Sell on Amazon | Online | Selling Products on Amazon | Product Research

Sell on Amazon | Online | Selling Products on Amazon |  Product Research

Curated by Gmac

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Sell on Amazon | Online | Selling Products on Amazon | Product Research

How Selling Products on Amazon Works

1. Create Seller Account on Amazon
2. Ad Fulfillment By Amazon
3. Find a product people want to buy
4. Create a Product Listing
5. Prepare products for shipment to an Amazon Fulfillment Center (Make sure products are ecommerce ready i.e. have an ASIN/Barcode
6. Ship products to Amazon fulfillment center
7. Customer orders product – Amazon ships
8. Amazon provides customer support on products you sell

Selling Products on Amazon

– First recommendation is to set up a sellers account on Amazon
You will need to following information handy:

1. Name for your account (I use RMJ Sales Center)
2. If you have an LLC or Corporation make sure you have the EIN, name of the business, address, and phone number.
3. Credit Card Info to pay $39.99 monthly subscription fee (this will allow you to use Fulfillment By Amazon, which is very important for getting your products sold faster) (you can set up the account for free to start with and then get the subscription later once you decide whether to pursue this method of making money online)
4. Bank account information for Amazon to deposit your sales money into
– Get Jungle Scout (junglescout.com) as a research/comparison tool for amazon products.
– Just sign up for the Chrome Extension (there is a one time charge for this)

What to look for:

– A product that gets at least 300 sales per month that you can charge no more than $50 for (yes there are other sellers who have products for more than that, but you are just getting started)
– Products in the buy box (Be eligible = Have fulfillment by amazon, which = Prime Shipping, price competitively = mimic the market, provide great customer service, keep/maintain inventory, and don’t compete with Amazon) (usually the first product listed when you do a search)
– 80% of the products sold on Amazon are those that are in the “buy box)
– The Math – How to determine whether or not to sell a product on Amazon

THE MATH

Know the number of “Real Competitors” plus you
– Real Competitors are those who have a product you might want to sell in the “buy box” (Try to find a product that has 3 or less “real competitors”)
– Average Monthly Sales
– Average Buy Box Sales = Average Monthly Sales x 75%
– Units We Sell per Month = Average Buy Box Sales divided by real competitors
– Sales Price = Average sales price of real competitors
– Gross Monthly Sales = Units We Sell/mo X Sales Price
– Product Cost – until you start working with a supplier figure the product cost by dividing the sales price by 2 and then dividing that answer by two.
– Amazon FBA Fee – Sales price (or gross profit) x 20% (most of the time it’s 15%, but there are some product categories that charge a higher percentage)
– Potential profit = Gross monthly sales – Product cost – Amazon FBA Fee

THE MATH Example

Knee Brace

– 2 competitors + you
– Ave Monthly sale 4185
– Ave Buy Box sales = 3139
– You Sell = 1046
– Sales Price = 15.99
– Gross Profit = 16,725.54
– Product Cost = 4173.54
– FBA = 3345.11
– Potential Profit = 9206.89/mo

If you want to learn more about selling products on Amazon then subscribe to my You Tube Channel and/or join my private FB Group:

https://www.facebook.com/groups/rainsmarketingcircle/

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