In today’s world, nobody cares about effort and intentions. The only thing that’ll get you noticed is hard numbers, or how you tangibly measure up against the competition. If you can show you’ve got the data to back you up, then pulling ahead of the crowd will happen naturally. And for that to happen, RepricerExpress has compiled a list of the 5 best ways you can boost your Amazon sales.
1. Improve Your Amazon SEO
Think of Amazon as a search engine and not as a digital yard sale, and you’ll have a better idea of how to strategically approach selling online. It’s all about tactical hits and cutting down on misses, and the best way you can do that is to get your search terms, keywords and copywriting in order. Teach yourself on the ins and outs of Amazon’s search engine algorithm, and you’ll have this part down pat.
2. Price Your Items Competitively
Think of anything you’ve ever bought in your life — a loaf of bread, a car, a set of socks, dishware — and how much you paid for it. Inevitably, you either got it when it was on sale or not, or rather, you either paid more or less than other buyers. This is because merchants reprice their wares according to what the market will bear, such as raising your price if your competitor runs out, or pricing one penny lower than the lowest posted price.
3. Keep Your Pricing Strategy In Line With Your Merchandise
You always want to be repricing your inventory, but not at the cost of sacrificing your brand and image. In real life words, if you’re selling expensive or inexpensive goods, then you should be pricing as such.
Generally, you don’t want to be 10% more expensive than any Fulfilled by Merchant seller, and you don’t want to be more than a couple pennies less than the least expensive seller. One exception for the latter is if you see the two of you getting into a price war — back out, because a pricing war usually leaves no winners, and it’s a better idea to rescale your marketing strategy than to keep lowering your prices.
4. Play Favourites With Your Most Profitable Items
If you have children, you shouldn’t play favourites. But when it comes to your SKUs, by all means, favourite away. Your most profitable items are your bread and butter, and you want to treat them just as richly as they’ve been treating you. Identify what they are by looking at sell-through rate, profit margins and price trends, and then bring in more to keep maximising your return on investment. But at the same time…
5. Don’t Rest on Your Laurels
Just because you’ve got a small handful of moneymakers doesn’t mean the game’s over for you and you can relax. In fact, far from it. Now that you’ve hit upon a little bit of success, it’s time to dig your teeth in even more firmly.
You’ve shown a knack for finding SKUs that are good profit-earners, and you’ve got to keep diversifying your inventory. Your biggest earners won’t always be that way and if you can other SKUs to handily step in place after, you’ll be setting yourself up nicely for the future.
Tip: introduce new items slowly by starting off with your existing brands and suppliers to keep an edge of familiarity in place.
