How to Make Money on Amazon: Expert Approved Strategies
Amazon is not a new name in the arena of e-commerce giants. From A to Z, it has everything to offer and rightfully yes, there are lots of ways witch which you can make money on Amazon.
You don’t need a bulky financial statement or a lot of time to begin earning money on Amazon. There are lots of people out there who make a lot of money through Amazon and they have left their jobs and now rely completely on their income from this e-commerce giant.
As per the records, 50% of Amazon’s net sales were from third-party merchants in 2021. To open new avenues of income through Amazon, one can get into its loyal customer base by a number of methods.
These methods may include book publishing, the Amazon associates program, private labeling products, etc. We tried to fish out the best information from the experts who are already picking up a huge chunk of profits through this platform. The strategies are discussed in detail in the upcoming sections of this article.
Best Ways To Make Money On Amazon
As per research published for June 2021 by a data analytics company, Statista, each month, around 2.45 billion people visit Amazon. Let us now check out the methods to make money on this platform.
1. By publishing digital or physical books
Many people believe that they have a workable idea for writing a book. If you love writing and have something in your mind but are confused about publishing, then Amazon is here for your rescue.
Publishing a book on Amazon is a quick process. It lets the author self-publish the books and then you can start selling your creativity quickly through Amazon. Many people, including authors and self-publishers, while looking for a book, visit Amazon, at first.
Testimonies of Amazon-published authors suggest that they make huge profits by selling their books on Amazon. Other than that, they use this platform as a marketing tool for their related ventures. They have accumulated bulky profits by selling their services and products on Amazon.
It surely is a great way to start earning money and the profits can definitely rise depending upon the strategies you develop for selling your books and then other services. Some people like reading kindle, some like paperback, and some like audiobooks. This means that a proper listing of your books on various platforms can do the trick for you.
2. By using Amazon Handmade
Founded in 2015 to spread the work of local craftsmen and artisans, Amazon Handmade now has sellers in around 80 countries. If you are the one who can make your own goods or know how to create something, Amazon Handmade is a great way to make money. You do not have to worry about shipping and other stuff, this e-cmmerce giant will take care of it really well.
3. By using the Fulfillment by Amazon(FBA) network
Amazon offers services by using advanced technology and different warehouses so that it can process the orders seamlessly. In other words, you just decide to store the products you have listed for selling on Amazon in its warehouses and the further steps are taken care of by Amazon.
The further steps include packing and delivering the orders to the customers or getting the returns and providing them with robust customer care services. This saves you from the additional burden of packing, shipping, and returns. To take advantage of this service, follow the steps given below.
- Look for Fulfillment by Amazon account and sign up for this.
- List the product you wish to sell.
- Next ship the inventory to the nearest Amazon Fulfillment Center.
- Finally, work to promote the products you are selling.
- Amazon will handle the steps after the product is sold.
4. By Retail Arbitrage
One of the most followed strategies sellers follows on e-commerce platforms is that they buy a product from a source and sell it for a higher price on e-commerce platforms. The same is followed by many dealers on Amazon. This process of buying a product from somewhere and selling it at a higher price to make profits is known as retail arbitrage.
This strategy can be controversial at times, especially when goods that are in high demand but in low supply are sold at a much higher price. But in the end, this is a great way to make big profits using this e-commerce platform. This works best for bulk orders.
5. By selling a Subscription Box
Amazon is utilized globally and subscription boxes have been known to make whooping profits in the last few years. A lot of people love the idea of it. It is a box that contains some items ranging from small items to big ones and these are delivered to the client monthly. They buy it either for themselves or for gifting it to others.
If you wish to sell this through Amazon, you must have a seller’s account. You can avail the services of Amazon’s invite only program where sellers can list, sell, and manage the products of the subscription box directy without worrying about the delivery.
Winding up: Best Ways To Make Money On Amazon
This brings us to the completion of the methods that are the best to make money through Amazon. You can use any or multiple of these to make some extra cash or even as your full-time business.
In addition to the methods given above, Amazon can be used to introduce your company to a number of users, it can also be utilized as a platform for marketing of low-priced products, or to sell other professional services or offers. It offers a diverse range of options that can help you earn money. Do look for the options you can pick to make the best out of your professional life.