If you open a retail store in an urban area like Manhattan, you may attract thousands of customers to visit your shop and see your products; however, if you want to put the products in front of millions of people, having a retail store will not be enough. You need to get your merchandises “on” a “store” called Amazon.
Amazon, an e-commerce company, is one of the largest Internet-based retailer that has more than 270 million active users worldwide. It is beneficial for you to sell goods on Amazon because of the increasing product visibility for your audience, but this “gigantic online store” is also a very competitive battlefield for all kinds of products.
So, what’s the secret to boost your Amazon sales?
Three things: get your products on the “best Amazon shelves,” win the price war, and tell a fantastic story.
Get your products on the “best Amazon shelves”
When people are using Google Search, it is “human nature” that they would probably only click on the results on the first page, which is the same situation for Amazon. Thus, in order to get your products to show on the first page, you have to improve your product’s ranking in Amazon search results. You can use SEO to help you increase the visibility of your goods in the search results list. However, there is a more effective way called Amazon Sponsored Products.
Amazon Sponsored Products allows your products to appear alongside search results, which may improve visibility of SKUs among other competitors. Also, since this sponsored ad is CPC, you can set a monthly budget and measure your ROI easily. Most importantly, your goods get to be on the first page of Amazon search results so that it may drive sales eventually.
Win the price war
Well, when I say, “win the price war,” it doesn’t mean that you should make your product prices lower when your rivals are slashing their prices. This is a old-fashioned strategy. Don’t fight back. Since you already have the advantage (Amazon Sponsored Products), you can invest in a competitive repricer to strengthen your e-commerce pricing strategy.
In fact, there is a way to sell your products at a higher price and still win the Buy Box and have profits. Use Fulfillment By Amazon (FBA). Sellers who are still using (Fulfilled By Merchant) FBM can never win the Buy Box even if they have a lower price. And yet, you ought to remember that every good strategy, including using FBA, is not right for every business, so you always have to reevaluate whether your products can be profitable when you are using FBA or not.
Tell a fantastic story
When you are in this online retail market, there are many difficulties you may face, such as stale inventory, slow shipments, and bad communication with suppliers. Nevertheless, even though you fix all the problems, you will not reach your maximum profits if your products lack a story.
“Marketing is no longer about the stuff that you make, but about the stories you tell.” – Seth Godin
Some items are hard to have a story, so I am not saying that you need to create a story for your product. And yet, at least, you should differentiate your goods with other items. You are selling customers benefits not features. Some sellers slash their price way below the wholesale price to win the game; you are not going to play with them. You have to show your consumers that your products are more valuable than any other merchandises. You need to create a fantastic brand image so that customer will purchase your products because of the brand not because of the price it costs. This is the best strategy that you can beat competitors up.