What does the future hold for Amazon sellers?
This is the million dollar question. Actually, it is a multi-million dollar question, as thousands of people have staked a claim in the success of Amazon’s seller marketplace, and many more are eyeing the potential of selling on Amazon and ready to make a move.
Did you know that you can connect your Shopify store to Amazon and sell on the worlds largest market place?
Benefits of this seller survey
- Presenting trends
- Evaluating markets
- Highlighting success rates
- Sharing valuable knowledge
There is so much information that was ripe for visualization and an infographic seemed like the best way to convey the data.
But before you see it, and the supporting data, there are some really important findings that we came across that I wanted to highlight:
- Sell Multiple Products: The number of products that you sell is the most statistically significant impact on profits. So to the extent possible, keep finding and releasing new products.
- Start ASAP: The second most important factor in determining success is how long your business has been running. Get started selling as soon as you can!
- Diversify: Besides just being a prudent business decision, there is a proven benefit to how you diversify your business. This means selling in multiple Amazon international marketplaces (expanding to other markets tends to boost profits by 32%), multiple channels (especially a standalone website), and business models (namely inventing your own product and private label).
- Starting Small Is OK: In the long run, your initial investment in the business does not have a statistically significant impact on your profits. So even if you can only start with a modest investment, it is more important to get started and keep going!
- Keep It Simple: There are dozens of tactics for building a business, but it’s best to stick to the basics. Overall, adding more steps did not prove to have a statistically significant impact among the 2700+ respondents.
Special Thanks to Greg Mercer from Jungle Scout for the inspiration to this post and wicked infographic!