Simply mention the name Amazon, and everyone knows that it is one of the world's largest online e-commerce platforms, dominating every sector from books to apparel to electronics. But what many still do not realize, is that Amazon allows 3rd party sellers to sell on their platform to get a piece of the pie.
How this works is simple, yet complex to the uninitiated. Sellers just need to find a product that is in demand, find a way to make it unique, source it from a supplier, send it to Amazon, start selling it, and Amazon will do the rest!
There is no need to handle fulfillment, payment, customer service, and warehousing. It is one of the most scalable business models available right now.
We spoke with Benjamin Tan, a full-time Amazon seller and the founder of AMZ Family, to find out more.
Why Choose Amazon FBA?
When starting an online business, these are all the elements that go into play. You need to build a website, learn how to drive traffic, find products to sell, handle payments, manage the fulfillment, warehousing, and even customer support.
Enter Amazon FBA, which stands for Fulfillment by Amazon. It removes many of the complicated elements that go into starting an online business while leaving sellers to focus on the most important aspect - the Product.
So what is the secret to becoming a top seller? Benjamin explains further below.
Pick a Winning Niche
The biggest factor is what to sell, and most sellers get stuck here. However, Benjamin's approach is slightly different. "Instead of focusing on the product, we focus on the people. Because at the end of the day, it is the people who buy the product."
Instead of doing product selection, the unique twist to this approach is to do 'people selection'. Finding a targeted niche or audience of people who buy certain kinds of products, and building a brand around it.
"Doing this helps you to sell more to the same people, increase profit margins per sale, build customer loyalty, and eventually position yourself for a nice exit down the road when you decide to sell the business," Benjamin elaborates.
Less is More
Another tip he shared is how to achieve more with less. Many times, sellers get overwhelmed with the day-to-day operational aspect of the business. But there is a better approach to this.
By focusing on the 80/20 rule and strictly only doing the things that only you can do, you force yourself to be ultra productive and leave the less important tasks to other people to handle.
This is how any seller can achieve more by doing less because it forces them to only focus on higher-value tasks and outsourcing or delegating the rest.
Right Mindset is Key
One of the biggest factors to any seller's success is also the mindset. Benjamin tells us why having a strong mindset is crucial to any business owner.
"In our community, we focus not just on teaching tactics, but also timeless principles and how to excel in all areas in life. Because how you do anything, is how you do everything. In the areas of health, family, relationship, finance, fitness and wealth", says Benjamin.
This approach has taken root within the entire community that he has coached, which has resulted in many success stories. It is the living proof that if you can believe it, you can achieve it.