The right selling strategy can provide your Amazon business with uncapped earning potential and access to millions of eager-to-buy customers. After all, Amazon sellers in the United States sold more than 3.4 billion products in 2020 alone.
With over 2.5 million sellers active in the marketplace, it’s more important than ever to make sure your shop attracts customers to drive return on investment (ROI). As an Amazon seller, you’ll want to consider how you can take your shop to the next level in 2021.
By 2021, it’s forecasted that Amazon will hold a 50% market share of all ecommerce businesses. With the proper strategy in place, you can successfully make a hefty profit by scaling your business for the long term.
- Amazon continues to be a growing platform for e-commerce sellers looking to boost sales.
- The right sales and marketing strategy will improve your exposure to millions of customers.
- You can attract more customers to your storefront by maximizing your internal resources and using the features Amazon provides sellers.
10 Tips to Successfully Run an Amazon Business in 2021
If you’re ready to grow your Amazon business in 2021, it’s important to focus on a few key elements that will elevate your listings and amplify your overall brand awareness. Here are 10 tips for Amazon sellers to conquer in 2021:
1. Set Attainable Goals
To continue to grow as a successful Amazon seller, it’s essential to set reasonable and measurable goals to make sure you’re on the right growth track. By holding yourself accountable, you’re more likely to accomplish your objectives and take your business to the next level. Your goals should include the following themes:
2. Conduct Competitive Research
Let’s be honest — Amazon customers are looking for products at a reasonable price tag. If you price your products at a fair discount, they’re more likely to sell against competitors. Depending on your product line, customers are also attracted to the following:
- High-resolution imagery or videos
- Detailed product descriptions
- In-depth dimensions or sizing information
- Customer reviews and testimonials
Check out what your competitors offer. Whether you’re able to provide better pricing or higher-quality media, it’s a great way to showcase your brand’s value and gain an edge against the competition.
3. Go International
As one of the easier ways to gain more business, consider selling to customers worldwide. Currently, Amazon offers 13 global marketplaces and you can sign up to use Amazon Global Selling to reach international buyers. While you may feel overwhelmed by the differing currencies, fulfillments, or language barriers, selling internationally allows you to maximize your presence and scale up more easily.
4. Increase Paid Advertising Opportunities
While marketing may feel like an unnecessary expense as an Amazon seller, tapping into paid advertising opportunities needs to be a priority in 2021. With Amazon Sponsored Products Ads, you’re able to control your budget and bid on targeted keywords that your customers are searching for. Since you’re only paying for clicked ads, you’re investing in a low-risk and high-reward strategy.
5. Provide Amazon Prime
Modern customers no longer want to wait for shipping turn times longer than two days thanks to Amazon Prime. With over 150 million Amazon Prime subscribers, providing your customers with this service is a great way to capture their long-term business.
Amazon Prime offers your customers:
- Unlimited one-day and two-day delivery
- Discounted pricing
- Early access to Lightning Deals and other popular products
To become a Prime seller, you have to be an FBA seller with products stocked at an Amazon Fulfillment Center.
6. Learn from Negative Reviews
93% of customers research online reviews before making a purchase. While it’s easy to think that a few bad reviews won’t do damage to your business, they can have a large impact on your ROI and earning potential. If you receive a bad review, use it to your advantage and learn how you can improve your process.
7. Optimize Your Listings with the Right Keywords
As the largest product search engine, Amazon’s algorithm is constantly evolving and sellers need to stay agile. Not only does great copywriting improve your search ranking, but Amazon also considers customer service, price, and business history. To build a solid listing, consider the following best practices:
- Write a natural title with relevant keywords
- Use bullet formatting in your description
- Focus on your backend search terms
- Add images larger than 1000 x 1000 pixels
8. Stay Organized With Bookkeeping
Like any business, you need to focus on your bookkeeping and accounting efforts to ensure your numbers are properly aligned. When you know what’s going with your profits, you’ll be able to trim anything unproductive and see where your revenue goldmines are located. The more your business scales, consider investing in accounting software to stay organized.
9. Invest in Technology that Keeps You Updated
In an evolving digital landscape, using the right technology will automate simple day-to-day tasks and verify that you’re not missing any valuable potential business. For example, using inventory management software will make sure you’re meeting buyer demands and not wasting expenses on excessive storage fees. You could also consider investing in repricing, feedback, and social listening software to stay on top of business management.
10. Subcontract Additional Support
If you’re a small-sized Amazon seller, it’s totally normal to wear all the hats. However, as you begin to expand, it’s smart to contract skilled help in different areas like:
- Customer support
While you don’t want to separate yourself from these areas, it’s important to rely on experts so you can focus on long-term business growth.
Amplify Your Amazon Business Growth This Upcoming Year
Ready to boost your business in 2021? Growing your sales and customer base on Amazon starts with a comprehensive selling strategy. By maximizing your resources and focusing on a customer-first mindset, you can attract more consumers to your storefront and boost your overall ROI.
Register for Prosper Show’s next annual Amazon seller conference to learn how to grow your business.