Characteristics of a Successful Amazon Seller
Since the inception of Amazon in the eCommerce industry, Amazon sellers are always learning and developing new skills to succeed in a market with under three million sellers. They all have various set of skills from, marketing, analyzing, sourcing and selling. The skills you might have acquired 5 years back to secure sales and generate profit on Amazon, probably won’t work today. To be successful in long term as a seller, you have to develop the skills that would help you to spot and capitalize the short term opportunities and then quickly adjust to the business circumstances. Check the below major characteristics of a successful Amazon seller.
The Data Geek
Advance Amazon sellers are now using special Amazon tracking tools that pull vast product data from Amazon overtime including, sales estimates, pricing history, rankings and reviews to come up with the best products to sell. Instead of relying on old school techniques of finding new products at trade shows these tracking and research tools let them identify new products and improve their Amazon store by analyzing huge data. They use historical data to forecast sales, stock levels and seasonal trends so they easily outperform competitors in the peak season. On the other hand less professional competitors who do not collect and analyze historical data suffer through the increased cost of sales and stock-outs in the holiday season.
The Best Bargainer
Even if some successful sellers are not data geeks and they are not using any Amazon seller tools to collect huge product data but still making a fortune from Amazon, they are the best bargainer. They maintain a successful relationship with their unique suppliers and use it as an advantage to bargain the best prices and thus make consistent sales at lower prices. They use their extraordinary social skills in their network and find the best deals. Being well-versed in driving a tough bargain position with the suppliers, they also manage to maintain a close relationship with them.
Business Automation Engineer
A successful Amazon seller’s behavior also tends to be a business automation engineer. As they use advanced software tools to organize the different aspects of business including, inventory management, re-pricing tools, product and reviews tracking tools, listing management and customer support software.
Most of these repetitive tasks can be effectively automated with the help of different available tools at a fraction of cost of employing someone to do these. Advance software tools not only perform complex business tasks for you but also generate useful data for the business insight. With the help of Amazon product tracking software, expert sellers are keeping eye on the most profitable products by monitoring their individual competition, customer profiles and pricing variations. This help them continuously update their catalog by removing less selling items and adding most profitable products.
Being a philosopher is an essential trait of a successful seller. Sometimes, new sellers can have very successful business on Amazon especially when they introduce something new in the market. High volume of sales allow them to buy in bulk at good prices. Things can turn around suddenly, and multiple factors such as entry of other sellers for same products, Amazon itself start to buy and retail those successful products or supplier change their terms, often left those successful sellers with huge pile of unsold stock.
Rather facing such a situation advanced sellers focus on quickly selling products and also the long-term future opportunities of the market. They always diversify across the product categories while maintaining relationship with different suppliers. Instead of having few top selling products, you have to balance the success by adding more products. This can help you to survive any surprises that may develop due to any reason.