Presently, most people prefer doing online business due to increasing flexibility, wide market reach, and decreasing capital for start-ups. Not to mention, running your business online also helps to keep an adequate work-life balance while earning a handsome amount.
The first name that comes to mind while doing online business is Amazon FBA. If you are planning to start your new online business and looking for a trustworthy platform, Amazon FBA is the best option.
What is Amazon FBA?
Fulfillment by Amazon is a service that allows businesses to grow by offering access to the logistic network of Amazon. The businesses will send products to Amazon fulfillment centers and after a customer’s purchase, Amazon FBA handles receiving, packing, shipping, customer service, and return policies. It is thus one of the most effective and reliable networks for running and growing online businesses for both new and experienced individuals. To learn more about FBA check out our article What is Amazon FBA
What is an arbitrage model for an online business?
Arbitrage is referred to as a practice of benefiting financially from the price differences between two markets. The two models for this are Online And retail. Retail arbitrage refers to the process of procuring products at a discounted price from retailers for selling on Amazon. For instance, if you find a product at Walmart at only $5 then you can buy the product and then resell it on Amazon at $20. Doing this from online channels is known as online arbitrage.
How Can I sell Products On Amazon?
1. Create a Seller Account
To start selling on Amazon FBA, you first will need a seller account. You can do this by going to https://sell.amazon.com/ and creating your account.
For this you will need to provide all necessary information about your business like business name, contact name, address, bank details, credit card information, and tax details depending upon your location. Don't worry if you don't have a business name or EIN number. You can use your social security number, home address, and personal bank account for now! The important thing is to just get the ball rolling. There will be some verifications steps you need to take too so this process will take a few days to a week.
2. Find products to sell
What type of products you can start selling on Amazon is dependent upon product, category, and brand. There are some products and categories that are open for all sellers. Whereas in other cases, there are some products that can require approval for selling. And there are some other products that can not be sold by third-party sellers.
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Moreover, to keep yourself always on the winning side, there are some product research tools available within the market. Tools like Tactical Arbitrage or a lead list provider are highly recommended for researching and finding profitable products.
3. List your products
The next step is to add a list of products you are interested in selling via your Amazon seller account. You must consider these aspects during this step:
● What will be the selling price of your product?
● What is the condition of your product? used/new
● Do you want to ship it through Amazon or by yourself?
There are two ways for listing your product at Amazon and they are creating a new product listing on Amazon’s website along with its description or of you are reselling a product that is purchased from any other platform then you should search for the product in the previously existing listing on Amazon and use its name and ASIN number.
There will be additional steps in the listing process like choosing the prep type, who will prep the items, and label placements. I suggest searching Youtube for the exact up to date steps for this as they do change from time to time.
4. Finalize your shipment
Once you have your items prepped, labeled and packaged you will need to finalize your shipment and Amazon will provide the address of the location where your products are stored and the type of packaging you want to use. The most popular packing styles include:
● Individual packing - each item is packaged individually
● Case packing - the same items are packaged in a case (think of a can of sodas that you're selling individually as a case packaged setup).
After finalizing the plan, you can add the products you like to sell through this shipment plan. After completing these steps, the only thing that is left is sending the products to Amazon and then waiting for customers to buy these products. The information that you need to provide at this step include:
● Number of units to be shipped
● Additional packaging of products if required
● Labeling preferences
For shipping you can either ship the products directly to the fulfillment center or ship it via Amazon’s partnered carriers.
How much does Amazon FBA cost?
The cost of selling products through Amazon FBA varies with your product category, selling plan, fulfillment strategy, and many other variables. You can make a combination that suits you and your business.
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Amazon pro membership currently costs $39.99 per month. All other fees independently vary from item to item.
Tips for a successful online business via Amazon FBA
- Leveraging tools and others in this business is crucial to success. Find a good community like Hustle Buddies or Chris Grants OA Challenge and learn from others as you grow in your journey.
- Start simple! Don't over complicate things - just do some manual sourcing and find the products you can sell.
- Test buy! Make small orders for items you're going to flip. 3-5 of each product is more than enough to get you started.
- Understand the data! Use Keepa to make good buying decisions so you aren't the one trying to sell products that don't sell at all.
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