amazonblogstore.com Just another WordPress site
In this video, I reveal the 5 mistakes I made on Amazon when I first started selling.
Want to earn over $10k/month selling on Amazon? Download free ebook now: http://wholesaleted.com/4-step
When I first began, there were 5 mistakes I made on Amazon that I estimate cost me at least $10,000 in lost sales. Read on to find out what they are so that you can avoid them too.
MISTAKE 1: I didn’t focus on items with high profit margins.
I was very eager to get started when I first began selling and was keen to just get sales wherever I could. This resulted in me spending a lot of time fulfilling orders that were only making me a few dollars per sale, which was not worth it. When dropshipping and wholesale selling, it takes the same amount of time to fulfil an order that’ll make you $5 compared to an order that’ll make you $20.
The one exception to this is Amazon FBA. Using the Amazon FBA (Fulfilled by Amazon) program you can have a hands-off approach to order fulfillment which means you can sell items that only make you a few dollars per sale.
This was the first of the 5 mistakes I made on Amazon. The second mistake was….
MISTAKE 2: I didn’t engage in any price competition
Price competition is normally a lose-lose situation for all competitors because all you do is drive down the price, with neither of you coming out on top. However, while this is NORMALLY the case, it isn’t always the case. If a competitor isn’t watching their listing closely, you can oftentimes get away with undercutting them by a few dollars without them noticing, which gives you an edge. I wish I had tried to engage in price competition for items where my competitors weren’t paying much attention.
Not engaging in price competition was the second of the 5 mistakes I made on Amazon. The third mistake was…
MISTAKE #3: I thought I couldn’t compete with other sellers with more feedback
Everyone has to start somewhere, and you have to start out initially with no feedback. But don’t let this scare you: Feedback is valuable because it establishes credibility with the buyer. But there are other great ways to establish credibility too, including:
* Getting a logo for your business
* Writing a superior product listing than your competitors
* Getting a business website
I shouldn’t have been so afraid to compete with other sellers, which makes that the third of the 5 mistakes I made on Amazon when I first began selling. The next one was…
MISTAKE #4: I didn’t ask my buyers to leave a review
Did you know you can contact your Amazon buyers? Well, you can. And guess what you should be doing (that I didn’t do). You should be asking them to LEAVE YOU REVIEWS! Reviews aren’t everything, but they are an important part to growing your business in the long-term. I shouldn’t fought hard for every review I could get.
Me not emailing my customers for reviews with the 4th of the 5 mistakes I made on Amazon. My fifth and final big $10k mistake was…
MISTAKE #5: I only sold items that were already available on Amazon
Sometimes dropshippers are going to have fantastic items that you can list yourself and compete against existing products in markets. I was too afraid to create my own listings, and I left a lot of money on the table by being afraid to do this.
In addition, with Amazon FBA you have an amazing opportunity to go out there and purchase products in bulk from China, label them with your own branding and then resell them on Amazon (letting them handle the fulfillment process with Fulfilled by Amazon). Don’t be afraid to do this yourself, it is extremely profitable. Not doing this was the final of the 5 mistakes I made on Amazon as a new seller.
In fact, selling your own items is something that we teach in our free ebook: How to Make $10,000 a Month by Dropshipping. Download our free ebook now: http://wholesaleted.com/4-step