It is no secret that Amazon is one of the world’s largest e-commerce platforms. Approximately 200 million people visit the Amazon website each month, hence, it is one of the top income-generating companies with an estimated revenue of $386 billion.
Everything can be ordered, on the world’s largest online shopping site, from books to electronics to clothing. The shopping process at this store is simple and fast since it’s easy to compare prices between products. With quick shipping directly from this website, depending on your location, you can get anything delivered in a matter of 2-7 days.
We know that the shopping platform is an integral part of our daily lives. We often visit the site to buy whatever we need for our day-to-day living. However, like most people, you are bound to make some mistakes when shopping on Amazon. While giving insight, below we also classify mistakes made by both brands and shoppers on this platform.
Mistakes Made by Brands Online
Amazon sells over 350 million items, and circa 12 million of those are Amazon’s products. With these numbers, it poses a challenge for new or existing sellers on the platform to sell their products, and it is because of numerous mistakes one can make in such a platform.
- Ignoring Competition
To make better sales, you should be able to do proper research on the type of competition you’ll be up against. It would be best to search for reviews about the products your competitors are selling. A high review will show that the product competition is stiff compared to low reviews.
- Violating Terms and Conditions
Most first-time sellers tend to ignore the terms and conditions and just start selling items. This poses a significant risk because a seller might violate the terms, which may lead to severe consequences that may lead to incurring losses and, to extremes losing your account; hence one cannot trade on the platform again.
So, it is always wise for the seller to read and understand these terms and conditions so as not to violate them.
- Listing Products Poorly
This is a mistake most sellers commit. They do not know that listing is like an advertisement of your product. If a seller doesn’t list their product correctly, it will pose a challenge for a buyer who tries to find it.
For example, if a seller has nail polish as their product and lists it under accessories instead of beauty products, this will limit the target market they intend to meet, hence making low or no-sells, which means losses to the seller.
- Not Improving or Making Better of Existing Products
When a seller brings a product already on Amazon without improving or changing the product to become better, the seller risks not attracting customers. This is because most customers tend to purchase products with many reviews, and as a newbie, you won’t have a lot of reviews. In fact, you’ll be lucky if you got any.
So, to match your competition, you should be able to modify your product so that it doesn’t appear copied to what’s already on the platform.
Mistakes Made by Shoppers Online
- Settling for The Fastest Delivery Option
You may have noticed that Amazon offers two shipping options for many of its items: standard or no-rush. The standard option is pretty straightforward, but the “no-rush” option can be confusing.
For instance, you’ll often see an item listed with a delivery date of two to five days on the standard delivery option, while the no-rush delivery schedule says it’ll take six to eight business days. So, which should you choose? The answer depends on how much you want to save and how fast you need your item. Choose no-rush shipping if you’re not in a hurry.
- Not Using Honey
Beware of the Amazon Honey Pot. This is where you will find amazing deals on products with ridiculously high unit prices. This is where the big boys play, so you need to be aware of this before you start spending money.
The Amazon honey pot has some very easy-to-spot characteristics. The first is that they are not having many sellers or are private-labelled products. It means that the only seller of the product is the company itself. Listing ranking will be low because there are not many sales for the product. The prices are very good, but these items have hidden costs. One major thing to look out for is the shipping cost; if it is too good to be true, it is too good.
- Ignorance of the Concept of Dynamic Pricing
There are a few things to keep in mind when shopping on Amazon despite prices going up and down. There is a form of dynamic pricing, which means that the price of a product will change based on several variables.
‘It was a huge mistake to shop on Amazon without first getting a grasp on the dynamic pricing.’ What does this mean? Amazon has a special way of displaying items that change based on several factors, including rival prices and historical selling data. In general, the lower-priced competitors’ products there is for an item, the higher Amazon’s price is likely to be.
- Assuming that all Reviews are Genuine
Even though Amazon allows shoppers to post and read reviews and ratings, they might not be as trustworthy as you think. Fakespot and ReviewMeta use algorithms and machine learning to analyze hundreds of factors that affect the trustworthiness of reviews on websites. Then, they assign a grade that lets you know if the said review is reliable or not.
- Hanging on to One Colour
Colour bias happens when customers are more likely to spend more money on items of a certain colour, even if they are the same within their category. Colour preference may be unconscious or pre-conceived, but it can lead customers towards or away from certain purchases.
When considering your next purchase, check for this preference by comparing prices between two different colours. Is one of them significantly higher than the other? If so, you could save money by choosing the less popular colour.
To Sum it UpNow that you are better informed as a brand, to match your competition, you should be able to modify your product so that it doesn’t appear copied to what’s already on the platform and as a shopper online, ensure to do due diligence before making a purchase or settling for a particular product respectively.
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