11 Simple And Proven Ways To Make Money On Amazon
In this post, you will learn 11 simple and proven ways on how to make money on Amazon. Amazon located in Seattle United States of America began by selling used books on the internet and now ranks as the number one biggest retailer worth over $602 billion and continues to grow in unlimited dimensions. Amazon has a primary business but it has spread into other areas. There are now many ways people can make money on Amazon. So if you are an entrepreneur or just a side hustler and want to earn some extra cash, choose any of the options in this post and start creating your income now.
Besides, Amazon is one of the most popular websites with tons of traffic from sellers, buyers and those visiting the website for other reasons daily. Now that you know a little bit about this money-making machine called Amazon, let’s start immediately to reveal how to make money on Amazon.
How To Make Money On Amazon
Retail arbitrage is the usual “buy low and sell high” business model that any typical business operates to stay profitable. What you do to get inventory for resale in this business is to find products at discounts in your locality and resell them on Amazon at a profit. And you could also use Fulfillment By Amazon (FBA Program,) to ship the product to buyers.
But you need three things to begin this business. They are Amazon Reseller Account, Amazon App for Selling in IOSor Android and a few dollars to buy inventory.
This is just like retail arbitrage that I explained above and it is a proven way on how to make money on Amazon The only difference is that you have to get your product for reselling from online stores. The truth is that some stores online sell a product at a lower price that what obtains on Amazon. Also, you can get products profitable if you get cash back from Ebates and credit card rewards.
But note that your profit on online arbitrage is lower than that from retail arbitrage. But you will be able to get more profitable items online than in local stores. And you can find a good deal of these items on the web using apps like Source Moguls or Tactical Arbitrage.
Reselling Books on Amazon
Reselling Books on Amazon is easy to do. Start by using an app like Book scouter to scan the ISBN barcodes on books to discover how much they are selling them on Amazon. Just like retail arbitrage, it can be hard to find profitable books because most used books are valueless.
But textbooks and books that are out of print, or rare editions are priceless. So, to get these books, go to local garage sales, thrift stores, and your local library book store. Also. your cost of sourcing these books are low as most books at garage sales sell lower than $1.
Sell Private Label Products on Amazon
Another easy and proven way on how to make money on Amazon is by selling private label products. Private label is created by entrepreneurs like you and I that are allowed to make our own branded products to sell on Amazon. If you are not able to create your own follow these steps to create one.
- Find a manufactured product that is selling
- Find out from reviews what people say they don’t like about this product (optional)
- Then go to Alibaba to find a manufacturer to produce a better product or a product that looks like it
- Also, design a unique packaging and give it a brand name.
- Then order the finished product in bulk and start marketing your own product to compete with the initial one on Amazon.
The cons are that it is expensive to start this business and you are taking a big risk and you could be stock with a huge inventory of $1,000 worth or more and unable to sell them off fast.
In wholesale business you buy directly from a manufacturer and resell it for profit. What you do is to go to a manufacturer and tell them you will help them sell their product. If you do whole sale business on Amazon you are taking less risk as your upfront investment is lower and marketing cost on advertising is low. To start this business get a resale certificate from your state and search for the brands that have little presence on Amazon and offer to sell for them.
Merch by Amazon
The Merch program is the next easy and proven way on how to make money on Amazon that you can explore. How this program works is that you upload your design then Amazon takes over. They will do the printing and shipping of the products to customers for you. As of now, you can make T-shirts, Long-sleeve T-shirts, Sweatshirts, Hoodies, and pop sockets. Also, inventory will likely expand in the future. Also, there are 3 types of product niches that you can create these shirts on. They include:
- Evergreen topics like professions, family role, sports, and hobbies,
- Trending topics like current events on the news
- Seasonal topics that you can create designs or slogans to reflect are holidays, Valentine’s day Christmas and Halloween, father’s day, etc.
Amazon Trade-In Program
If you have any used books, DVD’S, Kindle Devices, Tablets, Cell phones, and so on, Amazon can pay you for them. Amazon will pay you by Gift Cards by its Official trade In program. Note that you will not receive Cash but due to the frequent rate of buying from Amazon you will be able to use the Gift Card pretty soon. And you will also receive a free paid USPS or UPS to ship the merchandise easily without any cost to you.
This is a program for handling hancrafted items like ETSY and it is on this list of how to make money on Amazon. To start the business you have to apply to Amazon and the program is called Amazon Hand made. So, if you sell handmade goods you can apply. Also, you are allowed to set the price and run your marketing campaigns. But you can complete orders on your own or use Amazon’s FBA program. Note that Amazon will take 15% for each sale you make.
So artisans that make and sell the following items can apply immediately.
- Baby Products
- Beauty & Personal Care Products
- Shoes & Handbags
- Home Products
- Outdoor & Home Care
- Jewelry & Watches
- Kitchen & Dining Products
- Pet Supplies
- Sporting Goods
- Stationery & Party Supplies
- Toys & Games
Do you know that if you are a writer you can self publish your book on Amazon? As of now, there are more than 6 million Kindle titles. If you publish your book on Kindle you can make money by earning Author Royalty when anyone buys your book. Also, if your book’s price range is between $2.99 to $9.99, you will earn 70% of the price. But, if it is priced higher than that range you will earn 35%.
The second way an author earns on Kindle is when readers borrow your book through the Kindle Unlimited program. You are paid based on the number of pages readers read. This favors fiction writers.
It is simple to do signup for Amazon Kindle, write your book and upload it and put a free cover using the Amazon template. You may also pay someone to make a cover design for you and then upload content through your KDP dashboard.
KDP Print Books
The Kindle Print books is another opportunity you can try on this list of how to make money on Amazon. If you make kindle books you have options to create a paperback version at once. Also, you do not need to pay for printing. Besides, it is a print on demand service that Amazon handles. On paperback, you could make an extra 60 % as royalty when they sell your paperback on Amazon.
You can also create an Audio book from your kindle books. This will also add to your royalties if you create an Audiobook. Moreover, Amazon makes it easy for you to create your Audiobooks. It has another company called Audio creation Exchange (ACX.) On this website, you will get narrators that will produce your book. You can also do it yourself is you have the needed skills.
But you will have to pay for professional narrators or give them a percentage of the royalties. The royalties range from 20-40% for self-published authors who you use the ACX service. Also, what you earn depends on how the product will be distributed and the producer’s compensation method.
In this post, you learned 11 simple and proven ways on how to make money on Amazon. You can try out any of them and rest assured they are guaranteed to make you some money. Do share your user experience here.