The Future Is Bright for Amazon Sellers:
Insights From The Industry’s Biggest Survey
What does the future hold for Amazon sellers?
This is the million dollar question. Actually, it is a multi-million dollar question, as thousands of people have staked a claim in the success of Amazon’s seller marketplace, and many more are eyeing the potential of selling on Amazon and ready to make a move.
Perhaps more interesting than pondering the future of Amazon, how are sellers faring right now?
At Jungle Scout, we have built an incredible community of sellers and soon-to-be sellers. I like to think I have an aardvark’s nose for sniffing out opportunities to find data, and I think I found one!
Insights from the largest community…
A few months ago, I sent out an survey to our list, and quickly received almost 3000 answers. It is the biggest study of Amazon sellers that I have come across thus far.
The data and insights are beautiful (and there is an equally beautiful infographic if you keep scrolling!).
Our goal was simply to get a better understanding of what an Amazon seller looked like: simple demographics like age, gender, location, but also at a deeper level, what factors helped the top sellers succeed?
There was so much information that was ripe for visualization, an infographic seemed like the best way to convey the data.
But before you see it, and the supporting data, there are some really important findings that we came across that I wanted to highlight:
- Sell Multiple Products: The number of products that you sell is the most statistically significant impact on profits. So to the extent possible, keep finding and releasing new products.
- Start ASAP: The second most important factor in determining success is how long your business has been running. Get started selling as soon as you can, and keep at it!
- Diversify: Besides just being a prudent business decision, there is a proven benefit to how you diversify your business. This means selling in multiple Amazon international marketplaces (expanding to other markets tends to boost profits by 32%), multiple channels (especially a standalone website), and business models (namely inventing your own product and private label).
- Starting Small Is OK: In the long run, your initial investment in the business does not have a statistically significant impact on your profits. So even if you can only start with a modest investment, it is more important to get started and keep going!
- Keep It Simple: There are dozens of tactics for building a business, but it’s best to stick to the basics. Overall, adding more steps did not prove to have a statistically significant impact among the 2700+ respondents.
Getting started is key!
I think the most interesting takeaway here is the what successful sellers would change if they could start over from scratch. The unanimous answer: start sooner.
The hardest part is getting started: finding a product idea, maintaining momentum, and ultimately getting it live on Amazon. If you can do that well, you have set yourself up for success. That is the exact path that every one of these successful sellers we surveyed took.
In order to help you learn the exact steps needed to launch a successful product, I have started The Million Dollar Case Study – a fully transparent case study where I am sharing every detail of how to launch a successful private label Amazon product. You can catch up on all previous sessions, and register for all of the future sessions at this page.
I hope that you take action and continue to move forward in your entrepreneurial journey!
Greg, Founder/CEO @ Jungle Scout
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