What better way to start a new year than by looking back at 2015 and reflecting on the way your Amazon shop has grown? We could think of at least one – finding new ways to grow in 2016. What would you do differently, and what are your business growth plans for 2016? Let’s see if we can give you a few pointers.
Read on to find out how you could take your business to the next level in the new year.
1. Work on Your Weaknesses
If you take the time to look at how your business operates, and break up every problem into smaller, related but less obvious ones, you’re more likely to find a solution. We mentioned some examples of such complex issues in a previous post.
For example, often a high number of inbound emails leads to your response time falling below Amazon’s standards, rather than inefficient customer support. This could be triggered by carrier failings, product flaws, poor wrapping, etc.
When you don’t win the Buy Box as often as you’d expect, the reason could be that your price isn’t competitive enough. Your first instinct might be to blame it on your supplier’s prices, when it could really be not having a pricing strategy that’s quickly responsive to market changes. Consider investing in a faster repricer, and you may be surprised to find that many other things fall into place.
2. Expand to New Markets
You may have come a long way this past year, but nothing says ‘growth’ on Amazon like expanding to a new marketplace. Amazon gives you all the information you need to get started and reach new customers. But if you’d like a more in-depth, first-hand perspective on what it takes to sell worldwide, we’re here to let you in on all we know if you sign up for our International Expansion Package.
3. Diversify your Product Range
It’s never too late to expand by selling new product ranges. If you’re looking for an easy option, you could look into categories that don’t have a lot of listing restrictions. Or you may prefer to prioritize products likely to yield substantial long-term profits instead. What it all boils down to is figuring out how urgent and how important a specific option is. So, whichever type of business venture you prefer, one way to go about it is to classify prospective products or categories in terms of how easily and how profitably you could sell them.
4. Partner Up
A great way to thrive in a saturated market is to partner up with someone. It could be anyone down the supply chain, from manufacturer to retailer. Look into popular items and find new contracts. If you don’t have the connections, then attend trade shows and mingle with other Amazon sellers to find out who they source their products from. They may be more than willing to recommend someone, especially if their supplier rewards them for it.
There’s always the option to switch to Fulfillment by Amazon as well, but FBA isn’t for everyone. Read our How to Sell on Amazon series and other posts on blog for a glimpse into the work and the follow-up involved in selling profitably with the FBA badge.
We’ll be standing by with the tools and know-how to make these and other new year’s resolutions possible. Browse our in-depth tutorials and videos, and get in touch whenever you’re ready to start growing!
Melanie takes an active interest in all things Amazon. She keeps an eye on the latest developments, and keeps Amazon sellers up to speed.