In this article, we'll talk about the skills you need to succeed on Amazon.
What’s up Amazon sellers? Do you know what skills an Amazon seller must have to succeed on the Amazon platform? In this article, we are going to talk about the 5 top must-have skills to succeed in your Amazon Business.
If you want the video format of this article, we got you! You can definitely check this video out.
Topic Rundown
Introduction
I’ve been selling on Amazon for 4 years, and with the number of experiences I’ve had, I would like to share with you the skills I developed as an Amazon seller that helped me manage my business smoothly.
Now, knowing the skills is important to know because this information will be helpful for sellers like you, who want to start on Amazon, considering that the skills that I will be sharing will let you know what to expect on Amazon selling, and will help you determine if this kind of business is right for you.
Maybe you are already selling on Amazon. This content will help you understand which areas you are lacking in and need to further develop, so that you can focus on that skills, hence developing your business management skills and leveling up your game on this platform.
5 Skills you need to succeed on Amazon
1. The first skill that you need to succeed on Amazon is that you should be good with numbers.
As an Amazon seller, you will be dealing with numbers, since you are going to be analyzing data when you are finding good online arbitrage deals to sell on Amazon IE using a calculation, reading a Keepa graph, and checking the product history like sales history, and buy box trend.
This is important because you will have an advantage over other sellers if you know how to read data, especially when making buying decisions. In addition to that, you will also have to deal with numbers relating to money, and that is understanding profit, Return on Investment (ROI), and sales.
In any business, financial numbers signify several things about your business. They will tell you whether your sales income is on track, whether your costs are under control, and how financially successful your business is at any moment in time. So, if you don’t know your numbers, you will have trouble determining where your business is at, and worse, lose money.
In my Amazon business, I make sure that I properly budget and avoid overspending, and make sure that I have enough left over to pay for employees, stock, bills, etc…
2. The second skill is you should be resourceful.
In your business, you are going to come up against a lot of problems, take, for example, sourcing products. This skill will really help you especially when you are looking for online arbitrage deals to source your products because honestly finding products to sell on Amazon is a very time-consuming task, so as much as possible you want to speed up your process. That’s why being resourceful is an important skill for sellers to possess.
Why? Because you will have to utilize tools that will help you make decisions IE Keepa for checking sales history, FBA Multi-tool for calculating profit and ROI, and more
Other than that, on Amazon, you have to be resourceful in terms of making use of the available resources online in terms of learning the ins and outs of managing Amazon's business. Expect that there are going to be plenty of changes now and then, that is why it is important to be updated on the changes. What you can do is learn from others. Join FB groups, free courses, and YouTube videos, and use the available resources provided for you.
3. Aside from being good in numbers, and being resourceful our third skill is possessing adaptability.
Change is inevitable when selling on Amazon. So you must learn new skills and behaviors in response to the changing circumstances.
To give you an example, there is an update with regard to the shipment creation, although it is not fully updated yet. But what my Amazon Virtual Assistant is trying to do is create a shipment using the new shipment plan and currently, she is still trying to get through the ins and outs of the updated shipment creation, because before details like expiration dates are usually inputted by our prep center. But with the new update, my Amazon VA cannot complete the shipment plan because she had to include certain information like expiration dates. And this is a bit of a problem because if she had to put expiration dates herself, then she will need to contact the supplier and ask for the expiration date of each item, and that’s going to be a lot of work.
Now, considering that she cannot input the expiration date, she won’t be able to get the shipping id because she is lacking information. In this situation, you can clearly see that as an Amazon seller, you must be able to adapt to the changes and do trial and error until you resolve the issue.
4. The fourth skill is resilience.
Selling on Amazon is not all about rainbows and butterflies, expect that there will be times when you’ll experience failure, so you must be able to handle difficult situations on this platform. I experience this time and time again, and one of the recent incidents is the restock limits, where almost all Amazon FBA sellers have been affected.
What happened? Initially, we had 11,000 units in stock and an allowance of 11,000. All good just tight on the stock level, then Amazon increased our allowance from 11,000 to 13,000 units, allowing for our maximum inventory level, but then Amazon dropped to 9,000 units!
So that meant that I could not send in any more stock and had to reduce my existing holding down. Then it dropped to 6,000. So with this kind of circumstance, you must be able to be resilient despite the unforeseen situation and take immediate actions for you to save your Amazon business.
5. The fifth and final skill is having an eye for a deal within your market.
What I’ve learned time and time again from doing this is that the competition is fierce, so you always see opportunities that lie within. It might be about increasing in volumes, discounts on products, suppliers getting discounts, voucher codes, etc… You also have to figure out how the buy box is working with the rotation or the time of day. Things like this are going to give you an edge in your Amazon business.
One thing we saw in the past was being able to maximize our cashback. We are probably making the best nearly two thousand pounds a month on cashback alone, not including profits from the business. Having an eye for detail is super important for any Amazon seller for it just makes the difference between good and amazing.
If you are thinking about starting your Amazon journey and may not be too sure where to start, or perhaps, maybe, you can check out our Fast Track FBA Express course.
It is a free course I created that should help you out over seven days with videos from our Youtube Channel. This will help you understand great sourcing techniques, deal analysis, and the whole fundamentals of selling on Amazon.
You can also check out our articles for the Top 100 UK Supplier List and Top 100 US Supplier List that can guide you through.
You can just look at a product on a supplier site and be pretty certain if it will be a good deal or not. Why? Because you have domain knowledge of your niche.
Now, having this skill is an advantage since it can really speed up your process especially when you are sourcing products
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What do FTF users think about skills that Amazon sellers must have?
We posted a question on our Facebook group and asked “What are the skills that Amazon sellers must have?” and they came back with the following responses:
Thank you to those people who responded, this is very useful, especially to those beginners who are starting on Amazon.
So if you are one of those people, I’ll drop a link below if you are interested to join our Facebook group, which is composed of Amazon sellers helping each other go through different issues on Amazon selling.