Are you aiming to make money on Amazon in 2023? If so, you have probably heard about the Amazon marketplace is getting too competitive and too many products are saturating the market. With the economic recession, the post pandemic situation, and the increase of the FBA fees, many sellers have expressed their concern about selling on Amazon, especially this year.
Now some sellers have decided to move away from Amazon to other eCommerce platforms like Ebay or Walmart. Should you do the same? Is Amazon really getting too competitive for online sellers?
Should You Still Sell on Amazon?
It is not wrong to say that the current economic downturn is not attractive at all for ecommerce sellers but the same can be said for retailers as well. Consumers now just have less money to spend on non-essential products.
But in the post pandemic world, consumers have already changed their shopping habits. Shoppers now enjoy online shopping because of its product diversity, convenience and competitive prices. These key benefits are the reasons behind Amazon’s undying popularity, and this will likely continue for a while based on the market forecasts from eMarketer. According to their study, popular categories on Amazon will continue to grow in 2024 and this will in turn create more opportunities for eCommerce sellers who want to have a profitable business.
What to Resell to Beat the Competition?
Scrolling through Amazon can be overwhelming with the temptation of selling popular items from the most popular categories. But if you want to make money, it is essential to choose items that you can resell for a long time.
Hot selling items could become a fade very quickly and they may even have a limited shelf life, so be mindful of what product to source to be your money maker. When it comes to sourcing you need to think of your items as a long-term relationship, so you can make sales and maximize your profits.
What products should be sold in 2023 is the million-dollar question for many sellers who are on the hunt for products with profit potential this year. As they strive to identify the bestselling items for the upcoming Prime Day to maximize their profit on Amazon.
With a bit of preparation and knowledge of your niche and target market, you can be well on your way to success. If you want to have more ideas to source the right items, this year you can check out this article.
How to Find the Right Product to Resell?
Do your homework, to find the right product and the category, you need to invest a little bit of your time to do research.
You can use product analytics tools to help you spot the right items such as Keepa and Selleramp. Then, you can do extra research and look at the social media platforms. Whether you like it or not, social media can be a great source of inspiration for finding trendy items. Tik Tok, with its large users’ base and visually appealing content, is one of the most popular social platforms and is continuing to grow year after year.
If you want to learn more about how you can use Tik Tok to help you grow your Amazon business, you can check this article.
Use a Repricer to Get True Results!
A Repricer can be a game changer for your online business. With the right repricing strategy, you can increase your chances of getting the Buy Box and boost your sales.
BQool repricing software is designed to respond to all the amazon metrics and your needs to help you put your business ahead of the competition. You can configure our Repricer in 3 different modes: AI Repricer (recommended for newbies), Rule-Based, and Conditional Repricer.
Each of these modes has distinct goals and can help you achieve your desired results. Imagine how tedious it would be to manually reprice hundreds of listings! Our Repricer software eliminates this challenge and simplifies the process.
Which Repricing Strategy Should I Choose Then?
Well, it is up to you and your goals. Each situation is different, there is not just one situation and one answer.
When you think about repricing you must make sure you have thought about all the metrics before starting to set up your repricing strategy. Try to have a precise idea of what you want to do with the Repricer, the more accurate the strategy is, the better the results will be.
What is amazing about our Repricer is it is adaptable to each situation you might face when you are selling on Amazon. You are the one who chooses how and when you can reprice.
Improve Your Repricing Game by Learning from Others!
Are online classes worth it? Many people have found success learning from the internet, taking inspiration from successful seller stories and useful tips that can be applied to their business. If cost is a concern, Amazon’s Small Business Academy offers free resources that can help. Additionally, you can find useful tips on Amazon forums and communicate with other sellers.
Despite the numerous concerns about Amazon, we can tell it is still a great platform to make money in 2023 but sellers be aware, when it comes to reselling on this platform you need to be rational about the products you want to sell, as not all of them may guarantee success. While it is true that Amazon is a highly competitive market, with the right repricing strategies and a lot of patience, turning your Amazon store into a profitable business would be a reality. Keep in mind that success on Amazon does not happen overnight. As the saying goes, “Rome was not built in a day” and the same is true for your Amazon business.