On Monday, I shared my key takeaways for growing your business from the first ever Amazon Women’s Entrepreneur Conference in Part One of three blog posts.

Today, I’d like to share some tips and recommendations from Amazon Leadership and high volume sellers shared at the conference.

Voice of the Seller: Best Practices Panel Session with Successful Amazon Sellers

This panel featured representatives from the following businesses: Cielo Pill Holders, Bling Jewelry, B-Glowing, and Stand Steady.

Below are some of their top actionable and relatable tips to take note of:

Getting Started

  1. Try to fail fast and learn faster what your customers want.
  2. When we say as entrepreneurs to take “bold bets” we don’t mean to go out and bet the whole farm. Amazon is a low cost way to try things out before building a product out.
  3. No business should go in expensive. Think lean and scrappy.
  4. To increase your ranking, price on the lower end to start and to gain initial sales. Then put on ads and get first set of reviews. After 30 days, review your sales and listing, and tweak as needed.
  5. There are price thresholds on things. If you find that an item is not selling at your ideal price point, then lower the price, place ads and see at what point it starts to sell. See if you can meet that price point and still make money. (As needed, go re-negotiate prices with your vendor, or accept a lower profit margin.)
  6. Sometimes it’s better to not know it all, because then you would never start.

Maintaining Your Success

  1. Change and update your listings constantly. Things change all the time. It’s important to keep up with your listings.
  2. Use Merchant Words to find keywords for your products.
  3. Start planning holiday selling early, around July.

Expanding Your Business

  1. Apply for the Amazon Exclusives Program. It helps to catapult your small business brand as well as getting you great placement in order to be easily found by customers. You are able to create a Brand Card telling your story and no one else can sell your item other than you.
  2. On your product detail pages, sell the “fantasy,” not just the product. Let customers know what else they get with your product in terms of benefits and quality of life.

Amazon Women Entrepreneur's Conference

 

Additional Seller Tips and Recommendations by Amazon Leadership Team

Getting Started

  • Test out a product on Amazon and if it starts doing well, then maybe you do want to consider having an outside website.
  • Use keywords on your listings

Maintaining Your Success

  • Do Test Buys – Buy in small amounts, test inventory and price until you know for sure on demand
  • One of the biggest issues is when sellers make a big bet and get stuck with inventory
  • Get your source to send directly to Amazon and save on costs
  • Have less shipping discrepancies by uploading packing slips

Expanding Your Business

  • There are 3 ways to be a successful Amazon Seller:
  • Price aggressively and competitively
  • Offer a broad selection, creating more chances to be discovered
  • Offer convenient shipping selections that Prime customers are already used to
  • Don’t sit on inventory
  • Seller University Videos are being updated more frequently now. Check back on them often.

For more tips on how to sell on Amazon, make sure you click and sign up to my Amazon VIP Tips here:

Im Ready, let’s get started