NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
If you sell items on Amazon, you are likely always asking "what's a good Amazon bestseller rank?" when selecting your inventory.
Despite what other 'experts' tell you, the answer isn't definite. Bestseller ranks vary and change widely, and I have discusssed how snobbish sellers are being too restrictive at their own peril.
Now I've realized that when you find an item to sell on Amazon and it's sold out on Amazon, bestseller rank is almost irrelevant.
Why? When you're replenishing that item that's currently sold out, you're helping meet a customer demand that (typically) far outweighs the current supply on Amazon.
The (typical) result is when you're one of the first (or only) sellers to replenish a sold-out item on Amazon, it gets snapped up right away by an eager buyer.
Examples (with 'Profit Proof'):
> I found this used toy at a thrift store for $3.99, sent it in via Amazon FBA and it sold for ~$19 within a few days. (Sales Rank: 175,000).
> This product (bought for $5.99 at a yard sale) sold for $30 within just a few days. (Sales Rank: 313,00!)
> This toy (bought for $5 at a thrift store) - with a sales rank of 459,000! - sold within a few days for $39.
The common thread for all these items is that before my 'stock' was received at Amazon, they were 'sold out' (Amazon calls it 'Currently Unavailable'.)
Now that I know these items are in short supply on Amazon, I can keep my eyes peeled for them or place a free 'wanted ad' on Craigslist or Freecycle to ask local folks if they have any - used or new - that they'd like to sell (you'd be surprised at how many people respond to such ads).
So next time you're out scouting and you scan an item with a 'poor' bestseller rank, check the # of sellers. You can likely flip the item for a good profit very quickly, especially if you're the only seller of it.
FREE: I go more in-depth with similar Amazon selling strategies with my e-book bundle.
Also FREE: If you haven't sold on Amazon yet, learn how, step-by-step, with this guide.
Do you have an example of a quick-selling product that was previously 'sold out' on Amazon?
Happy selling,
-Jordan
Remarkable & Proven Ways to Make a Living with Amazon & eBay
Showing posts with label selling on Amazon. Show all posts
Showing posts with label selling on Amazon. Show all posts
Tuesday
Amazon Begs Sellers, Part One: 9,231 Toys Wanted
NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
Some/all Amazon FBA Sellers (including myself) got the below email from Amazon today. This is a gold mine of information - Amazon is essentially giving you the exact information about 9200 HOT HOT HOT 'Toys and Games' items that they are running low on. Read more below.
Why is this information a 'gold mine'? Because these items have extremely good sales ranks AND they are in short supply in Amazon, you (as an Amazon seller) can essentially 'name your price' (within reason) if you are able to source any of these. (Good-bestseller-ranked items in short supply mean that customer Demand is far outpacing Supply. Pure 'economics' lets you raise the price of an item in short supply, that is in high demand. That's just the nature of efficient markets).
How can you find some of these 9,200+ toys? Some are impossible to find, of course, but you can do a search on TheFind.com (which searches multiple online stores), or place a Craigslist.org wanted ad in your local neighborhood (a successful method many of my subscribers have had via my instructions in this guide).
Amazon's email to sellers is below:
Dear FBA Seller,
Thank you for selling on Amazon.com with our Fulfillment by Amazon service (FBA).
Right now, there are Toys products that have high customer demand but that aren't being fulfilled by Amazon (but may be in the future). If you have any of these products or can get them, you might want to list them on Amazon.com and fulfill them using FBA. Note that, at this time, we are looking for products in new condition only.
We know that customers love buying items with FBA benefits, such as FREE Super Saver Shipping, Amazon Prime, and Guaranteed Accelerated Delivery, so this is a great time to consider testing a small quantity of these items in FBA.
See the list of 9,231 products here: (Link will expire in 14 days)
Thank you again for selling on Amazon.com.
Sincerely,
Amazon Selling Coach
Sunday
Why Selling Toys Online Won't Suck This Xmas
NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
Despite the fits and starts of the economic recession, it is a good time to be an online retailer. Why?
- A recent Wall Street Journal article states that higher fuel bills are forcing customers to reconsider driving to the big box stores (i.e. Walmart) to buy stuff; and they are even buying more of their consumable goods (goods they would normally buy at those stores) on online sites like Amazon.
- Another recent Wall Street Journal article confirms that if a double-dip recession occurs, "online-only stores shouldn't fret as much as their brick-and-mortar counterparts"; and finally
- (You knew this already) Online sales year-over-year growth continues to beat the daylights out of brick-and-mortar retail growth.
