According to the IBEF, India’s e-commerce business would reach US$ 99 billion by 2024, rising at a CAGR of 27% between 2019 and 24. Grocery and clothing are anticipated to witness an additional increase.
Increased internet penetration, combined with expansion in organized retail sectors, drives rising e-commerce demand in India. Furthermore, the government’s FDI policies will hasten the expansion of India’s e-commerce industry.
All of these elements contribute significantly to the increasing demand in the e-commerce business.
Aside from Flipkart, Amazon is India’s most reputable and user-friendly e-commerce marketplace. Amazon Prime customers can get expedited delivery. Because of its high-speed logistical skills, Amazon enjoys a competitive edge. Sellers should surely take advantage of this.
✅ Find a Product on Amazon
The first step in selling on Amazon is to choose a killer product that you want to sell. Before you begin your product research, keep in mind that a top seller on the Amazon US marketplace does not necessarily have to be a top seller on Amazon India. When comparing one marketplace to the others, the demand for different items is distinct.
You might begin by selling just one thing at first. However, if you want to truly earn from Amazon, you must diversify your portfolio and sell a wide selection of things. Examine the market to evaluate what works and what doesn’t.
✅ Requirements to Sell on Amazon
![[6 STEPS] How To Become Amazon Seller Step By Step Process Guide](https://bijnorbusiness.com/wp-content/uploads/2022/06/6-STEPS-How-To-Become-Amazon-Seller-Step-By-Step-Process-Guide.jpg)
Register on Amazon: You must have an active bank account.Keep your company’s GST/PAN details on hand. Here are the procedures you will take while registering on the amazon seller central platform.
- Go to sell.amazon.in and press the ‘Start Selling’ button.
- If you already have a buyer account, you may log in with the same credentials, or you can click on ‘Create your Amazon account’.
- During the account creation process, you will be requested to enter the essential information.
- Write your company name or the registered name on your GST. Please accept the terms and conditions.
- Enter your mobile phone number and finish the verification procedure.
- You must now provide your ‘Store name,’ ‘amazon Product Category,’ and address.
- Activate or deactivate the Whatsapp notification service and provide the required data.
It will take some time for Amazon to authenticate your information. After that, you must enable the two-step verification method, which provides more protection for your seller account. Then you must provide your tax information.
✅ How to Maximize Profit on Amazon
When you begin selling on Amazon, you must guarantee that your company remains profitable. Here are a few tips to help you stay lucrative on Amazon.
1 Product Bundle and Promotions
Product bundles and promotions provide less risk and greater rewards from a financial viewpoint. Buyers like saving money by purchasing pricey items at a discount. Because of the significant sales volume generated by the discounts, this path is advantageous for you. Furthermore, there would be less rivalry when it came to product bundling.
Keep in mind that when you Amazon bundle things, you almost always need to create a new listing.
2 Capitalize on the Competition
When competing with huge companies in your sector, it might be difficult to rank higher than their offerings. According to my experience, a product ranking on the first page of search results receives 70-80 percent of sales, but a product ranking on the fourth page receives just 0-10 percent of sales. That is significant!
To increase your market share on Amazon, you must rank on the top page. Here are a few steps you may take to outrank your competition:
- Determine the best competitors.
- Monitor your competitors’ keywords.
- PPC advertising should be directed at them.
- Set your rivals’ prices and Buy Box alerts.
- Take advantage of reviews and ratings.
✅ Effective Inventory Management
It’s difficult to be lucrative in your Amazon business if you don’t have a firm grasp on your Amazon inventory management. It might be frustrating for a seller to see a product go out of stock. Amazon does not want that either.
1 Slow Down When Needed
A solid sales plan does not maximize sales but does not lose any. If your advertising efforts or pricing methods are fantastic, your sales might skyrocket, resulting in inventory depletion. If this occurs and you are unable to sustain the demand-supply cycle, it might result in out-of-stock or delayed deliveries. Furthermore, your BSR and product rankings suffer, negatively impacting future sales.
When you anticipate an out-of-stock situation, you can slow your sales by increasing costs or shipment time, for example. These approaches, however, are not without flaws. So, the best method to properly manage your inventory is to forecast your sales and keep track of your inventory ahead of time.
2 Repricing Strategies
If you want to enhance your Amazon income, you need continually monitor the prices of your items. Prices of products on any online marketplace, including Amazon, alter often due to shifting demand. You must always stay up with them. Using a repricing tool or putting a price alert on your competitors’ products makes your task much easier. To keep track of your rivals, utilize SellerApp’s ‘Business alerts’ service.
✅ Product Marketing
Marketing is the main key in the business to sell your product, after promoting only people buy your product. So on Amazon also after listing products, you need to market them. There are two ways given below you can use to market your product.
1 Amazon Advertising
Amazon PPC ads are a terrific way to supplement your marketing funnel. A great PPC campaign will increase your sales and help you rank higher in search results. With the increasing popularity of sponsored advertisements and the increasing number of sellers, PPC campaigns are an absolute essential if you want to expand your Amazon business.
2 Holiday Sales
Take advantage of special events and seasonal deals. Cyber Monday, Amazon Prime Day, the Great Indian Festival, and other holidays are critical for Amazon vendors. Make sure you have enough supplies to accommodate a large number of orders. In addition, start running your PPC advertisements ahead of time to remain ahead of the competition and earn the most sales.
Amazon India is a developing market with huge development potential for businesses and e-commerce companies. So, to get the greatest benefits, make the most of it.
✅ More Ways to Earn Money from Amazon
1 Sell Your Private Label Products on Amazon
In 2022, the easiest method to generate money on Amazon is to sell private label products through Amazon’s Fulfillment by Amazon (FBA) network. The private-label approach is used by around 67 percent of all Amazon merchants.
Private labeling is the process of producing a pre-existing item (ideally with product enhancements), branding it, and selling it to customers. It is also known as white labeling or brand building.
2 Publish Your Book on Kindle Direct
You may use Kindle Direct Publishing to publish your books on Amazon (KDP).
You may print physical copies of your book in addition to digital versions.
The only catch with this choice is that you typically need to write a lot to be successful. Though one or two tremendously popular novels can be published, volume is the actual name of the publishing game.
3 Sell wholesale Goods on Amazon
Selling wholesale, like Private Label, is acquiring large amounts of items to sell through Amazon’s FBA network. The main distinction is that you are selling the items of other firms. As a consequence, you won’t have to worry about product development or branding.
4 Deliver Goods for Amazon
You’re surely aware that Amazon offers its delivery service. But did you know you can work as a delivery driver for Amazon? You may do so with Amazon’s Flex program. All you have to do is fill out a quick questionnaire, download their app, and if accepted, you may start earning money right away. Consider it Uber for Amazon delivery.
5 Become a Blogger
Have you ever wanted to establish a lifestyle blog, publish how-to videos or recipes, or have your thoughts and ideas published in any other way? You may earn money from Amazon while doing so!
Consider this. You locate a nice product on Amazon, share the link with your friends, and if they buy it, you are paid a commission. That link goes out to a lot more people when you post it on your blog (or social media page, or even in an email), so you may make a lot more money in commissions. That is how the Amazon Associates program operates. Amazon Associates is an affiliate network in which you join up to receive unique links that you may only share with others. When you share the link and someone buys something, you get a portion of the sale.