Is Selling on Amazon Still a Profitable Business?
With so many stores out there, here's what you can do to stand out and be successful.
Opinions expressed by Entrepreneur contributors are their own.
Many entrepreneurs have successfully started a business selling on Amazon. However, many have tried and failed. What is the difference between success and failure with an Amazon business? And what can you do to ensure you are one of the success stories?
The answer may be simpler than you think, but we'll get to that shortly. In this article, we will look at how the online retail boom is helping shape people's lives, and whether selling on Amazon is still worth considering. Let's get started!
The online retail boom
Amazon was founded in1994 as an online bookstore and is now the biggest online retailer in the world. The Amazon model allows many thousands of independent sellers to use its platform and its logistics solutions to further their businesses.
Online retail on the whole has been rising for years. The affordability of capable smartphones added to the popularity of shopping online. And for better or wose, the pandemic shifted focus around the world to ecommerce. Suddenly, everyday goods normally purchased at local shops were ordered online. What had largely been confined to luxury and rare goods became the way of shopping for groceries, clothes, toiletries and beverages.
With many people using online retail for the first time, their eyes were opened to the sheer choice, simplicity and safe method of shopping at their fingertips. Others recognized a business opportunity, and that's where Amazon comes into the picture. If you're thinking of opening an Amazon store, we strongly recommend you read the next section, as it's advice that will help you succeed.
Getting the best out of Amazon
So, you are thinking about setting up your own Amazon store. Great! It's a good idea because the answer to the question in the title is simple: Yes, it is still profitable to sell on Amazon. But, and here's the catch: It's also possible to get it all wrong.
Take a step back and think about life. From a very young age, we are educated in basics like eating, dressing, talking, hygiene and all the other things we take for granted. Then we go to school, where we learn about the world, words, numbers and how to interact with others.
Later still, we may go to college and take classes in a specialized subject, or take a job and learn about a particular industry and climb the ladder. Education, and knowledge, are the key to success in life. Education and knowledge are also the key to success when trading on Amazon.
What an Amazon consultant can do for you
Put simply, an Amazon Consultant knows the ropes. They've been there and experienced how it works, and can walk you through the pitfalls that will inevitably occur. Do you think you have a great product that will sell? There's much more to it. You need to know your audience, get your brand out there and be the name that customers see and remember.
If you already have an Amazon store and are struggling to reach your goals, talk to a Consultant. They will take a look at your products, how you are operating and perform a full audit of your business. Then they'll tell you where you are going wrong, and what you can do to improve your sales.
When you step back and think about it, using the services of an Amazon Consultant makes a great deal of sense. Someone with that level of understanding of how to get the best out of Amazon, what the market wants,and the problems that Amazon sellers face is invaluable. It's the way to get a head start on your rivals.
There is money to be made on Amazon, but jumping in with both feet with the belief you have a product that will simply fly off the shelf is a recipe for disaster. Talk to an Amazon Consultant, allow an expert to guide you through the steps to success, and enjoy your new business to the full.