GUIDE

How to Grow Your Amazon Business From $1M to $10M | Feedvisor

E-Commerce

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:

  1. Be a strategic purchaser and think carefully about the relevancy of the product as you make purchasing decisions.
  2. 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.
  3. Use Fulfillment by Amazon (FBA) to give your products Prime eligibility. So, you’ll access the most active Amazon shoppers.
  4. 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.
  5. Always maintain enough days of coverage if it’s a product that you’re constantly selling and do not want to run out of.
  6. 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.
  7. 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.
  8. No matter how much you’re growing, you need to keep strong management oversight of your operations.
  9. Think big and always be expanding.

How to Grow Your Amazon Business From $1M to $10M-Feedvisor

Feedvisor

Founded in 2011, Feedvisor is a leading algorithmic pricing and revenue intelligence platform for online retailers. Feedvisor clarifies complicated market dynamics into moments of insight and action that enable marketplace sellers’ and brands’ competitive advantage. Feedvisor helps retailers leverage data intelligence and automated action in a platform of unparalleled depth and scope in order to drive their success at every e-commerce touchpoint. The company is the pioneer of Algo-Commerce – the discipline of using Big Data and Machine Learning Algorithms to make business-critical decisions for online retailers.

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