Every person, country, and economy worldwide has by now felt the impact of the COVID-19 crisis. In the process, business owners (Amazon sellers included) are looking for ways to survive, let alone thrive. But treading this unfamiliar path is not easy.
So, how can Amazon sellers deal with the situation and outlast the global pandemic? Here are steps to take that can help your business survive and increase the chances of thriving.
1. Communicate with your customers
Uncertainty is one of the main causes of unrest during a crunch. Consumers are wary of their health, families, jobs, and future in general. As an Amazon seller, you can help ease this tension by increasing communication with your customers.
Communicate about expected shipping delays, inventory shortages, and other inconveniences. Apart from that, keep in touch with your audience off Amazon. Be a source of reliable information concerning your industry and even matters to do with the crisis. Research has shown that people tend to trust businesses more than governments or media.
By keeping communication going, you can easily build trust with consumers and have a better shot at retaining them after the pandemic.
2. Restrategize your marketing
On a normal day, if your Amazon sales were to decrease, you would probably consider boosting your advertising spend. But with the current health crisis, things may not be as straightforward. Sellers experiencing a dip in sales, especially if they are selling non-essential items, should consider going slow on ads.
Building your brand at this time is a better way to invest your marketing funds. Create brand awareness. Focus on your message and build a following. This will give you a headstart once things get back to normal.
3. Grow your knowledge base
This is one of the best times to fill your knowledge gaps about Amazon. You can master pay-per-click, learn how to optimize your listings, take courses to upgrade your entrepreneurial knowledge while learning the latest strategies for selling on Amazon.
Mastering various aspects of your business can propel your brand forward and make you stand out from your competition.
4. Diversify your Amazon business
Apart from taking steps that will help you in the future, you also need strategies to boost your business’ survival during the pandemic. For example:
Diversify your fulfillment centers. Having fulfillment centers in different locations can minimize inconveniences. For example, you can experience faster shipping time and increased inventory capacity. If possible, brands can also consider pivoting from FBA to Fulfillment by Merchant (FBM).
Diversify your suppliers. The coronavirus outbreak began in China and resulted in a huge supply chain disruption especially since a significant percentage of Amazon sellers source products from China. By getting new suppliers from different countries, you can still maintain your stock during production downtime in one country or region.
In Conclusion
Since none of us can say for sure how long this global crisis will last, it’s best to remain positive and focus on the long-term even as you try and make the most out of your current situation.
Stay informed about changes on and off Amazon. Be cautious as you make decisions to do with your business. And optimistically prepare for a great comeback when all this is over by acting on the tips we’ve shared above.