wholesaling.
A great free resource for Amazon Wholesaling I would recommend is from Chris Potter at Lesson Learned in Business, you can find it here
Duplicate Listing (Same Product, Different ASIN)
The next suggestion here will be a bit controversial. The duplicate listing tactic is where you will create another listing with a different ASIN using the same existing product. This works well in situations where the niche is already semi-competitive and where adding another listing as a competitor to your existing listing will not cannibalize your sales that much. Better to be a competitor yourself than having another seller’s listing be the competitor.
You can make your new ASIN different by creating another brand/logo and make sure your main photo has a different look than the one in your previous listing.
Having another listing, allows you to have multiple placements on the search result, or “taking up more real estate” as some will call it. More real estate on the search result means more exposure and thus more potential sales.
Grow Off Amazon
You can list your product on other E-Commerce marketplaces such as eBay, Walmart, or Etsy. By leveraging your existing product orders and logistics, such as Amazon FBA, you can increase sales without too much effort. Although these non-Amazon marketplaces won’t come even close to the potential orders you will see from Amazon, these are less competitive marketplaces and will probably require fewer resources to achieve high ranking.
Amazon Seller Financing
Okay, the semi-dirty secret that many people leave out in E-Commerce and especially Amazon is that it is a very cash-intensive business. All the growth tactics I previously mentioned would not be quite possible if you don’t have the cash behind it. Yes, you can use your profits to reinvest, but again that is limited to the cash you have on hand and, therefore, leaving potential sales on the table.
Amazon lending is an easy way for Amazon sellers to access additional cash to finance additional purchases. On top of Amazon lending, there are other 3rd party lenders out there that can give sellers a competitive interest rate. Some of the lenders that come to mind are Sellerfunding or Currenxie.
Interest rates for Amazon sellers are around 10 to 15% ARR. If you are quoted for more than, that I would shop around as a lot of these new Amazon seller financing services have sprung up over the years.
Kindle Direct Publishing (KDP)
An offbeat way to grow your Amazon business is to start selling digital books. Through the KDP program, you can easily publish a book and have it sold either as an e-book where the reader will be reading it via Kindle or a physical book where Amazon will print the book on-demand once an order is placed.
The entire process of researching and launching an e-Book applies very similarly to Amazon FBA. The key difference is hiring writers in KDP to produce the content, and you will no longer need to deal with the ongoing supply chain.
The last and probably the most difficult way to grow your Amazon business is SEO via Google. What makes SEO hard is the different moving parts in the Google search algorithm, it not only takes into consideration the quality of your content but also the speed of how your page performs and other external signals such as your social media and backlinking.
Another difficulty of Google SEO is that it would take 6 months or more for the true results to take hold, and this can be quite different from the near-immediate results Amazon sellers are used to. But if you can get your product or brand ranked organically on Google, it will be well worth it.
If you have questions or insights to share, please feel free to post them via the comments section. Please also consider joining our Facebook Group where we discuss any questions you may have about running an Amazon business.
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