This post is by Lauren Shepherd, a marketer at Teikametrics. Teikametrics helps Amazon FBA sellers drive traffic to their listings and scale their business using data-driven software and consulting for inventory optimization, repricing, restocking, review management, ad optimization, and product scouting. This post was first published on the Teikametrics Blog as What the Most Successful FBA Sellers Do Differently.
Selling on Amazon is a bit like life in the Amazon jungle – it’s survival of the fittest. But what gives certain sellers that edge? What makes them stand out from the pack and become king of their domain?
Top Amazon sellers aren’t like the rest. The most successful sellers have adapted to the evolving ecosystem that is online retail by treating selling on Amazon like trading on the stock market.
Amazon has resulted in an increasing commodification of retail, putting the focus on price and convenience rather than value and selection. Just as traders take a strategic, analytical approach to their stock portfolios, successful sellers apply the same mentality towards their inventories.
This post is by Vera Lim, an Inbound Marketing Manager with TradeGecko, a company that provides cloud-based inventory management software for growing businesses. Vera writes for TradeGecko’s blog and knowledge base, covering topics ranging from the latest ecommerce developments to explaining how inventory management works… without the jargon.
When people start a new ecommerce business, managing their inventory is often the last thing on their minds. Most will find themselves spending the bulk of their time and attention on getting their brand recognized enough to break through the clutter of the internet. It’s easy to overlook the importance of inventory management: getting the right products at the right place at the right time.
As an online retailer, what you’re gunning for is to ensure that you’re stocking more fast moving goods that are making up the bulk of your sales, and less of stuff that doesn’t seem to sell so well. At the same time you’d want to make sure that you have enough stock to match forecasted customer demand at any time.
You’ll want to get inventory management right, because most companies invest the bulk of their capital in inventory. Just think about it: first you’ll need to purchase products, then you’d have to figure out how much storage you need and how much to spend, followed by devoting time and effort to setting up an inventory management system.
Ultimately, efficient inventory management plays a huge role in your business’ success.
Online sellers who ship orders internationally have several challenges: translation, delivery, taxes and returns often top the list.
But what about the fundamental issue of receiving the income from sales they’ve made? For many marketplace sellers, just getting their money back home is not a problem: Amazon and eBay (through PayPal) will send funds to a bank account in your own country, conveniently converting currencies along the way.
So why would sellers use a third-party company like World First to handle their foreign exchange needs? What do they have to gain from doing that?
World First, a fast-growing company with its headquarters in the UK, has won numerous awards and established an outstanding record of customer feedback here on Web Retailer. In the apparently simple business of changing money from one currency to another, what could it be that sets them apart?
To find out, I spoke with World First’s Chief Commercial Officer Alex Sullivan. We talked in-depth about the company and their services for online retailers.
This post is by Radoslav Albrecht, the founder and CEO of Bitbond. Based in Berlin (Germany), Bitbond is a peer-to-peer lending platform that specializes in providing loans to online sellers and small businesses. The platform uses bitcoin as a payment network and is available globally.
As an online seller you want to spend your time optimizing and growing your sales. Your products and the service you provide to your customers are at the center of your attention. Other administrative activities that don’t relate to making sales directly are often regarded as chores.
Frequently, this also applies to the financing of a retailer’s activities. As a financial product, loans and credit lines are often untried territory for online sellers. To someone who is not familiar with financing, the associated terms and costs might look opaque and not easily understandable.
This post is by James Thomson, Partner of Buybox Experts, a consultancy supporting brands selling on Amazon and other marketplaces. James is also president of PROSPER Show, a continuing education conference focused on developing training and best-practice materials for early-stage online sellers.
Why is it so hard to get your pricing right on Amazon?
You want to win the sale, but you also want to make profit. Any decent MBA student will tell you that no matter how skilled a business owner is at building, marketing and distributing products, only those efforts around pricing will bring revenue (and hopefully profits) into your business.
Correspondingly, no matter how attractive the Amazon marketplace may look to a third-party seller, long-term success is not possible without a comprehensive understanding of how to price products profitably. Unfortunately, the vast majority of retailers/sellers – whether online or brick-and-mortar – under-invest in building effective pricing strategies. But we can fix that right here, right now.