How to Make Money on Amazon in 2023?
Despite the current global economic woes and the pessimistic economic outlook for most of the 2023, you still can make money on Amazon. Indeed, Amazon is the ideal ecommerce platform to become an entrepreneur and make quick money. There is no need to be a brand owner to sell on Amazon, you can simply resell products and create extra income. No matter what stage of your business you are at right now, you can check out the recommendations we have listed in this article to help you make bank this year on Amazon.
Do Retail Arbitrage
There is no secret, if you want to make money fast you need to act fast. The fastest and most efficient way to make income on Amazon is to become a seller and do retail arbitrage.
Retail arbitrage is a very lucrative method to make money on Amazon. There are so many things you can resell; the sky is the limit! You can source many different items from big store chains such as Target, Walmart etc.
Even if it sounds a little bit unconventional, retail arbitrage is legal and a lot of sellers on Amazon make money with this practice.
Find the “Special Gem” to Resell
Let’s say you found the products you want to sell on your online store but then you realized there are many sellers who are selling the exact same product(s) as you! To avoid this kind of annoying situation, we suggest you discover some potential bestsellers’ products by using product research tool like BigCentral to analyze market trends. Try to diversify the products you plan to sell as much as you can, even if you cannot prevent competitors from selling the exact same products as you, doing research will enable you to understand the demand of specific products better.
Use an Amazon Repricer to Increase your Profit
In the past, we wrote many articles about the advantages of updating your product prices automatically with a Repricer for your Amazon store. As we explained before, use an Amazon Repricer, it is the most valuable investment you can make to boost your sales on Amazon.
With BQool Repricer you can customize your own repricing strategies and choose between different repricing strategies to establish the best tactic to protect your profit and increase your chance of getting the buy box.
Join FBA Service
With FBA service, you will not need to worry too much about the logistics and the storage of your items since Amazon will take care of it.
The only small disadvantage when you go with FBA is the fees, you must make sure FBA fees do not undercut your profit.
If you want to learn more about the difference between FBA and FBM and the advantages or disadvantages of each , check out this article.
Sell in the Popular Categories
If you want to make money, the category matters. In fact, you do not want to end up selling in a category that is oversaturated with competitors or dominated by brand-protected companies. We suggest you these 5 popular categories to resell:
- Board Games and Toys
- Pet Supplies
- Beauty and Personal Care
- Clothing, Shoes & Jewelry
- Sport and Outdoor
Source Seasonal Products to Boost your Amazon Store
Selling seasonal products could be an alternative for you and a real money booster to your online shop. Do not hesitate to source these items to make extra money during the big shopping events and holiday seasons.
Take Advantage of Social Media Platform to Promote your Items
We have seen many successful sellers taking advantage of the different social media platforms to promote the products they sell on their amazon store. Think about the number of users and potential buyers you can find on social media platforms.
Many sellers choose this option to promote their online store. One of the trendiest social media platforms right now is Tik Tok. Sellers could promote their products with short product videos or tutorial to show and explain how to use the products they sell.
Explore Amazon Creative Programs
If you are the artsy type and you consider selling your handmade creation online, you can check the Amazon handmade program. That is a good opportunity to make money, however Amazon has a strict policy, and you might need to carefully check the different requirements to be eligible for joining this special program. Once you have joined, you can start to sell your creations right away.
If you want to learn more about Amazon Handmade Program, check this page.
Affiliate Programs
If you wish to make money on Amazon, you do not need to dedicate all your time to be a seller, you can also teach other sellers how to use third-party sellers’ tools and get rewarded for that. For example, with BQool affiliate program, you can earn money for all the users you can bring to use BQool Repricing Software.
Click here, if you want to learn more about our affiliate program.
There are many ways to make money on Amazon in 2023, and you do not need to dedicate full time to sell on Amazon, you can do that as a side hustle to create extra income. Take your time to analyze the market, do your research on the trendy products, understand how selling on Amazon works and then once you know the drill about Amazon, you can start to make good money!
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