Amazon has sellers globally, and sure thing, you have to compete with entrepreneurs from all over the world. But there is a key nuance when it comes to Amazon competition. And we are going to take about it right now.
Amazon competition: Most seller have not enough skills
The vast majority of sellers that Amazon hosts are not professionals. They are here because they know that Amazon is the largest marketplace in the world. What they want? Easy money, fast growing.
The vast majority of sellers are from this category, they come to Amazon, but do not want to step up their game. That is, you do not compete with ALL sellers. Only with those who are professionally engaged in business on Amazon.
You will effortlessly outperform most of the sellers who came to Amazon for no reason. So let’s compete only with professionals.
It all depends on niche choice
First, there are a huge number of niches on Amazon that have little to no competition.
Second, the overall competition is strong, but there is a huge number of niches and options for various products with minimal competition.
Naturally, it doesn’t make sense to jump into super-competitive niches, but you can always find a niche that fits your budget. It is only a matter of choosing a niche and choosing a product for sale, it is at this stage that you are already weeding out your competitors. (click here to find more on niche choice)
And even now, if you look objectively, there is not a single business in the world without competition. If a business is without competition, then it has no money in it. In areas where there is money, there will always be competition, and the more money there is in the area, the more competition there will be.
Amazon competition fears: Numbers matter
Also, it is important to understand that about 30 million sales are made on Amazon every day.
According to the latest data, this figure is even higher, but just think about it – 30 million sales per day. But many talk about competition as if they want to take all those 30 million sales for themselves.
Actually, if you make 10 sales per day with a net profit of $10, then you will already be earning $3,000 per month. You don’t need millions of sales, you only need roughly 10 sales a day to make a decent living.
There are a lot of niches where this can be done without much competition. And of course, healthy competition has never bothered anyone, because competition only pushes the business forward.
Yet, why are people afraid of competition? The only reason why you can be afraid of competition is the unwillingness to grow.
Tips for Amazon sellers: How to overcome Amazon competition?
Competitor analysis on Amazon
You can get all the information about the desires and preferences of your customers by analyzing the pages of competitors.
Indeed, to be successful in any business, you need to know your competitors. The same applies to businesses on Amazon. Often you can get all the information about the desires and preferences of your customers by analyzing the pages of competitors. In addition, regular monitoring of other people’s products has a positive effect on your own advertising opportunities and production practices.
Read reviews, questions and answers on competitor pages
Buyers usually understand what they want, and their feedback will help you improve your product or generate great ideas.
Customers say that the product packaging is too bright? Make your packaging in pastel colors. Customers don’t like the price? Think about how you can offer them better terms than your competitors.
Follow updates
Follow how often competitors update content, images, or make other changes. Do they use seasonal photos (biking in summer, cutting pumpkins in autumn)? Is their information about the benefits and use of the product clearer than yours? How often do they change prices and how does this affect their rankings?
Assess which sellers you can partner with
This is suitable for complementary products (eg. memory cards and cameras). The point is that you need to find opportunities for mutual promotion. To do this, look at the reviews of your customers. Among them may be those that talk about the products that pushed them to purchase your product. Use these reviews to your advantage. Consider whether it makes sense to target keywords from those product categories.
Act fast
If you see a competitor out of stock, go ahead. Such moments are the right time to lower the price and/or increase the amount of advertising. If you see that reviews of competitors’ products are growing faster than yours, try to find out the reason.
Look for innovative ideas and implement them before your competitors do.
Whether the competition on Amazon is really thus strong?
In some niches, the competition is really well built and it is almost impossible to sell in them.
But if you dig a little deeper and search, you can find tens of thousands of different niches with great demand, which you can enter with the most minimal competition.
Everything is exactly the same as in any traditional business. There are niches in which there is huge competition, there are niches where there is practically no competition so far. It all depends on the approach.
But the main thing is not competition at all, but the number of potential customers that Amazon has. That’s wha you need to focus on. Here and with competition you can boost your sales.