You can get just about anything you need on the gargantuan marketplace that is Amazon. Take your pick: food, clothing, electronics, furniture, toys, video games…
What about business opportunities, though?
At its core, Amazon is a commercial platform that caters to the needs of buyers and sellers alike. If you turn your attention to the “sellers” part, you’ll see that Amazon is a great place to earn big bucks on a monthly basis.
How, you ask? By selling private-label products.
Chances are that, as a consumer, you’ve bought some of these products on Amazon but just didn’t realize they were categorized as private-label items.
What is a private-label product, anyway? It’s a generic product that has been uniquely packaged and marketed by an Amazon seller. Out of all the products on the market, the seller chose to get their hands on this particular item because it’s selling well on Amazon.
It’s not rocket science. Amazon itself has a comprehensive list of bestsellers, so it’s easy to see which products are flying off the proverbial shelves at any given moment. However, while the list of highly popular items is pretty straightforward, the act of distributing them can be quite a challenge.
It’s worth it, though: Private-label sellers can make between $1,500 and $2,000 a month on Amazon. If you want in on this action, follow the four steps outlined below.
Do your homework
Where would a seller be without market research? As mentioned earlier, Amazon provides Top 100 rankings for each product category, so that’s a great place for you to start.
You might want to focus your research on items that are generic—that is, easy enough to procure and “flexible” enough to be shaped by your unique marketing perspective. If you draw too close to a product that’s essentially synonymous with a big brand (like, say, your own version of an iPod), your efforts to come up with a private label won’t get you anywhere.
You may as well peek over your shoulder to see what your competitors are trying to pull off. If you think that your intended product can gain an edge in primary aspects like pricing, exposure, and presentation, you’ve got a great thing coming.
Secure your supplies
The most important thing here is to do your absolute best to find the most cost-effective supplier out there. You don’t want to put yourself at a disadvantage by investing a huge chunk of your capital in a bulk order that probably won’t yield your targeted revenue.
You’ll want to pay attention to details such as minimum order quantity, lead time, and price range. Doing so can help you invest your financial resources wisely so that there is potential for profit in the long run.
Make your marketing memorable
Look, it won’t matter if you have the best-tasting food, the most comfortable clothing item, or the most thrilling book of the 21st century. If the quality of your product doesn’t come across in your marketing, potential buyers can hardly be expected to pay attention to your item.
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Invest in a great logo and design, and get yourself some beautiful packaging. You only have one chance at a first impression, so you’d better make the most of it! When you put up your product listing on Amazon, select the finest photos and come up with a fascinating description that will blow the competition out of the water.
Use the other digital tools at your disposal
Aside from the bestsellers catalog, sellers will also find the Fulfillment by Amazon (FBA) program useful. For a small cut of your profits, the FBA program will take care of packing and shipping your orders. Plus, if you avail yourself of FBA’s services, your product becomes eligible for the free shipping offer of Amazon Prime. Sweet, right?
If your business is picking up and you have some bucks to spare, you can also make use of distribution channels like Amazon’s internal advertising system and Google’s AdWords to help lead online users to your product listing. Think of it this way: You’ll be spending a bit more money than usual in exchange for heightening consumers’ awareness of your product. The trade-off may give you pause, but it’s certainly a case of high risk/high reward.
Now that you’ve got the basics down, get your own private label up and going on Amazon! With your ingenuity, you can turn a generic item into a certified bestseller.