In this short guide, I’ll cover my best online shopping Amazon tips to get ahead of your competition. Why should you listen to me? In August 2018, I ventured into online marketing using FBA. As of this writing, my sales have exceeded £21,000 in the last 7 days… this is just an online trial.
The tips below are designed to benefit people at different stages of the online arbitration journey, so use what’s appropriate for you.
- Reprice Correctly in Europe
Based in the UK? If you don’t already know, your products will be available for purchase in other countries through Amazon’s European distribution network.
What is the European Distribution Network? The European Fulfillment Network (EFN) allows sellers with Amazon Europe Marketplaces accounts who are registered for Fulfillment by Amazon to store their products in their local fulfillment centers and fulfill orders from other European marketplaces from local lakes.
That’s good, more business. You will notice, however… Amazon’s fees are high for these markets, due to additional fees on Amazon to get your products to these countries.
That being said, you’ll want to price your product well in these markets. Be low and you will have a loss. Too high, you will lose sales. In summary, you want to offer everything at the same price wherever possible, but if you want to use a fixed order, go for at least £7 in Europe than in the UK.
If you’re new and haven’t used repricing software to manage this, then in Seller Central follow these steps:
- Hover over a product and click Sell Globally from the drop-down menu.
- Click to create an international list.
- In the “price order” section, click “Edit”
I would recommend setting the order at £7 above the source market.
Honey is a free Amazon chrome extension that will help you get the products you are looking for at the cheapest price. You can also get cashback from Honey.
The process is simple:
- Follow with honey.
- Add the items you want to buy to cart and use the checkout button to check the discount.
- Close this tab, click on the cashback site of your choice (see tips below).
- Complete the purchase. It’s that simple.
- Cashback site
There are three cashback sites I use regularly.
- Perfect security
Total Security is a cashback site that costs £15 per month, but lets you earn up to £2,500 in cashback per year! Topcashback and Quidco are free, offer multiple sites, but generally have low cashback rates.
The process to get cashback is simple:
- Add your items to cart (try Honey for a discount)
- Close the customer site
- Find the site in Full Security and launch it
- Complete the purchase
- Account Health Check
You will not receive any sales if your account is suspended. I’m not here to scare you, I haven’t stopped, but if you’re not doing well, you’re in serious danger. The most important thing to do is to check the health of your account, in each market, once a day and take any action as soon as possible. Don’t push them aside.
If you don’t know what to do about the performance level, ask the Facebook group and other marketers to help you.
- Discounted Gift Cards
Did you know you can buy gift cards for less than face value? You can get other goods/expenditures at cheaper rates.
For example, buy a £100 gift card for £80, then buy £100 worth of goods. Learn more.
- Reconcile Your Purchases
You look at your market and see that the products you sold made you a profit – that’s great, but what about your products that didn’t sell? A portion of non-sold goods is goods that have been purchased and not yet imported, and it actually adds up.
What you need to do is to adjust your purchase regularly to make sure that everything you ordered shows up. Of course, at first you can keep this in mind, but believe me, as you move forward, you won’t be able to. Also, you want to make sure they send the right thing.
An easy way to do this is to add “Quantity Loaded” and “Change Description” columns to the purchase order form. From here you can check products as they arrive and add notes to help you track down issues. Remember: sales are a waste, profit is a reason.
- Get Good At Sourcing
Whether you like to stock up or not (I don’t buy stock in a year), you should still have these points in mind when making a buying decision or training someone else to do so.
It means doing well and with me the most useful way to get is a hand.
- Thinking about registering for VAT?
If you haven’t reached £10,000 in sales, I wouldn’t worry about that point. Know how to get back to it. The idea behind this guide is to provide something useful to everyone.
For everyone else – I highly recommend that you spend a lot of time thinking about whether VAT registration is right for you.
- Tell VAT sellers what they are used to.
- Talk to the accountant about what it means.
- Check out this case study (note that you’ll need to be part of the FastTrack FBA group to see it).
Recently as a business we spent £13,000 in stock in one week. 75%, or almost £10,000, of this expenditure was on our previous purchases (renovations). What is replenishable for sellers on Amazon?
Recovery is something that is easy to find, that is sought after and that earns you profit over the years. This is different from clearance items that you won’t be able to find or the hottest toys of the season that sell for high prices as Christmas approaches.
The best? We do not work the source of restockable things… we just make sure that we manage the things that we already buy.
Create a system to track your purchases. If you stop at a profitable line, you are leaving money on the table. Don’t miss out if price changes / promotions end / stock runs out. Build these into your system for tracking!
- Enjoy the trip
Yes, thought advice…I know. But for me, the idea is the most important thing on this list. Many people may disagree, that’s fine, but if you don’t have the right mindset to overcome obstacles, you won’t be successful as an entrepreneur.
Find people who have the same journey as you and talk to them. Above all, enjoy the journey. It’s not about the end goal, it’s about how you get there.
And please… Don’t compare yourself to others. First, social media is a form of self-promotion. Second, you don’t know the person’s story. Third, whatever, be interested in the engagement of others, but don’t put yourself down because, say, someone has a higher sales rate than you.
As you know, this person has a bunch of bad assets that they won’t sell. The thing is, though, the only thing you can compare yourself to is the person looking in the mirror.