Discover proven strategies to make more money on Amazon in 2024. Learn about the unstoppable momentum of Amazon, the power of FBA, and diversified approaches.
Amazon sellers can rake in even more revenue in the year ahead through strategic diversification. Amazon has never been more popular. The platform's success has increased seller competition, yet the simultaneous increase in online shoppers has created a mutually beneficial balance.
This is your inside look at the bullish future of Amazon including strategies to take full advantage of the rapidly growing platform and make more money on Amazon in 2024.
Amazon will likely continue to capture more e-commerce market share than it did in 2023. Though there are competitors such as Shopify, Etsy, and eBay, those platforms are pale in comparison to Amazon.
Sellers should be aware that half of Amazon’s $500+ billion annual revenue is attributed to third-party sellers. If you aren’t selling private label items on the platform, now is the time to start. Private label products on Amazon sell with unparalleled efficiency thanks to the platform's FBA network. FBA is short for Fulfillment by Amazon a selling option where Amazon handles order fulfillment, warehousing products, and customer service for a vendor.
Amazon sellers are encouraged to embrace the private label approach, choosing to manufacture items that already exist with the addition of strategic branding. Private labeling involves sourcing generic or unbranded products, adding your branding, and selling that item as proprietary or exclusive. Even something as simple as adding a logo to a pre-existing product has the potential to increase sales.
Amazon FBA makes it easy to transmit items, oftentimes in two days or less through the popular Prime service. The best part of using FBA is not having to worry about picking, packing, and shipping and instead focusing on business growth. Amazon FBA ultimately saves sellers like you time, effort, and money.
Now, let’s take a look at some of the different ways you can make more money on Amazon in 2024.
Amazon offers sellers the option of becoming an affiliate of the platform. The Amazon Associates Program empowers sellers to earn a sizable commission stemming from affiliate sales. Affiliates often find success promoting products listed on the platform through blogging, social media, and YouTube.
As an example, you can make money by simply finding a product you love on Amazon, and sharing a link to that product with your followers on social media, your blog, or even your email subscriber list. Steer online traffic toward the product, wait for sales, and you’ll collect a commission on each purchase.
The affiliate process begins with the Amazon Associates program. Sign up for the Associates program and you’ll receive individualized links specifically for you to share with your audience.
Amazon’s Kindle Direct Publishing empowers everyday people to publish their own books. Referred to as KDP, this digital platform serves as an additional revenue stream to supplement conventional sales on the platform. However, merely publishing one book on KDP might not make a meaningful impact on your bottom line.
Consider outsourcing content creation to professional writers for a steady stream of fresh content that builds awareness and sales momentum. Some Amazon sellers have found success writing ebooks that are low/medium content. Low and medium content is nontraditional content such as planners, word searches, and even coloring books.
Selling products wholesale on Amazon is similar to Private Label sales in that it requires the purchase of large quantities of items for resale on the platform. The distinction between the two approaches is wholesale selling is the sale of products made by other businesses. Take the wholesale goods approach and you won’t have to spend time making and labeling items for sale.
One guaranteed way to see more sales on the platform is to fine-tune your advertising strategies. Sellers can effectively reach their intended audience and drive sales by harnessing the power of targeted ads, strategic keyword placement, and leveraging data-driven insights. Mayan offers a comprehensive suite of tools and services to help your products stand out from the rest. Using our platform sellers can stay ahead of the curve, adapting to the dynamic landscape of Amazon's marketplace. Access your free audit today.
Dropshipping is the e-commerce sales strategy of selling products without the cost of maintaining inventory. The dropshipping approach is ideal for those who are short on money yet still looking for a means of earning through the platform.
Try dropshipping through Amazon and you’ll find listing products for sale is surprisingly easy and efficient. There is no sense in sinking limited capital into owning inventory when Amazon lets you list items for sale without proof of ownership.
Here’s how dropshipping works: a customer enters an online order on Amazon after finding your product page. In turn, you purchase the product from another merchant at a price that is lower than your listed price. The third-party merchant ships the product directly to your Amazon buyer.
The beauty of the dropshipping approach to online moneymaking is you never have to handle the product. This can save time, money, and manpower. Amazon dropshippers process information, serving as a “middleman” communicator between consumers and suppliers.
When done right, Amazon dropshipping has the potential to become a highly profitable revenue stream with high-volume sales. However, it will take some time to form relationships with suppliers and build momentum. Be patient, pinpoint a reputable supplier characterized by consistency and you’ll find your revenue potential is unlimited.
You can make money on Amazon through the resale of products bought in traditional stores or even other websites. Retail arbitrage is especially effective when flipping scarce products or those that are in demand during peak shopping periods such as the winter holidays.
Moreover, arbitrage is also profitable for deal-hunters who find discounted items at local stores, especially in rural areas where prices are lower than those in urban and suburban areas. Expand your horizons to other e-commerce stores, find affordable items then flip them on the Amazon platform for profit. Combine online and offline arbitrage and you’ll enjoy a new revenue stream that has the potential to last indefinitely.
The Amazon Associates Program umbrella includes Amazon Influencers. The platform’s influencer program provides sellers with their unique storefronts, providing an opportunity to showcase specific products. The Influencer program also empowers sellers like you to create videos in which you review products and then have videos shown on product listings. Those who click the video and follow through with a purchase trigger Onsite Commissions redirected to you.
Amazon Influencers with followers on Instagram, TikTok, and even YouTube have enjoyed considerable success referring viewers to their storefronts for product purchases. Amazon makes it easy to apply to the Influencer program using accounts on Facebook, YouTube, Instagram, and TikTok.
DIY, meaning do it yourself, has become a popular trend in unison with the rise of online shopping. Creative and enterprising individuals have found selling their creations on the Amazon platform is often more profitable than selling them locally.
Surf the web over to the Amazon Handmade artisan community and you’ll find invaluable opportunities to sell your DIY goods through the platform. Amazon Handmade serves as a nationwide platform for selling unique products from the comfort of your home. Though Amazon collects fees from handmade seller products, there is still plenty of room for profit. In general, Amazon Handmade sellers enjoy profit margins of 20% or higher.
Amazon’s Merch on Demand program is also popular among the DIY crowd. Chances are you’ve had at least one good idea for a new twist on an existing product such as a beer mug, coffee mug, hat, or shirt. There is no sense shelling out your hard-earned money to produce hundreds or thousands of those items without the guarantee of sales.
Enter Amazon Merch on Demand. This print-on-demand approach empowers sellers like you to create your designs for use on products sold through the Amazon platform. Upload your ideas and those designs will have the potential to be used on a variety of products.
Amazon generates the item after the point of sale, coordinates the shipping logistics, and delivers the product. The result for sellers like you is a royalty between 13% and 37%. The specific royalty on each Merch on Demand product is determined by the sale price. The higher the sale price, the more you earn in commissions.