So if you want to cash in this Christmas like I did (by selling mostly Toys on Amazon), here are some tips:
TACTIC: SIGN UP TO SELL on AMAZON or EBAY NOW (If you haven't already)
Sign up to sell on Amazon soon because their Toy and Games restrictions will kick in if you don't start selling toys, like, now. You can loophole (for the most part) these restrictions when you sign up for Fulfillment by Amazon, or 'FBA' (Where Amazon does all the shipping directly to your customers). I recommend signing up for FBA whether you sell Toys/games or not. The cost for selling via Amazon FBA versus shipping the item to the customer yourself is pretty minimal, and FBA frees you up from the grunt work (i.e. boxing individual items and haggling over customer service issues). (If you need to get up to speed quickly to learn how to "sell like a champ" on Amazon, take this course (it has a 100% Money Back Guarantee if you're not satisfied for any reason). Or learn the basics, FREE, on your own with this guide).
TACTICS: GET YOUR INVENTORY EARLY
Preparedness pays:
FREE TIP #1: When you see local (or online) toy store sales and/or clearance, snap up toys from some of the more traditional brands - Legos, Barbie, Toy Story 3, Disney Pixar Cars, Bratz dolls. etc. These almost always sell for 2x to 3x (or more) their 'off-Season Sale' prices when Xmas draws near close. Stay away from faddish-toys with no brand history.
FREE TIP #2: Hang out in the online sales forums like Slickdeals.net and bookmark sites to learn what other folks are trying to get their hands on this Christmas.
FREE TIP #3: Talk to your friends who have little kids and take notes of what Toys the kids think are 'hot' right now. If you find a common product (i.e., if every boy mentions the Hot Wheels Video Racers, out this Fall), well chances are that toy will be a hot pick - and very hard to find - this Christmas (which mean you should find those products now, preferably on sale, and plan to sell the 2x to 3x their current retail price).
FREE TIP #4: Talk to your local mom-and-pop Toy store. Tell them you want to 'surprise your niece' this Christmas with a toy that is predicted to be a winner, but you have no idea what to buy. These toy stores have already ordered their inventory and they know what's in predicted to be hot and in demand.
FREE TIP #5: Hang out in the local 'big' Toy Stores (i.e. ToysRUS) a couple times a week and see what they're sold out of. Again, chances are those hard-to-keep-in-stock toys will be even hotter this Christmas. So take note what's sold out and buy it online or at the same store when it's back in stock.
TACTICS: PREPARE to "STAND OUT" FROM OTHER ONLINE RETAILERS
Whether you sell on Amazon, ebay, or anywhere else - do you have a strategy to stand out? You can take my ideas:
FREE TIP #6: include brand new batteries for every toy that requires them, and make sure you say that in the product description or title.
FREE TIP #7: IF YOU SHIP your products (versus Fulfillment), promise your customers a "Get it by December 20th or IT's FREE" Guarantee, like I do. (You can pick a date other than the 20th if you wish, of course). I've never had a problem promising this. Some customers are PRAYING they get the gift late so they can get it free, but I had a late delivery maybe once or twice in the past 3 years. Just make sure you ship your packages out well ahead of the 'Get it By' date.
FREE TIP #8: IF YOU SHIP your products (versus Fulfillment), give your customers a free upgrade to USPS PRIORITY shipping. (I have found that, for most average-sized packages weighing between 13 ounces and 3 lbs, that Priority shipping is frequently just a little more $ than parcel post.)
FREE TIP #9: Pre-owned Toys (as long as they're clean and neat) sell extremely well, too, year round - and for even more profit during the Holidays. So hit your local thrift stores/yard sales NOW and find some complete toys and/or games for $1 or $2 (Make sure they have all the pieces/parts, and get batteries if they're needed). NOTE: If you want the extra assurance to know EXACTLY what pre-owned toys to look for, you can buy this guide. (Note: subscribers to FBAFinds.com get that guide for free) Stick the games/toys in the closet so you can sell them in November/December on eBay or Amazon.
So I hope that helps you - let's get ready to CRUSH IT this Xmas! Questions? Post away....
J.B. Malik, Founder
HonestOnlineSelling.com and FBAFinds.com
- A recent Wall Street Journal article states that higher fuel bills are forcing customers to reconsider driving to the big box stores (i.e. Walmart) to buy stuff; and they are even buying more of their consumable goods (goods they would normally buy at those stores) on online sites like Amazon.
