Having an extra source of income can change your life. It gives you a lot of options, such as the ability to pay off your debt and enjoying lucrative vacations once in a while. You can also enjoy an early retirement. You can look for various online sources of income, or you can even start selling on amazon. It is also a great place if you have an existing brand to gain visibility. Once you decide this is something that you are willing to pursue, you can follow the following steps to set up an account. This blog will tell you everything about what you need to know before selling on amazon.
Type of the account: Here, you have to decide the type of account that you would like. It can be an individual seller’s account or professional. You can consider the products that you are planning to list as you decide this.
- Individual plan: It is ideal when you want to sell less than 40 items per month. It does not have a monthly fee, though you pay a selling fee for each item.
- Professional plan: This is for brands or private labels that are already established. There is a monthly subscription fee charged as well as other charges.
Creating an account: Once you settle on the type that you need, you can go ahead and create an account. You will need a credit card that can work internationally, banking information that will include account as well as routing numbers and tax identification information. When setting up, keep your personal and business emails separate.
Follow Amazon Prompts: Amazon will prompt you to fill out additional information once you set up your login. Those additional pages include:
- Seller agreement: Your business name, address, telephone or mobile number, valid bank account, chargeable credit card as well as tax information will be required in this section.
- Deposit or Billing: Here, you get to decide the seller fees and professional plan.
- Tax information: You also need to select and fill in your tax details when creating an account.
- Product information: There are various questions that you will need to fill in about products. This will also include UPC codes.
You will be welcomed into the seller’s account dashboard once this information is filled. This dashboard will include various tabs that you can use to manage your inventory, price, orders, reports, advertising, as well as performance. You can also include your logo, company policy on privacy, and FAQs in the “About Seller” section.
You also need to familiarize yourself with the types of Amazon seller accounts available. They are Amazon vendors and Amazon third-party (3P) sellers.
- Amazon Vendor Central
This is an invite-only program offered to manufacturers and distributors. Here, Amazon gets to own your inventory that they market to their customers on the website. They choose their price and options for shipping.
In this option, you are selling the inventory directly to Amazon, eliminating pricing, marketing, and advertising requirement. You also get to avoid the hassle of shipping and any other hassles related to product sales.
2. Amazon Seller Central
In this option, you get to list, price, and market your products using an Amazon seller central dashboard. You can also obtain results of how well your chosen product is doing in the market. Here, you are responsible for listing, advertising, as well as the functions that you perform in an online market place.
This type of selling involves more work. However, it affords you more significant levels of control around prices, shipping, fulfillment as well as higher profit margins.
Benefits of Amazon seller central
- Leveraging the benefits of the marketplace: Amazon has fostered trust, and many people use it as a reliable source of goods. When you list your products here, you get to capitalize on this reputation and branding.
- Increased sales: When shoppers access the Amazon website, they do so with the intention of making a purchase or browsing for a future purchase. Using Amazon helps you to increase sales for your products.
- Increased Exposure: Millions of unique visitors visit the Amazon website daily. You can use this unique store to increase exposure for your brand.
- Finding New Customers: Amazon marketplace is massive. There are new visitors to the site every day. Using Amazon seller central will expose your product to other customers that you would not have found in other online stores.
Starting to sell on Amazon also depends on finding the best product with the best returns. There are online tools that you can take advantage of when doing product research such as Helium 10, Viral Launch, Jungle Scout, and many more. They give you detailed information about the product that you are deciding to sell as well as the market trends. They can help you identify a niche in the market by pointing out emerging trends and growing demand for that commodity.