Selling on Amazon can be a tough one especially because Amazon is the largest online marketplace in the world. In fact, Amazon accounts for around 40% of US ecommerce sales.
With millions of sellers on the platform, how can you gain higher visibility, beat your Amazon competitors and increase Amazon sales?
In this article, we've created a list of winning strategies to help you outperform your competitors and increase sales on Amazon in 2023.
Here are eight winning strategies that will help you crush your Amazon competitors and increase sales and revenue on Amazon:
Amazon prioritizes its customers and works to ensure only the best Amazon products emerge at the top of search results.
This means that as an Amazon seller, you need to offer high-value products and provide a unique customer shopping experience to stand out.
If customers enjoy a memorable shopping experience, they are likely to leave a positive Amazon product review and shop from you again.
Selling quality products starts with doing proper research. Firstly, you want to sell products that customers actually want to buy. You can check the Amazon best sellers list, product reviews, or tools like Jungle Scout to search for the best products to sell on Amazon.
Secondly, you will probably have millions of sellers selling a similar product to yours. You want to ensure you source quality products from your manufacturer. You can take it a step further by improving on an existing product.
Lastly, use quality packaging, add a gift or offer promos to give you an edge over your competitors.
Your product pricing plays a huge part in determining your success on the Amazon marketplace. Your pricing can determine your ranking on Amazon search results. If your prices are not competitive enough, you could lose the Buy Box and rank lower on Amazon. Also, if your products are priced too high, you could lose customers. If prices are too low, you will barely make a profit and may come off as cheap.
To beat your Amazon competitors and increase Amazon sales, it is important to use effective pricing strategies that best suit your products and consumer demand.
So instead of trying to offer the lowest price, you can carry out a pricing strategy analysis and manually set prices that are competitive.
Alternatively, you can invest in repricing tools to help you automate the entire process and ensure your prices are always set competitively.
To beat your competitors on Amazon, you need to study them:
Happy customers will leave positive reviews which increases your product ranking on Amazon.
Amazon product reviews also increase conversion rates and sales. Most customers make a buying decision by looking at product reviews.
But how can you get more positive reviews on your product listing?
With 4.48 billion people (which is almost the entire world) using social media, there is no better place to promote your Amazon products. You can use social media platforms like TikTok, Facebook, and Twitter to promote your products and drive external traffic to your Amazon store.
You can also leverage the Amazon Influencer Program to grow your brand on social media. You can partner with an Amazon influencer to reach a wider audience and build brand awareness.
Nothing ruins your conversion rate like being out of stock. You want to ensure products are always available especially during peak seasons when demand is high.
Also, proper inventory management improves your seller rating and increases visibility.
It is important to track your inventory to know when and how much inventory you need. Avoid investing in slow-moving inventory. Instead, you can order in small quantities and increase your order if demand increases.
Also, you can invest in inventory management tools to manage your inventory properly.
Amazon advertising is a major game changer for any Amazon seller. With PPC advertising, you can bid on specific keywords, increase visibility and drive traffic to your Amazon store. You can invest in these Amazon Advertising options: Sponsored Product Ads, Sponsored Brand Ads, and Sponsored Display Ads.
Having a well-optimized product listing is one of the best ways to crush your competition. You want to ensure that your product listing is visible and contains all the information customers need to make a buying decision.
When optimizing your listing, you need to pay attention to the keywords, product image, and product content.
If you're looking to rise above the competition, it is important to implement the right strategies and tools. You want to study the competition to find gaps, set your prices competitively, optimize your product listing and promote your products with Amazon advertising and social media, amongst other strategies.