Online entrepreneurship gives you the freedom to choose when and how you work. There’s no need to be somebody’s downline or to market to friends either. Although there are numerous benefits to be enjoyed, many e-commerce businesses still fail.
According to research by digital marketing agency Marketing Signals, 90% of internet start-ups fail within its first 120 days. They have trouble attracting customers and are unable to stay in the market. Eventually, they’re left with no other choice but to close down as they haven’t been turning a profit.
However, selling on online retail giant Amazon increases the chances of your enterprise surviving and even growing. It’ll seem daunting since the platform will take a margin out of each sale, but there are ways to make the system work for you and not against you, as we discuss below.
How to Grow Your Sales and Boost Your Market Share on Amazon
Understand the power of marketing
Ryan Bemiller, founder of e-commerce consulting firm Shopping Signals, teaches that Amazon is also a search engine where SEO and reviews affect the visibility of listings. The platform has ranking factors that help it determine which products to show and in which order when users perform a search.
Take advantage of this fact by conducting research on what these SEO factors are. Title, description and pictures all play a role in how a listing will rank. Find out what keywords your competitors are using and what people are typing in to find your products for you to use as well.
Get as many reviews as you can
Continuing on from the point above, reviews are another ranking factor you should focus on. Brett Curry, CEO of OMG Commerce echoes this sentiment saying that they make your listings look great. Quality is important which is why you should prioritise reviews from those who actually love your product.
Don’t ignore or remove the not-so-great feedback though. It pays to have them mixed in as long as your overall rating is good. This makes any listing appear more authentic so customers will not assume that you are paying people to say positive things about your products.
Think bigger and beyond
Even if you are selling mainly on Amazon, it doesn’t mean that you should limit your promotions to the platform. Invest in campaigns and content in the press and the rest of the web too. You might want to avoid paid advertising and opt for inbound marketing strategies instead, however.
Consider major channels like Google Ads and Facebook Ads to draw in prospects. Build a strong presence on social media groups and niche forums as well. If you have a website, consider introducing discounts to those who’ll buy from your Amazon store rather than your e-commerce site.
Stay away from Amazon niches
You’ll have noticed that Amazon has their own brands. Take note of them so you’ll know which niches to avoid. To put it simply, forget about competing with them because you can’t. Not only have they built up a strong reputation in these areas, but also because they have all the data on the market.
Don’t think that the niches Amazon aren’t touching are easy to conquer either. It’s more likely that Amazon doesn’t find these niches profitable so they’re focusing their efforts on those that will. But if you’re capable of providing exceptional quality and customer service, you might just succeed.
Master the Buy Box
On some Amazon product detail pages, you’ll see a white box on the right which enables customers to add items to their cart. Not all sellers are eligible to have this and only merchants with top seller metrics have a chance of winning this feature.
Want it? You’ll need to ensure that your pricing levels are close to those of other channels. Also, use the Amazon fulfilment service for storing and shipping orders. If you have a high volume of goods that need to be delivered quickly, try to qualify for their Seller Fulfilled Prime program.
Do more with your inventory
More sales equals more money—it’s that simple and it’s that complicated. You must think about how to move your inventory around to achieve this. In doing so, you will be able to stock more without adding to your storage fees and negotiate better deals with your suppliers.
Investing in a product management system helps prevent overselling while ensuring timely deliveries. Staying organised is made easier and requires less manpower. Partnering with other brands expands your lineup so you have additional opportunities to make a sale.
Take care of your customers
Be it online or offline, businesses are practically nothing without customers. When there are no people to pay for your products or services, there’s no point in even providing them. Your enterprise is going to be more of a passion project than a profit-making endeavour.
When customers are happy, you are more likely to get good reviews and maybe even win the Buy Box. Outside of getting their orders to their doorstep on time, customer service or customer care involves addressing their concerns and questions as soon as you can too.
On Applying the Strategies Above
Seven steps don’t seem like much when you read them, but you’ll soon realise that making them happen is another matter entirely. Researching keywords alone takes up a lot of time. Producing content that includes them is going to consume even more. Surely, you have better things to do as an entrepreneur than all that.
An Amazon virtual assistant can handle these tasks in your stead. From analysing competitors to optimising listings, they’re skilled in performing these tasks properly. Remote Workmate can help you find such a specialist with minimal hassle through our offshore staffing services.
Book a call today and let’s discuss your business’ needs.
