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3 new ways for Amazon sellers to engage
While selling products on Amazon or Ebay or even Etsy is not a new endeavor, it can be very hard to for sellers to be seen in these spaces. Here are three tips to help third party sellers engage this holiday season.
Always have an exit plan for your investments
"Make investments with a robust "Plan B" to protect your downside. Aim to make investments where you can maximize the peak holiday opportunity, but in a case where your sell-through rate is below forecast, liquidate your inventory by returning to manufacturer, liquidating at discount, or selling through other channels," said Alasdair McLean-Foreman, CEO and founder of Teikametrics.
"Invest boldly and deeply where possible: One of the big mistakes we see in holiday planning is broad investments scattered over a large selection of SKUs. When you have an excellent investment opportunity across a smaller range of SKUs, preferably with downside protection (a "Plan B") in case the investment does not sell through, it is very important to seize the opportunity at scale. It's counterintuitive but it's much better to go big with an investment that has a much higher probability of performing than spreading your investments thin over many SKUs that are harder to manage," said McLean-Foreman.
"Selling on Amazon is dynamic and it's the agile retailers that win and maximize profits. Make sure you're ready to react to changes in the market, shifts in demand, competitors, and be ready to seize windows of opportunity. Make sure you've got tools in place to spot opportunities to reorder your most profitable items. Winning on Amazon during the holidays is like day trading and requires daily monitoring and adjustments," said McLean-Foreman.
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