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117 The 2nd way to increase Amazon Sales

This 2nd way of increasing sales is so neglected, you can get ahead simply by implementing anything in this area!

The simple idea is to increase the AOV=Average Order Value.

It can be more difficult to implement on Amazon than just getting new customers but is potentially much more profitable.

If someone usually buys a $10 widget at 50% margin, you get $5 profit per sale. If you usually sell say 10 orders of 1 $10 widget a day, your profit per month=$5X10X30=$1500

If you can increase the AOV by say just $1, you would end up with $11X50%X10X30 profit=$1650. $150 extra ie 10% extra.

Multiply such effects across several products and it can add to your bottom line quickly.

The simplest way to increase your AOV is simply to increase price! But you have to weigh up against conversion rate changes etc. to see whether that increases or decreases your price.

Another way is to bundle together products physically eg a 3-pack, 4-pack, 6-pack etc etc. Easy and very very easy to sell on Amazon.

Another way that is even easier is to offer a discount via a promotion code. Eg BOGOF (Buy One, Get One Free) or buy 3, get 10% etc etc.

If you set things up wrongly, you’ll make less profit, not more, so know your numbers going into this! Done right, this is a simple way to edge up your profit margin.

A harder way but possible on Amazon, is to do cross-sells eg “this is also bought with X” (spatula with slotted spoon for example). It’s possible to influence this again using promo codes – you can offer a 25% discount off a slotted spoon, for example, when you buy a silicone spatula etc.

Another way that is hard to do on Amazon but possible, is to upsell eg from a $5 spatula to a $25 frying pan. Same kinds of methods.

Increasingly, we are looking at strategies that will work best when you have control – in other words, you start to build your own email lists (and other assets like social media subscribers/followers etc.).

There is one more basic way to increase sales that is used least of all by Amazon sellers but could be the most powerful of all…read on…to the next episode…

To find out more about the Amazing FBA London Mastermind mentioned in the episode, click here

#48 Differentiating your product on Amazon – PART TWO of the Marketing Mastery Mini Series

Master Marketing Principles Mini Series:

SUMMARY SO FAR

  1. Problem: “all things to all people” Principle ONE: NICHE MARKET
  2. “Same as everyone else” Principle TWO: DIFFERENTIATE
  3. Listen for the next episode!
  4. Look out for the future episode.
  5. Look out for the future episode.
  6. Look out for the future episode.
  7. Look out for the future episode.

2nd PRINCIPLE: DIFFERENTIATE!

Problem: Same as everyone else

Result: No sales, or shopped on price

Solution: DIFFERENTIATE

    1. Customize the Product itself:
      1. Existing issues:
        1. look at products with average 3* reviews but good demand
        2. look at the 1 and 2 star reviews
        3. if you can find a problem you can fix easily, then do that.
    2. Product Variations (parent and child relationships)
      1. If you see that certain variations eg Pink colour etc (Child Variations) sell well, order some of these and test the market.
      2. Bear in mind that usually one variation characteristic eg colour(Child Product) will result in most of the sales of that kind of product (Parent Product)
    3. Bundles
      1. Amazon Rules:
        1. They must be physically packaged together before they get to Amazon
        2. They must have a separate ASIN (Amazon product ID number) to the single packs
      2. Multipacks- simplest type of bundle but can be most effective
        1. If you notice your product selling in 2s, 3s or 5s for example,
        2. First experiment by setting up  a promotion (on Amazon Seller Central) on your product with different “tiers”. So give a different discount for buying say 2, 5, 10 products together
          1. Note that your Discount applies to the ORDER as a whole NOT to each individual unit
          2. For example, 1 unit costs $10; discount on promotion for buying 2=$2. So value of order =2X$10=$20. Discount=$2. Total price to customer: $18.
        3. you can bundle multipacks of the same products together. Notice:
        4. One simple starter trick (market test) here is to have your warehouse hold back a number of single items and package them together into bundles.
        5. If this proves enough demand, go back to your supplier and ask for new packaging for 1, 2, 5, 10 etc. packs
      3. Different products bundled together
        1. For example, if you sell Tennis shoes, you could bundle it with a packet of tennis balls.
        2. Same Amazon rules apply as per Multipacks.
        3. You can also use the same idea with your warehouse to test this.
    4. Packaging
      1. This doesn’t help your product on Amazon sell so very much (although it helps)- but it greatly boosts organic Reviews and Repeat buyers
      2. Getting really great packaging done may cost 30-50 cents more per unit but can mean you can charge dollars more on the sales price
      3. It can be best to find a separate packaging factory/supplier in China if you want to be sophisticated
      4. Use a designer who is familiar with this and if possible a Supplier who uses industry standard files (eg Adobe Illustrator) 
    5. Customer Service
      1. If there’s a problem, respond fast, courteously
      2. Offer a refund or replacement without customer having to return product
      3. If you can go even further and offer some  other light  products for free etc. or any other form of “Wow” experience, so much the better!