- Another recent Wall Street Journal article confirms that if a double-dip recession occurs, "online-only stores shouldn't fret as much as their brick-and-mortar counterparts"; and finally
- (You knew this already) Online sales year-over-year growth continues to beat the daylights out of brick-and-mortar retail growth.
So if you want to cash in this Christmas like I did (by selling mostly Toys on Amazon), here are some tips:
TACTIC: SIGN UP TO SELL on AMAZON or EBAY NOW (If you haven't already)
Sign up to sell on Amazon soon because their Toy and Games restrictions will kick in if you don't start selling toys, like, now. You can loophole (for the most part) these restrictions when you sign up for Fulfillment by Amazon, or 'FBA' (Where Amazon does all the shipping directly to your customers). I recommend signing up for FBA whether you sell Toys/games or not. The cost for selling via Amazon FBA versus shipping the item to the customer yourself is pretty minimal, and FBA frees you up from the grunt work (i.e. boxing individual items and haggling over customer service issues). (If you need to get up to speed quickly to learn how to "sell like a champ" on Amazon, take this course (it has a 100% Money Back Guarantee if you're not satisfied for any reason). Or learn the basics, FREE, on your own with this guide).
TACTICS: GET YOUR INVENTORY EARLY
Preparedness pays:
FREE TIP #1: When you see local (or online) toy store sales and/or clearance, snap up toys from some of the more traditional brands - Legos, Barbie, Toy Story 3, Disney Pixar Cars, Bratz dolls. etc. These almost always sell for 2x to 3x (or more) their 'off-Season Sale' prices when Xmas draws near close. Stay away from faddish-toys with no brand history.
FREE TIP #2: Hang out in the online sales forums like Slickdeals.net and bookmark sites to learn what other folks are trying to get their hands on this Christmas.
FREE TIP #3: Talk to your friends who have little kids and take notes of what Toys the kids think are 'hot' right now. If you find a common product (i.e., if every boy mentions the Hot Wheels Video Racers, out this Fall), well chances are that toy will be a hot pick - and very hard to find - this Christmas (which mean you should find those products now, preferably on sale, and plan to sell the 2x to 3x their current retail price).
FREE TIP #4: Talk to your local mom-and-pop Toy store. Tell them you want to 'surprise your niece' this Christmas with a toy that is predicted to be a winner, but you have no idea what to buy. These toy stores have already ordered their inventory and they know what's in predicted to be hot and in demand.
FREE TIP #5: Hang out in the local 'big' Toy Stores (i.e. ToysRUS) a couple times a week and see what they're sold out of. Again, chances are those hard-to-keep-in-stock toys will be even hotter this Christmas. So take note what's sold out and buy it online or at the same store when it's back in stock.
TACTICS: PREPARE to "STAND OUT" FROM OTHER ONLINE RETAILERS
Whether you sell on Amazon, ebay, or anywhere else - do you have a strategy to stand out? You can take my ideas:
FREE TIP #6: include brand new batteries for every toy that requires them, and make sure you say that in the product description or title.
FREE TIP #7: IF YOU SHIP your products (versus Fulfillment), promise your customers a "Get it by December 20th or IT's FREE" Guarantee, like I do. (You can pick a date other than the 20th if you wish, of course). I've never had a problem promising this. Some customers are PRAYING they get the gift late so they can get it free, but I had a late delivery maybe once or twice in the past 3 years. Just make sure you ship your packages out well ahead of the 'Get it By' date.
FREE TIP #8: IF YOU SHIP your products (versus Fulfillment), give your customers a free upgrade to USPS PRIORITY shipping. (I have found that, for most average-sized packages weighing between 13 ounces and 3 lbs, that Priority shipping is frequently just a little more $ than parcel post.)
FREE TIP #9: Pre-owned Toys (as long as they're clean and neat) sell extremely well, too, year round - and for even more profit during the Holidays. So hit your local thrift stores/yard sales NOW and find some complete toys and/or games for $1 or $2 (Make sure they have all the pieces/parts, and get batteries if they're needed). NOTE: If you want the extra assurance to know EXACTLY what pre-owned toys to look for, you can buy this guide. (Note: subscribers to FBAFinds.com get that guide for free) Stick the games/toys in the closet so you can sell them in November/December on eBay or Amazon.
So I hope that helps you - let's get ready to CRUSH IT this Xmas! Questions? Post away....
J.B. Malik, Founder
HonestOnlineSelling.com and FBAFinds.com
Tuesday
The Free Education Amazon Gave Me
NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
Hi readers.
