Amazon FBA 2024 Beginners Guide

Summary

In this video, the presenter outlines the simplest way to start Amazon FBA in 2024, emphasizing the continued viability of Online and Retail Arbitrage despite the rise of other business models. The presenter, a seasoned Amazon seller, advocates for leveraging software like Seller AMP for product research and Seller Board for accounting to streamline the process. They stress the importance of test buying, evaluating, and scaling up with profitable products, sharing personal success stories to inspire viewers. The video also hints at a coaching program for accelerated learning.

Takeaways

• 🚀 Starting Amazon FBA in 2024 is still feasible with dedication and work ethic, despite fewer beginners and more competition.
• 🛍️ Online Arbitrage and Retail Arbitrage are recommended as the simplest ways to begin in e-commerce on Amazon.
• 🏷️ Selling brand name products through Online Arbitrage involves purchasing from retailers like Target and Walmart, then shipping to Amazon for fulfillment.
• 🔍 Product research is crucial and can be done through doorfront stalking, manual sourcing, or using software to find profitable products.
• 💻 Software like Seller AMP is essential for product research, calculating potential profits, and managing inventory on Amazon.
• 🔢 Accounting software such as Seller Board is necessary for tracking transactions since Amazon does not handle accounting.
• 🛒 Making test buys is a key step to evaluate product performance and sales, informing future purchasing decisions.
• 📈 Scaling involves consistently making test buys, doubling down on successful products, and cutting out underperforming ones.
• 📊 Continuous evaluation of sales performance and learning from mistakes is vital for growth and improvement in Amazon FBA.
• 💼 The presenter offers a coaching program called the Amazon Accelerator for those looking to accelerate their learning and success.

Q & A

What is the easiest and most simple way to start Amazon FBA as a beginner in 2024?

The easiest and most simple way to start Amazon FBA as a beginner in 2024 is by doing Online Arbitrage (OA) and Retail Arbitrage. This involves selling brand name products on Amazon that are purchased from other online retailers like Target, Walmart, and Bed Bath and Beyond.

Why is Online Arbitrage considered a low-risk business model for Amazon FBA?

Online Arbitrage is considered low-risk because sellers are dealing with established brands and can purchase products from retailers where they can return items if necessary. Additionally, these brands handle their own marketing and advertising, reducing the burden on the seller.

What is the significance of the 'buy box' on Amazon?

The 'buy box' on Amazon is the position on the product page where the most sales are made. It is significant because it is the default seller that customers choose when making a purchase. Sellers aim to compete for the buy box to increase their sales.

Why are fewer people starting Amazon FBA businesses in 2024 compared to previous years?

In 2024, fewer people are starting Amazon FBA businesses due to the emergence of various other business models like TikTok, which has led to a shift in interest and a decrease in new entrants into the Amazon FBA market.

What is the role of software in Amazon FBA businesses, and what is the speaker's recommended software?

Software plays a crucial role in simplifying tasks like product research, inventory management, and profit calculation in Amazon FBA businesses. The speaker recommends 'Seller AMP' as their favorite software for its all-in-one functionality, including product research and profit estimation.

How does the speaker suggest doing product research for Online Arbitrage?

The speaker suggests doing product research through methods like doorfront stalking, where you look at other competitors' stores and products, and manual sourcing, where you check various websites for sales and discounts. Using software like Seller AMP is also recommended to ease the process.

What is the process of making test buys and why is it important?

Making test buys involves purchasing a product to test its sales performance on Amazon. It's important to establish a baseline for sales and to understand the product's market behavior. The speaker suggests buying a month's worth of stock based on estimated monthly sales and the number of competitive sellers.

What does the speaker mean by 'scaling off of your test buys'?

Scaling off of test buys refers to the process of increasing the quantity of successful products purchased based on their performance from the initial test buys. It's about doubling down on products that sell well and cutting back or discontinuing those that don't perform as expected.

How does the speaker recommend evaluating the success of test buys?

The speaker recommends evaluating test buys by checking if the sales volume and price stability match the predictions. If a product sells out faster than expected or the sales volume is higher than anticipated, it's an indication to double down on that product.

What is the Amazon Accelerator program mentioned by the speaker?

The Amazon Accelerator is a coaching program offered by the speaker to help individuals accelerate their learning and success in Amazon FBA. It provides guidance and strategies from experienced professionals in the field.