With more than 1.9 million active sellers worldwide and in excess of 4000 items being sold every minute by small businesses in the US, Amazon remains indisputably the most powerful ecommerce platform in the world.
Amazon has been growing and expanding to more markets including grocery, fashion, music, and many more. With this growth and expansion comes fierce competition, making it tougher for businesses to stand out, increase sales on Amazon, and ultimately grow their revenue.
However, Amazon’s successes can become an advantage rather than a threat. With the right online marketing strategies and ecommerce experts like the ones at ePlaybooks by your side, you can become visible and increase sales and profits with Amazon.
If you are interested in knowing how to generate more income for your business, grab a notebook and pen as we go through some powerful ways to increase revenue in business using Amazon.
To crush the competition as an Amazon seller, climb the search results, drive conversions, and ultimately grow revenue, you need to use the most effective online marketing strategies.
Here are seven ways to grow revenue with Amazon:
When we think of boosting product page rankings, we might think of Google and other search engines. However, while it is important to optimize your product page for the web, you must also optimize your page for Amazon rankings. Research reveals that 23% of consumers go on Amazon for shopping inspiration. You want to make sure your product appears on search engine results when customers are searching.
The good news is, you can influence your product page rankings through effective SEO strategies.
Here are a few ways you can boost your product page rankings, increase sales on Amazon and increase revenue in business:
Good reviews instill confidence in potential customers and ultimately increase your conversion rates and sales on Amazon. Also, Amazon rewards good reviews and ratings by pushing them up to search results. To drive more good reviews, you can implement the following strategies:
Regardless of what method you use, be sure that you are in compliance with Amazon’s rules and guidelines as failure to do so can have dire consequences for your ability to sell on Amazon.
You can have more success on Amazon if you are willing to spend some marketing dollars. Amazon allows you to display your products using different types of ad campaigns like Products ads, Headline Search Ads, and Display Ads. Using these sponsored ads pushes your product up search results, making you more visible than your competitors. Here’s how it works:
There are a number of ways to advertise on Amazon in addition to the above and depending on whether you have qualified in Amazon’s Brand Registry.
Creating a memorable buying experience for your customers is one way to build customer loyalty and stand out from the competition. When customers have a seamless buying experience, they are more likely to drop a review, recommend your brand and buy from you again. Here are a few ways to make your customers enjoy shopping from your Amazon store:
If you want to increase sales and grow revenue on Amazon, you need to get your pricing right. A higher price than that of your competitors can reduce conversion rates and kill trust with customers. Know your profit margins and consider costs like cost of goods sold, Amazon referral fees, FBA fees, among other costs.
You can calculate your profit margin using this formula:
Profit margin = (Sales - Total expenses) / Revenue) x 100
A good profit margin ensures profitability and continuity. You can also utilize pricing tools to spot pricing patterns that can help you develop the right pricing strategy. Also, you can make use of automated re-pricers to adjust your pricing to a favorable market price.
Amazon helps sellers advertise their products in a unique way using branding tools. To qualify to use these branding tools, you have to first register on Amazon’s brand registry. After registration, you can use a range of A+ or enhanced brand content to customize and improve your brand image. A good brand image makes your brand recognizable to customers. You can also create a storefront using a custom design.
Amazon’s Brand Registry is a program that legitimizes your brand and gives it a superior advantage over other unregistered brands on Amazon. What this means is that you will have access to specific benefits not available to other unregistered brands.
These benefits include:
As a business owner on Amazon, the primary focus is to drive sales and increase online business revenue using strategies like digital Ads, SEO, and content. With Amazon FBA, you can remove shipping, inventory management, and customer service from your plate.
Amazon FBA’s fulfillment centers have a wide range of inventory, allowing you to grow your business quickly. It is also cost-effective to store your products in Amazon’s fulfillment centers.
Amazon can reach out to customers via emails, live chats, and phones, handling complaints and returns. With this, you can save the cost of hiring employees to handle the complaints and returns, saving you time and frustration.
You are only responsible for packaging your products correctly and sending them to a fulfillment center. To subscribe to FBA, all you need to do is create an account and let Amazon handle the responsibility of taking your orders while you focus on driving sales and growing revenue.
Growing revenue through brand visibility and sales is possible if you implement the right online marketing strategies and market your business right. You can increase online business revenue by improving your page rankings using the best SEO practices, driving good product reviews, utilizing sponsored Ads, branding tools, and many other strategies as discussed above.