166 Fetcher and the Future of Amazon with Shane Stinemetz Part 3 of 3
The Future of Amazon 2017
The future of Amazon is going to be challenging for Amazon sellers. Products are becoming more competitive and this making the Amazon space more congested than before. Therefore, people need to find a way that they can assert creativity in their sales by creating something original or by adding something original to the already existing products.
One Amazon seller found a way to improve a product that already existed. By adding a feature she was able to become the only seller in that space with that kind of product. Now she’s taking home over $100,000 in the last 6 months.
There are numerous ways that one can do this. The most basic form of creativity originates from understanding what feature of a product attracts the consumers. Then come up with a way that you can alter the originality of the product to make it unique from the original. It is important to understand that just because you have created a unique product that is one of a kind, does not mean that getting sales is going to be easy. It is best to learn ways to convince people that what you product is what they should be spending money on. This can be done through pay-per-click campaigns to gain attention. This is one of the ways to enhance private label space in the competitive market.
Diversification of Marketplaces
Diversification is the key to success in making sales right now. Just because a specific product is selling, does not mean that it will still be in demand in the future. Diversity also applies in terms of market as it is important to not only focus on one location but rather try and access other countries in order to widen your perspective. The future of Amazon is going to be having a presence in many different marketplaces. We’ve seen how politics can affect your business in the Brexit vote and the election of Trump. The GBP lost value and now you won’t make as much money by selling to the US. For US seller, the new president’s stance on imports might make it more expensive to buy from China. Also, if you plan on selling in the European markets, you have VAT to deal with.
Having clarity in your numbers is very important in improving your sells. This does not only mean having knowledge of how many products you are selling but rather understanding how to set your targets using your expenses. This entails having viable knowledge on how to minimize refunds and take advantage of reimbursements. These are just some issues that a seller needs to be aware of.