Published on June 15, 2018
It’s a million-dollar question- “How do I increase my sales on Amazon?” Despite being one of the most common questions, it’s also one that is not easy to answer. That’s because there is no magic bullet that guarantees to hit the bullseye. You need an interdependent network of tips and strategies to test out your business on Amazon. Out of variety of techniques, some obvious ones can help you boost your income. Following are the ways which will help you get the right push in 2018.
Consumers these days trust online reviews as much as personal recommendations, and this has enormously increased the power of customer reviews. Note that more positive reviews can lead to more sales conversions, ultimately increasing your income. Try if you can get reviews with media attached, as video reviews or reviews with a product image could work wonders while a potential customer reads that.
Make sure during shipment of the product the customer is again reminded to post a review if they love your product. If you are locally aware of some customers that have enjoyed your product, go to them and ask them if they can help.
Amazon is just like Google Search; if you are on the first page of products, there is a greater likelihood that a customer will see your product, click on it, and purchase it. To get such best listing, focus on search engine optimisation. You can hire an SEO specialist who can help you with keyword optimisation and other SEO practices to ensure a higher ranking in the search results.
Always remember that stale inventory is the silent killer. It not only represents lost money but at the same time, it does not contribute to investing in new products or other parts of the business.
You can get rid of such stale inventory by liquidating items even if it at some loss. Also, see if you can return for credit to the supplier.
If you are new to this business or want to grab more attention for your product, you must try “Amazon sponsored products”. Such advertising will allow your product to be displayed below search results and will make your product more visible.
One way to ensure that your customers come back for more is by offering them discounts. You can make offers that are difficult for your customers to let go. For example- “share this code with your three friends and get 5% off your next order.”
If you want to get rid of your inventory, you can implement giveaways to customers and generate goodwill. So, when these customers are looking to buy an item in the future, they will more likely come to you.
Always keep an eye on your competitor’s stockouts. During your competitor’s stockout, your orders could skyrocket. This will provide you with the opportunity to sell a higher volume of your stock and potentially raise your prices. Pricing intelligence with the help of Amazon repricer can help you boost your income.
Make sure that your strategy during busy periods is different than other times of the year. For example- instead of holding onto two weeks of stock (during normal seasons), you can have five weeks stocks during holidays.
By considering all or some of the above options in the year 2018, you can boost your sales. If you feel that, implementing any such initiative will lead to cash crunch or affect your cash flows, you can avail a business loan. For example, if you feel that you need to invest more in SEO, then you could easily take out a business loan, hire an SEO manager and optimise your product, thereby increasing your ranking and potentially your income too. Or if you feel that to cater to the changing demands, you need more stocks, availing a business loan can help you with inventory management.
Conclusion:
There are numerous options of online business loans available in the market now. But, your aim must be to find the right lender who not only provides you with good rates but also makes the entire process easy for you. And only business loans from reputed lenders can click with the right cause.
Amazon sellers need to remember that a business loan certainly has the potential to grow your future revenue if utilised in the right way. So, why not take this initiative in 2018 and give a kick-start to your Amazon story!