Globally, there are over 2 million Amazon third-party sellers. The competition is fierce, the potential for success huge, and the opportunities for sellers limitless.
Figure out the 9 practical and actionable steps that will help you strategically grow and develop your Amazon business from $1M to $10M:
- Be a strategic purchaser and think carefully about the relevancy of the product as you make purchasing decisions.
- Apply a unique strategy for each ASIN -Amazon Standard Identification Number- because you can’t apply the same strategy to your entire catalog as each ASIN is unique and experiences its own cycle.
- Use Fulfillment by Amazon (FBA) to give your products Prime eligibility. So, you’ll access the most active Amazon shoppers.
- 64% of top Amazon sellers (with annual revenue of $2.5M – $10M) use a reprice -give a new price-. So, use repricer to stay ahead of the crowd.
- Always maintain enough days of coverage if it’s a product that you’re constantly selling and do not want to run out of.
- Be aware of the concession rates for each product/category you are selling. Each one will have its own industry-wide return rate which you need to know about.
- It’s essential to have money available because as you grow and as you get into contact with vendors, you’ll get offered some fantastic deals.
- No matter how much you’re growing, you need to keep strong management oversight of your operations.
- Think big and always be expanding.