Nothing to sell to you in this post. Just some inspiration.
Most of you know that I've been pretty successful selling on Amazon. (Just about anyone can sell on Amazon too.) This screen shot shows what I earn on a very 'part time' basis (I run a couple other ventures, as you know.)
In a previous post, I explained to you how I paid $40,000+ for a Boston University MBA, and how I feel I learned more - and earned more - from my ventures online (I'm probably banned from the B.U. campus, now, for saying that).
I'm a fan of education, but not so much when education doesn't teach you how to make money in the 'real world'.
So aside from my 'selling success; on Amazon, I am ecstatic that I also got a free 'real world' education from it, too, in many different 'disciplines'. How?
> I got a free education in retail merchandising by competing with other Amazon sellers pitching the same products; and by learning about UPC Codes (required when you sell your own product or create your own bundle of products to sell on Amazon)
> I got a free education in pricing dynamics. Because of Amazon's extremely large audience, the price of a product can be influenced almost immediately by supply and demand from the consumer, and that phenomena can influence 3rd party merchandisers to compete on price. What you end up with is an economist's dream: product pricing that is very closely aligned with supply and demand.
> I got a free education in customer service. Amazon.com's customer service 'rules' for sellers like me are pretty strict. Sellers have to be very careful how they represent the products they're selling. If you call an item 'new' you'd better mean it. And if you ship the product from home, it had better arrive to the customer on time. And if you tell an aggravating customer to jump in a lake, well, you get the picture.
> I got a free education in social media. I hate the buzzword 'social media' because it's WAY overused. But Amazon (unlike everyone else) isn't 'buzzing' about Social Media at all. It's because they (arguably) invented it with their site's powerful software and algorithms that, among other things:
> recommend products to customers based on their interests and past purchases;
> influence supply and demand of a product based on customers' posted reviews of that product;
> allow customers to create and share wish lists, etc.
> I got a free education in 'eco-friendly' initiatives. One of my e-books explains the tremendous profit potential in selling pre-owned toys and games on Amazon for big profits. Many sellers don't realize that by 'recycling' the product that way, it's one less toy in a landfill, one less new toy packaging to be tossed away.
So, how about you? What did selling on Amazon teach you?
Hi readers.
Nothing to sell to you in this post. Just some inspiration.
Most of you know that I've been pretty successful selling on Amazon. (Just about anyone can sell on Amazon too.) This screen shot shows what I earn on a very 'part time' basis (I run a couple other ventures, as you know.)
In a previous post, I explained to you how I paid $40,000+ for a Boston University MBA, and how I feel I learned more - and earned more - from my ventures online (I'm probably banned from the B.U. campus, now, for saying that).
I'm a fan of education, but not so much when education doesn't teach you how to make money in the 'real world'.
So aside from my 'selling success; on Amazon, I am ecstatic that I also got a free 'real world' education from it, too, in many different 'disciplines'. How?
> I got a free education in retail merchandising by competing with other Amazon sellers pitching the same products; and by learning about UPC Codes (required when you sell your own product or create your own bundle of products to sell on Amazon)
> I got a free education in pricing dynamics. Because of Amazon's extremely large audience, the price of a product can be influenced almost immediately by supply and demand from the consumer, and that phenomena can influence 3rd party merchandisers to compete on price. What you end up with is an economist's dream: product pricing that is very closely aligned with supply and demand.
> I got a free education in customer service. Amazon.com's customer service 'rules' for sellers like me are pretty strict. Sellers have to be very careful how they represent the products they're selling. If you call an item 'new' you'd better mean it. And if you ship the product from home, it had better arrive to the customer on time. And if you tell an aggravating customer to jump in a lake, well, you get the picture.
> I got a free education in social media. I hate the buzzword 'social media' because it's WAY overused. But Amazon (unlike everyone else) isn't 'buzzing' about Social Media at all. It's because they (arguably) invented it with their site's powerful software and algorithms that, among other things:
> recommend products to customers based on their interests and past purchases;
> influence supply and demand of a product based on customers' posted reviews of that product;
> allow customers to create and share wish lists, etc.
> I got a free education in 'eco-friendly' initiatives. One of my e-books explains the tremendous profit potential in selling pre-owned toys and games on Amazon for big profits. Many sellers don't realize that by 'recycling' the product that way, it's one less toy in a landfill, one less new toy packaging to be tossed away.
So, how about you? What did selling on Amazon teach you?
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