How to Make Money on Amazon in 2020 Step-By-Step Guide

How to Make Money on Amazon in 2020 Step-By-Step Guide

How to Make Money on Amazon in 2020 [Step-By-Step Guide]
If you want to earn extra money or want to ‘be your own boss’ then becoming a seller on Amazon is one of the best options.

The majority of people are becoming amazon sellers to support their regular monthly expenditures and to earn the extra money.

Amazon has become the main income source for many people nowadays. According to 61% sellers, their sale has increased drastically since last year.

If you want to make a start towards becoming an amazon seller, here are a few tips for you to follow.

Average Income From Selling On Amazon

A majority of sellers on amazon earn a minimum of $1,000 per month in sales and a maximum of $1,000 which means they earn almost $3 million on an annual basis.

Is Selling On Amazon Worth It?

The answer to this question depends upon the research and analysis you have done for your company keeping in mind your weaknesses and strength.

Your company can gain a handsome profit by using amazon FBA services or on the other hand, you might have to close shop if you were not careful enough before becoming an amazon seller.

You cannot deny the fact that Amazon is impressively managing its services but it doesn’t need to be beneficial for your company as well.

For selling successfully on amazon first you need to evaluate the needs and then you must decide that is amazon a better or helpful way for your company to sell or not.

How To Sell On Amazon For Beginners

You don’t have to worry if you are a beginner. This part of the article will briefly guide you that how to sell on Amazon FBA.
For those who don’t know amazon FBA means Amazon Fulfilled-by-Amazon.

1. Design a Business Plan

Before starting to sell on amazon one must have a proper plan to keep everything on track. A good business plan must have the exact business plan, products and services, sales and marketing, financial plan and market analysis.

2. Find Your Niche

To become a successful seller on amazon one needs to do good market research to analyze the relevant and modest products which are required and trendy.

To run a successful company on amazon you need to research and find a profitable domain.

3. Do Market Research

Once you know your domain now it’s easier for you to do market research. Now you’ve to check up on your competitors and determine their sales and profit during the next few months.

This would help you to finalize a domain and for this, you can also conduct a survey a get views over it from several customers and suppliers.

4. Find Your Product Suppliers

There are several platforms like B2B and Alibaba which will help you to find a good supplier according to your domain.

Google can also help you to search for suppliers and you may get their contact info and if possible other background info. To find the best supplier contact them via phone calls, emails and visit them

5. Place Your Orders

After choosing your supplier, now one needs to place an order. The most important thing is testing the market with your products and for this, your first order to the supplier must be small. Once you have got good customer feedback then you may place a large order.

6. Sign Up For An Amazon Account 

First, you need to create an Amazon seller account, specifically, those who don’t already have an Amazon seller account.

You can register to two types of accounts either it’s an Individual or Pro seller. For each item you pay, you need to pay $1 for the individual account. While the Pro seller account charges are $39.99 per month. 

7. Create Product Listing

To add your items on the platform, first sellers need to create product listings. Keep in mind that you need to use high-resolution images to attract new customers.

Also, ensure that your lists are appealing and you provide enough information about your products. 

8. Manage Your Inventory

Amazon FBA sellers have to pay special attention to their inventory. Inventory levels are extremely important. Try to manage and replenish your inventory properly.

You must ensure you have enough to sell and keep your product inventory level available for your market and sales.

9. Keep An Eye On Customer Reviews

Customer reviews are a good way to get in touch with your customers. Customers often read reviews before making a purchase decision. If any of your customers are having any sort of problem, you must respond to those concerns. 

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