Now you can earn money with little or no effort from the places where you used to spend it. Sounds odd?!
Yes, you can earn money from Amazon, a multinational e-commerce company known as “one of the most influential economic and cultural forces in the world”.
Amazon has made 344 billion US dollars in gross market value on the online marketplace worldwide since it launched in 1994. No e-commerce site makes as much money.
In 2017, sales on the Amazon Marketplace accounted for an estimated 20% of total e-commerce sales in retail. That’s massive!
HOWEVER, the good news is that they are giving some of it back. Read this article to learn how to make passive income on Amazon.
You will come to know about:
• Passive Income
• Affiliate Marketing Scheme
• 5 Tips for Making Passive Income on Amazon
• 4 Things to Keep in Mind for Making Passive Income on Amazon
Click to seek my Digital Marketing Consultancy.
What Is a Passive Income?
Passive income is defined as earnings you get from an enterprise in which you are not actively involved. Basically, it is money that doesn’t require you to do a lot of “active” work to earn.
The main goal is to basically earn money while you are unaware of it as if you are sleeping in your bed and your bank account is swelling up.
For this you just require to put in some time or some investment then this will help you to generate income down the road, with only a little additional effort along the way.
There are various ways to do this for instance you can rent your property, invest in stocks, sell digital products, become an insurance agent, or affiliate marketing schemes.
Affiliate Marketing Scheme
Earning money on Amazon is an affiliate marketing scheme. Affiliate marketing is a method by which you can help brands that are looking for ways to share information about their products.
You become an affiliate to a given brand or company like Amazon, and you promote their products to your followers or readers, including a link to the products on your site or social media account.
This leads to the creation of passive income from commissions and percentages over products for marketing their products online by gaining a piece of the profit from each sale you help to make. Thus, the more people who buy these products using your specific link, the more money you get.
Also Read: What is an Amazon FBA Coach?
What is the investment required?
Time, your phone, and your social media account. While this might involve very little monetary investment, you will have to put in a great amount of time daily at the start to build up a large social media following a website, blog, or growing email list.
How much can you earn?
Depends on your skills to attract people to the product shared on your social media accounts. Affiliate marketing is a growing industry, and thus there is a lot of scope for high earnings.
What to keep in mind? Nothing. There is very little cost or risk to joining an affiliate program, and you can also easily scale up by promoting new products to your audience.
5 Tips for Making Passive Income on Amazon.
First and foremost you should stop wondering about how to make passive income on Amazon and check out these tips if you are interested in making real money from Amazon.
1. Make an Inventory of Products
To make money on Amazon you need to understand the products and their categories to know what you are selling. You might also understand your social media account followers and estimate their needs.
On this basis, you will tap the products and make an inventory of them. After this, you require to lay that inventory of products in front of the social media accounts followers. The challenge here will be finding a unique product that can generate good profits.
Making an inventory can also determine when or if to run links on your social media accounts. It plays a role in ranking and now, it can even impact the total amount of money you can have from the platform.
2. Setup the Store Front
Show your range of products by bringing them to the potential customer. Help him navigate your range of products on your e-commerce store or social media account.
Make it alluring by adding designs, images, videos, and text. Advertise your products and promote your brand.
To set up an Amazon storefront, you have to enroll in Amazon Brand Registry. Once you fill out the Brand Registry application, Amazon will review the application and accept your business if it meets all of the qualifying criteria.
After being approved, you’ll gain access to a suite of tools that allow you to create a custom Amazon storefront.
3. Become an Amazon Influencer
Being an Amazon influencer is a form of affiliate marketing scheme. Amazon Influencers endorse products on social media and encourage people to buy them, specifically using their shared links.
If you have a strong social media following, rather than a blog, website, or forum, the Amazon influencer program may be right for you.
Moreover, become an Approved influencer and get a unique URL of your own. An Amazon webpage to display the products that you recommend to your followers.
Every time one of your followers on Facebook, Instagram, YouTube, or Twitter buy one of those products, you’ll earn a cut percentage, a commission. The trick is to identify which products each audience member might be a likely customer for and market appropriately.
You will require only a social media following. Particularly a large one, the more the following more the reach. Also custom storefront with your own URL on Amazon and a continuous effort to sell the products.
Also Read: How to Make an Ecommerce Marketing Plan?
4. Be a Wholesale Seller
Most of the products that float in the online market and most of the businesses and people who need them are offered at competitive prices by Amazon only. The reason behind it is their large network of wholesale sellers.
Wholesale sellers get discounted prices as they buy large quantities of products and then they can then afford to sell those products at the most affordable possible prices on Amazon.
You may however not be able to make a substantial income unless you have your own warehouse space to store products so you won’t have to rely entirely on the Fulfilment Buy Amazon (FBA) program and storing products in Amazon’s warehouse.
5. Kindle Direct Publishing
If you are a writer or you know a team of writers. Amazon has a piece of good news for you. You can get your work or the work of the writers you know published without requiring the attention of a publishing house. Kindle Direct Publishing lets you publish Kindle books on their platform Amazon.
70% of royalties on overall sales can go to you. You aren’t limited to just digital kindle book options on this platform. Hard copies can be printed as well. Prolific creative writing is key to making money in this area. Write as much as you can and let people know through Kindle Direct Publishing.
Audible is trending now. Audible is an online platform that gives users access to an extensive library of audiobooks, short stories, and music. With Audible, users can purchase and stream audiobooks from their smartphone, tablet, or computer.
You can even download & listen to Audible stories when offline with the mobile app. Using Audible as a way to make passive income on Amazon is an excellent way for authors to reach a wider audience.
A pair of books will do miracles. But, in the long term, you really need to create a steady stream of content to prosper in Kindle publishing. Furthermore, your work will need to sell itself or you’ll have to handle all marketing since there’s no agent or publisher to help you get the word out.
So you need to make a very good marketing strategy. Of course, publishing in the 21st century is all about marketing, so why not try Kindle Direct Publishing of Amazon?
4 Things to Keep in Mind for Making Passive Income on Amazon
1. Do extensive research about the market, products, and promotion.
2. Lay your focus on the quality of your product and quality service to your customers.
3. Advertise your products; make them more visible by letting them float on the screens of people.
4. Use automation as it can be a huge time saver and help you in the process of publishing.
Wrap up for You
Making passive money should not be a dream. It is an opportunity, an opportunity not practiced by many people. It’s an opportunity to earn money without having to actively work at the venture you’re engaged in.
While it does require some work up front, setting up a passive income stream can help improve your financial well-being and quality of life in the long term and enable you to achieve your financial goals.
With careful planning and management, over time, you can create a scenario where you can make your team and let them work for you. All your income becomes completely passive allowing you to live your life exactly as you, please!
The most important making passive income tip on Amazon is to start taking action today. The Sooner you can start to make money on Amazon, the sooner you can build a fantastic source of income and live your best life.
I along with my team help SMBs with all kinds of Digital Marketing Services.
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Mir is a British-educated Digital Marketing Expert with 10+ years of experience in the B2B, D2C, and eCommerce Industries. Having worked with 50+ startups and SMEs, he has a clear understanding of what it takes to establish growth on online platforms.
He is also the Founder of Kashmirica, a social impact brand that aims to take exclusives from Kashmir to the Global consumer. An enthusiastic cultural entrepreneur, Mir is driven by a passion to bring about a social impact.
An avid reader, he loves writing about marketing, and entrepreneurship.