Top 5 Ways to Make Money on Amazon15/Sunday/March/2020 00:15
Making money online has never been easier - thanks to Amazon. World over, people are struggling to put up with the ever-rising cost of living. The need to have a stable income, particularly for students and stay-at-home mums, has never been greater than it is today.
One way of creating a reliable source of income is building an online business on Amazon. As the world's largest eCommerce site, Amazon provides an opportunity for people across the world to make money selling products in different categories and niches.
While t here are many ways to make money on Amazon, you need to identify what really works for you. Ideally there is no limit as to how much you can make on Amazon. However it all depends on your ambition and the niche you choose to venture in.
How to Become a Seller on Amazon
Amazon has two plans for sellers - an individual plan and a professional plan. To start making money on amazon , you’ll need to sign up for one of these plans. If you choose the individual plan, you will pay $0.99 for each item you sell. Sellers who opt for the professional package are required to pay a monthly fee of $39.99.
After choosing a plan, carefully create a list of products you want to sell. This is a critical decision because it has an impact on how much profit you make selling on Amazon. Before you decide on the items to sell, you need to conduct a thorough research to determine which products sell more on Amazon. Here are some tips to help you choose the best product to sell on Amazon:
- Pick products that sell for less than $100
- Avoid products that dominate the Amazon marketplace
- Find out the most popular brands on Amazon's top selling items
- Read product reviews
There are several tools that can make your search for the most profitable items easier. They include:
- IO Scout that provides filtered results on revenue, sales, stock status and reviews
- Jungle scout that tracks products, spies on competitors and calculates Fulfilled By Amazon (FBA) fees.
- Helium 10 that enables you to search products and perform keyword estimation
If you decide to use the Fulfillment by Amazon (FBA) order option, you will need to send the products you choose to sell to Amazon's stores. Amazon will pack and ship these products on your behalf when customers place orders. You will pay for the storage and FBA costs for the items. Storage costs can shoot through the roof if your products stay in Amazon's store for an extended period of time. To avoid this, sell products that have a high demand.
Different Ways Sellers Make Money on Amazon
You can make money selling just about anything on Amazon. Here are the top 6 ways people earn money on this eCommerce giant:
Buying Products on Wholesale and Selling on Amazon
This option involves making bulk purchases from other companies at low prices and selling them at a higher price on Amazon. Many people prefer this method to make money selling on amazon because they don’t have to manufacture the products. Sellers who use this method save themselves the energy and time that would otherwise be spent in the production process.
Selling Private Labels
Selling private labels is a great way to earn with amazon . If you choose to do this, you will need to source or manufacture products that are already in the market but brand them with your logo. To succeed with this option, focus on improving the quality of existing products to gain a competitive advantage. Read customer reviews to find the problem you need to solve.
This option works well for people who have creative minds. If you can craft unique handmade products, Amazon will help you connect with customers across the world who would be ready to buy such products. Customers will make orders through this platform and will expect you to deliver on time. Before launching this kind of business, ensure that you will be able to meet the demand. As your business grows, you can employ people to help you with production to ensure consistent supply.
Signing Up for the Amazon Associates Program
If you are a blogger, and wondering how to make money with amazon , you may want to sign up for Amazon's Associates Program. For instance, you could publish a blog about a product and share the link on social media or any other platform so that when people click on the link, they are directed to the product page. In this case, every purchase that is made through your link earns you a commission. As your audience grows, your chances of earning more in commissions also increase.
Writing and Selling Books on Amazon
Selling books on amazon can earn you decent income too. You can sell audio books, ebooks or printed books. With Amazon's kindle direct publishing, you can create your publications for free. Amazon allows writers the option of publishing ebooks or printing their writings. Publishers can have their ebooks reach millions of readers within 48 hours.
Writers have the freedom to set and change prices as they please. Those writers who decide to make hard copies have to wait for a few days, they can set the price and start marketing their books once the copies are out and own copyrights to their published work.
Audio book creators also find space to share their thoughts with the world verbally on Amazon. In addition to selling audio books on Amazon, such people can also sell them on audible and iTunes. To stand out in the audio book space, it is advisable to engage in topics that you understand very well.
As the largest eCommerce marketplace in the world, Amazon offers numerous opportunities for people to build online businesses selling just about anything. If you are wondering how to make money on amazon , this might just be the place to launch a business. Even so, the success of Amazon businesses lies squarely on your ability to find an approach and niche that works best for you. Consider the various ways that people earn money on Amazon discussed above, pick one that you feel most comfortable with and begin building your online business today.