Are you a little short on cash? Could your bank account use a boost?
You could invest in Bitcoin and hope for the best. Or, you can take a more conservative — but still lucrative — approach and start selling items on Amazon.
Yes, you can make money selling on Amazon. It’s not just for taking advantage of that two-day shipping deal!
Not sure how to go about this? If you’ve been wondering how to make money selling on Amazon, keep reading.
All the information you need to start increasing your incoming is listed below.
Why Start Selling on Amazon?
Are you still a little unsure about selling on Amazon? Here’s some information that might change your mind.
Amazon is booming, and the business doesn’t show any signs of slowing down anytime soon. In fact, Amazon has even surpassed retail giant Wal-Mart in both size and value over the last couple of years.
Now is the perfect time to get on the Amazon train. Many people are earning hundreds, and sometimes thousands, of dollars a month by selling on Amazon. That sounds pretty great, doesn’t it?
How to Make Money Selling on Amazon
Okay, you’re starting to get interested in selling on Amazon. How do people actually make money doing this, though?
There are actually lots of different ways that you can make money by selling on Amazon. Some of the strategies people use include:
Selling Private Label Products
This is probably the most challenging way to earn money on Amazon. But, it’s also one of the highest paying options.
When you’re selling private label products, you’ll need to first create a product. Then, you’ll find a manufacturer and start selling that product on Amazon.
When you sell products on Amazon, Amazon takes care of the packaging and shipping for you. This can be great for new brands that don’t have the funds or space to handle fulfillment efficiently.
Selling Retail Arbitrage Products
This is another option for those of us who don’t have the time or creativity required to put together a product and sell it online.
Retail arbitrage involves purchasing low-cost products from local retail stores and then selling them on Amazon.
With this approach, you’re fulfilling a need by making it easier for people to purchase items online that they might not normally be able to access.
Selling Your Own Merchandise
You can also treat Amazon like other retail sites like Zazzle or Etsy with Merch by Amazon. You can create your own T-shirt design online and Amazon will handle the manufacturing, packaging, and shipping.
This is a great option if you have a creative streak and want to earn extra money in a unique way. It also allows you to make money without putting in a lot of work — you just have to create the design.
It’s important to note that Merch by Amazon isn’t open to the public yet. You have to sign up and request an invitation.
Tips for Increasing Your Amazon Earnings
As you can see, you have a few different options when it comes to earning money on Amazon. How do you make sure you’re maximizing these earnings, though?
Here are some additional tips that will help you ensure you’re earning as much as possible from each sale:
Maintain Great Account Metrics
The better your account metrics, the easier it will be for you to earn money on Amazon. Some specific metrics that Amazon takes into account include:
- A-Z claim rate
- Late shipment rate
- Negative feedback rate
- Order defect rate
- Refund rate
- Tracking rate
- The number of packages that are delivered on time
Your buyer/seller contact metrics matter, too. This refers to how quickly you answer buyer emails — Amazon requires you to respond within 24 hours.
Adjust Your Prices Accordingly
Make sure you’re raising your sales prices to match the demand for specific products. If people are clamoring for a product, you can raise the price and safely assume that they’ll pay that new price.
You can click here to learn more about how to decide when to raise your prices on Amazon.
Increase Your Inventory
The more items you have in stock, the more items you’ll sell and the higher your income from Amazon will be. Make sure you’re replenishing items regularly to keep your inventory high and sales steady.
Reduce Non-Performing Inventory
If there are items that no one is purchasing, get rid of them or reduce them. This helps to make room for the items people do want to buy. You also get to avoid paying monthly storage fees for items that aren’t selling.
Get More Reviews
The more reviews you have on your products, the more people will see them and be likely to purchase them themselves. If you’re having a hard time getting reviews, try asking for them on social media.
You might also want to consider offering discount codes or free product in exchange for reviews when you’re first getting started.
Boost Your SEO
SEO matters for Amazon sales just like it does for other online sales. Use the Amazon keyword tool to put together great product descriptions and attract the kind of people who are already shopping for products like the ones you sell.
Invest in Advertising
Finally, considering paying to have your product sponsored by Amazon.
Lots of people trust Amazon sponsored products are will be more willing to purchase an item that has that label attached to it. This also helps to get your product in front of more people.
Looking for More Ways to Make Money?
Now that you know how to make money selling on Amazon, it’s time to start bringing in some extra cash.
Whether you’re saving up for a special occasion or just need a little help making ends meet, this is a great option to consider.
There’s more you can do to earn money than just sell items on Amazon, though. Are you interested in learning more about how to increase your income? If so we’ve got tips to help.
Check out the money section of our site today for all kinds of helpful articles on earning more money and managing your finances properly.