The five best tools for selling on Amazon
Selling on Amazon has become such a retail opportunity that it has spawned several other business opportunities through tools that can assist you maximise your profits.
But it can be a minefield at times knowing which tools can really benefit your Amazon business. Here Thompson and Holt senior case manager Laura Monk, who has extensive experience on the platform, picks out the best five to consider supplementing your sales.
1. Pricing Tools
Thompson and Holt senior case manager Laura Monk: “Pricing is essential in any retail sector, but especially so on Amazon with the level of competition there is now. Competing companies will be desperate to undercut you, and it pays to be fully on top of how much your rivals are charging for the same or comparable products. Pricing tools can now be tailored for your direct requirements, allowing you to analyse where other Amazon Sellers are in terms of charging. Moreover, these tools can help you set minimum and maximum prices for a particular product to protect margins. It’s definitely worth considering them.”
2. Competitor Research Tools
Thompson and Holt senior case manager Laura Monk: “It’s not only rivals’ pricing that you should be fully aware of. Competitor research tools can also help you assess their product development ideas, keyword optimisation and marketing campaigns. Trying to do this without tools can be time consuming and you risk missing important factors. But there is software available now that can help perfect your Amazon listings and move them to the top, above your competitors, boosting sales and revenue in the process.”
3. Review Software Tools
Thompson and Holt senior case manager Laura Monk: “Reviews and customer feedback on Amazon are considered essential factors defining a business’s success rate. There are now review tools that can help you interact better with your customers, including automated feedback emails and alerts to negative responses, allowing you to act quickly to limit any damage. Another tool that will help ensure you don’t miss anything important on your account.”
4. Inventory Management Tools
Thompson and Holt senior case manager Laura Monk: “Managing your inventory is among the most important aspects of your Amazon business, and crucially it can take significant time. If you’ve got that then great, but assistant software can keep track of your stock levels and late deliveries much more efficiently, freeing you up for other areas of your business. New tools can even predict the stock you need based on customer demand.”
5. Tax Management Tools
Thompson and Holt senior case manager Laura Monk: “Tax returns are another time consuming but crucial part of your online business. There are now tax management tools designed specifically for Amazon business owners. Another potential factor that can free you up for more sales-driven focus elsewhere in your operation.”
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Thompson and Holt senior case manager Laura Monk: “There are a lot of different tools available now to help your Amazon business, but the ones best for you will be specific for your own needs and situation. It may be that you need help in certain areas of your business, or that you want to use them to help you in each. Take your time to read reviews of the different tools available online - just as if you were buying a product from Amazon - and take cost into account before making your decision. But it’s definitely an option worth exploring.”
If you have found yourself suspended while selling on Amazon, contact Thompson and Holt for a free LiveChat to get your Seller business back online as quickly as possible.
Thompson and Holt are also offering a free months trial of their Monitor and Protect service to help sellers prevent a suspension of ASINs or an their account during the COVID pandemic, more information on how to protect your Amazon seller account from a suspension can be found here.