🕙 4 min read
This weekend I spent the day at StartUp 2018, a big jazzy event hosted by Enterprise Nation which brings amazing speakers to lend a helping hand to those wanting to pursue their entrepreneurial spirit. There was a wealth of information and some which was so good it had to be passed on.
Sanjanah Karnani, founder of Vendure Plus, started an online supplements business 7 years ago when her daughter was born. Looking for a more flexible way of working, her business took off and now she is a serial e-commerce entrepreneur adding fashion and jewellery to her belt. Unsurprisingly, her experience means she is full of amazing advice. Her talk at StartUp 2018 focused on pearls of wisdom for those who want to sell on Amazon.
Here are 5 of her top secrets when it comes to successfully selling on Amazon.
1/ Make the product great
Ok so let’s get the obvious out the way. Amazon ranks products based on sales, reviews and interactions, so the best way to win on Amazon is to make sure your product is genuinely good. Good products, means repeat purchases which shows the algorithm your product sales are sustainable.
2/ Market to niches, not trends
Fads and sudden ‘must have’ items tend to disappear from the shelf as quickly as they appeared in the first place. Rather than chasing after ‘next big thing’ products, think about how you can stock ‘me too’ products. These are items which spread their own worth through word of mouth and become regular staples in the cupboard.
3/ Negotiate hard with suppliers
On Amazon, the price point is extremely important so you need to work out what your optimal selling point is. Key to being able to push your price is negotiating hard with your suppliers. According to Sanjanah, this is something you will never learn from a book, you have to get out there and start trying. However, one tip is to buy in bulk. She built her business buying products on credit from suppliers and if you do so in bulk, you have more room for negotiation.
4/ Explore the ‘fulfillment by Amazon’ offering
Fulfilment by Amazon (FBA) is a service which lets you grow and sell on Amazon without taking on lots more logistical responsibility. Essentially, this service means you store stock in an Amazon fulfillment center (a big warehouse) and when someone orders, they do all the packaging and postage – you just pay a fee.
- If your product is under approx 1kg, this service is often cheaper than hosting your own storage and distribution.
- With FBA you get an Amazon Prime badge which is, of course, a bonus for your audience.
- Downside, you can’t personalise your packaging.
- You can also use this service on 3rd party websites (called Amazon multi-channel fulfillment) like your own brand page, eBay etc – again, all boxes will be Amazon branding however.
5/ Presentation counts
Make sure your product shots look amazing and the information holds everything the buyer may want. This extra info can also help save problem in the future. For example in Sanjanah’s case, making sure she lists the chain lengths on her new jewelry lines ensures there are fewer returns. One tip is to identify your frequently asked questions and pop the answers in the info.
I hope these tips are useful. Sanjanah also mentioned she is looking to become a mentor this year, so if you’re looking for first-class advice, perhaps reach out to her.