5 Habits of Highly Successful Amazon Sellers
When you are a member of Facebook Groups for Amazon Sellers, you’ll see posts of people who invested $500 and experienced rapid growth in retail arbitrage. You know those guys (and girls) who are sharing snapshots from their Shopify dashboard that show a sales revenue chart that skyrocketed to the top?
How did they get there? What did those rock star Amazon Sellers do to rapidly grow their sales revenues? It’s not about what they did once; it’s about what they do everyday, and how they organize their time and efforts to nurture those sales. Here’s what we can learn from the top five habits of highly successful Amazon Sellers.
- They Understand the 80/20 Rule
When you are running a successful retail arbitrage business (or more than one shop), you already know how many different ‘hats’ you have to wear. Until you can outsource some help, every task and responsibility are yours. From product research, to strategic pricing, promotional marketing, customer service, graphic design and writing product descriptions, blog posts and advertising copy.
That’s a lot of ‘noise’ and work, but the most successful Amazon sellers learned to adopt the 80/20 rule as quickly as possible. You can’t make more hours in your day, but what you can do is focus 80% of your time and energy on the top 20% tasks that make you money.
Learn more about the math behind the Pareto Principal, and why effective time managers use this rule to focus on the most important aspects of their business to get results.
- They Have a Dream to be Financially Independent and Set Goals
Top Amazon Sellers come from every walk in life. From individuals with successful corporate careers, to freelancers who wanted to augment their income, to young couples looking for a way to increase their income and buy their first house. The one thing they have in common is a dream to be self-employed and financially independent.
You really do ‘achieve what you believe to be possible’. And if your dream is to segue yourself into a work-from-home full-time business that allows you to be gainfully employed, and live where you want to, retail arbitrage can make that happen. Set your goals, focus and make them happen!
- They Are Elite Level Time Managers
Google Calendar is your friend! Or at least that’s where a lot of business owners start. A voice assistant like Alexa or Google Home can help you with voice commands that put reminders, meetings and other tasks into your calendar. It can be as easy as “Hey Google, remind me to review Facebook ads on Monday”, and then executing those tasks on schedule.
There are a lot of different CRM and time management software providers to choose from, but if you are using a pad of paper as your management system, find one that integrates with your smartphone to help keep you organized.
- They Understand That Scaling Up Requires Some Help
The first stages that all e-commerce and Amazon Resellers go through, is the ‘do it yourself’ operational mode. You can’t afford to pay someone else (yet), and so you learn how to DIY as much of your retail arbitrage functions yourself.
And that works. Until you start growing, and while that’s a really exciting time for an e-commerce owner, it can also be a time when you start burning out. By then, your business should have enough income to consider a part-time freelance virtual assistant (or more than one) to give you some help.
One of the amazing things about the global reach of e-commerce is that there are skilled virtual assistants overseas, who are experienced and affordable for small business owners. Every single successful Amazon Seller we know who has reached the six-figure sales benchmark, has at least two virtual assistants working with them to ease the administrative burden, and optimize time management to focus better on marketing and promotion.
- They Allow Software to Do the Heavy Lifting
When your retail arbitrage business begins to scale up, or if it grows far more quickly than you anticipated (this happens if you nail the right niche and products), time becomes your most valuable asset. There are only so many hours in the day, so you need to consider what processes you can automate to save time.
The good news is that there are an infinite number of apps and software to choose from, to manage sales, customer service, scheduling social media posts (and optimizing publishing times). There are also software tools like ASINspector with data to help you target top-selling products, pricing strategies and more. Worker smarter (not harder) by finding the best timesaving ecommerce software.
Now our team at ASINspector would like to hear from you. What are your biggest challenges you experience as an Amazon Seller? How do you balance the demands of growing your Amazon sales with other aspects of your busy life? Leave us a comment.