Are you looking to grow your business but don’t really know where to start? Whether you’re new to selling on Amazon or have been doing it for years, you should always have your eyes set on growth. That means setting goals, outlining how you’ll achieve them, regularly checking your progress and making adjustments as needed.
So how can you actually grow your Amazon business? While there are several ways to take your storefront to the next level, here are five growth opportunities to take advantage of now:
Like any retail business, selling on Amazon has its share of highs and lows. Depending on what product(s) you sell, you may see the lionshare of your revenue coming in during a particular time of year rather than at a steady stream all year long. Regardless, you’re bound to see spikes during major shopping events, like Amazon Prime Day and the Q4 holiday season.
These two seasonal events are key opportunities for growth. After all, online shoppers are extra motivated to shop and Amazon’s traffic is at an all-time high. To take advantage in the moment and keep momentum going after the fact, you need to get your inventory management in tip top shape so you don’t run out of stock, win (and keep!) the Buy Box and market your listings.
Speaking of marketing, getting the word out about your storefront and/or individual listings is an essential component to your growth strategy. There are several ways to do this:
- Identify your competitive edge: What sets your storefront/product(s) apart from your competition? Make sure you recognize the value your products bring to your customers’ lives and communicate that value in your listings and marketing campaigns.
- Advertise on Amazon: Consider Amazon Sponsored Products to advertise individual listings or Headline Search Ads to promote your entire storefront. Consider working with outsourced firms such as Hypergiant that can help you with your Amazon PPC management.
- Leverage your own assets: If you have a website and/or your own social media channels, make sure you’re actively updating them with your latest sales, promotions, etc. to drive your followers to your listings.
If you want to grow, make sure you know your supplier(s). Having an open line of communication with them will help in a number of ways.
If they have a clear understanding of what, when and how much you’re likely to order, they can plan ahead to prevent any delays in production and/or shipping. On the flip side, if you know their lead times, you’ll know when you need to get your orders in so you get your products when you actually need them. The end result? More streamlined inventory management so you never experience an Amazon stockout, can turn more inventory more quickly, and grow your business faster.
Additionally, chances are your suppliers work with other Amazon sellers. Depending on your comfort level, you could talk to them about what products, categories, etc. seem to be successful for their other e-retail customers.
Streamlining Your Books
One of the first ways to set and achieve your growth goals is to know your numbers, including your Amazon sales, fees, cost of goods sold, etc. Understanding your financial data inside out will help you identify your strengths and areas of improvement so you can determine your goals and better map out how you’re going to reach them.
To streamline your books, get accurate, automated accounting and focus on growing your business, consider a tool like A2X Accounting.
Daily Cash Flow
There’s no denying that you need capital to grow. There’s also no denying that, as an Amazon seller, having cash for growth is more of a pipe dream than reality. Just imagine what you could do with daily access to your Amazon income: take advantage of last-minute supplier deals, turn more inventory more quickly, grow your business faster, even cover unexpected expenses.
All of this (and more!) is possible with Payability, a financing company designed for high-growth marketplace sellers like you. Payability pays you 80% of your Amazon income one business day after making a sale, allowing you to invest in growth in real time (the remaining 20% is kept on hold to cover any necessary returns or chargebacks and is then paid out according to Amazon’s regular payment schedule). It’s not a loan or a cash advance — it’s next-day access to your income so you never have to deal with growth-stunting cash flow gaps and instead can take your business to the next level.
Amazon sellers who use Payability grow their businesses 2.5x faster than those that don’t. Not only that, one in particular, has tripled the size of her business with Payability. If you want to experience similar growth, visit go.payability.com/A2XAccounting to sign up and receive a $250 sign on bonus. You can see how even more Payability customers have grown on Trustpilot, Web Retailer and Fit Small Business.
Already have a pile of cash? Learn about investment opportunities on Crunchbase.