How to Make Money on Amazon in 2024 (12 Proven Ways to Help You Earn Quickly)
In the ever-expanding realm of e-commerce, the opportunities to make money abound, and Amazon stands as an unrivaled giant in this landscape. While giants like eBay, Shopify, and Walmart share the stage, Amazon, with its staggering $502 billion revenue in 2022, still shines as the beacon for those seeking lucrative ventures. That's why many entrepreneurs regard Amazon as their first choice when making money online. In this article, we will explore 12 proven ways to help you make money quickly on Amazon and we believe there's always a way suitable for you.
So, don't miss any opportunities to get money-making ideas on Amazon. Let's dive deeper!
Sell Private Label Products on Amazon
One of the most effective ways to make money on Amazon in 2024 is to sell private label products utilizing Amazon's Fulfillment by Amazon (FBA) network. A significant 59% of Amazon sellers opt for the private label approach when running their Amazon business.
Private Label is taking existing items and rebranding them with their own logos before presenting them to consumers. This practice, often referred to as private labeling, brand creation, or white-labeling, is widely adopted by various sellers. Target’s brand Mainstay and Walmart’s Great Value brand are typically examples of private lable brands.
Leveraging FBA, Amazon handles the shipping and delivery of products, typically within two days or less, capitalizing on the efficiency of Amazon Prime. FBA enables ecommerce business owners to list their own products on Amazon and make money from the sales.
Amazon makes private label sellers easier to make money with the following advantages:
1.Utilizing a tool like Tool4seller — the most helpful seller tool that manages your Amazon business — to understand the market trends and estimate product's monthly sales will make once it’s on Amazon.
2.Then sourcing and manufacturing your product from a reliable supplier on Alibaba and this can be easier if using Tool4seller Extension as it supports image search.
3.Once you manufacture the product, you can sell it using Amazon FBA which you don't need to ship them yourself. Also FBM is another option if you wish to ship orders yourself.
Sell Crafting Products through Amazon Handmade
If you have a passion for crafting and want to make money through it, Amazon Handmade could be the perfect platform for you. This program is tailored for artisans keen on selling their handcrafted goods online. The process involves applying for approval, and once accepted, you can list your products for free, only paying a 15% referral fee upon a successful sale. The advantage of Amazon Handmade lies in its global reach, allowing you to sell your creations in multiple countries. The advantages it provides are not only that. It provides an opportunity to earn money from the comfort of your home and also let your brand receiver unparalleled exposure on Amazon.
Sell Wholesale Products on Amazon
Wholesale is another way of making money similar to Private Label which involves buying products in bulk to resell on Amazon.
The key difference between them is that wholesale is selling products from other companies which eliminates the cost for manufacturing and process of branding. That's the main reasons why most sellers believe that wholesale is currently the best way to make money on Amazon, with 61% of wholesale sellers generating $5,000 or more in monthly sales. However, due to its popularity, it is the second most favored approach chosen by 26% of Amazon sellers which makes wholesale become a competitive market. Additionally, resellers often vie for the Buy Box, leading to potential price competition where sellers continuously lower prices to gain an edge. If you want to safeguard your business from such challenges., you must adopt different strategic measures.
Also, the money you make in wholesale selling heavily relies on the initial buying phase. So you must buy your products at a very lower price, unless you will not make money on Amazon.
Sell Used Products You Find in Your Home
There is no doubt that selling used products on Amazon is really an ideal way to make money through this platform. Unlike platforms such as eBay or Facebook Marketplace, Amazon has specific rules and restrictions on selling used items, if done within the confines of Amazon's guidelines, selling used products on Amazon can be a surprisingly lucrative venture.
For instance, Amazon restricts the sale of used products in certain categories like clothing, baby items, beauty, and groceries. However, there are still lucrative opportunities, particularly in the book category, where reselling used books is a prevalent and successful strategy.
This approach is akin to "retail arbitrage," but with a focus solely on books. By adhering to Amazon's guidelines and tapping into permissible categories like books, sellers can effectively leverage the platform to turn pre-owned items into profit.
Make Money without Any Inventory through Dropshipping
If you have limited money to start but wish to make money on Amazon, dropshipping may be your right choice.
With dropshipping, you can list products for sale without ever handling inventory. The process is seamless – you list products, a customer places an order, and you acquire the product from a supplier at a lower cost, with the supplier handling the shipping directly to the customer. As the seller, you can make money without the need to physically interact with the product – a streamlined approach where your supplier manages all logistical aspects. But for making money through dropshipping, the most vital thing is finding a reliable supplier. Although this may be difficult, it can be achieved if you devote your time to searching. Once you establish a trustworthy product supply, the income potential becomes virtually limitless through this method.
Make Money as an Amazon Affiliate
Looking for a way to make money on Amazon without the complexities of managing inventory or shipping? Enter the Amazon Associates program, a goldmine for those who want to profit from selling products without the hassle.
What is Amazon Associates? It's an affiliate program where you earn a commission when people make purchases on Amazon through your affiliate links. You can share your affiliate links on various platforms such as social media, blogs, websites, newsletters, and even videos. However, just posting links won't cut it. You need to promote them effectively to drive traffic and generate sales.
Many sellers enroll in this program because the earning potential is enticing – usually 3-5% in affiliate commission per sale. But the amount varies as it depends on factors like the number of sales, commission rate, and product prices. Even if someone doesn't purchase the item you linked to, you still get a commission on other products they buy, as long as they followed your affiliate link to enter Amazon.
Although this sounds attracting, it also contains many challenges. If you want to make money in this way, you must become an influencer and actively engage with your audience on social media.
Make Money through Retail Arbitrage
Retail arbitrage is something like buying products from retail stores (Walmart, Target, or Barnes & Noble), sometimes sellers will purchase when they have discounted, and reselling them on Amazon at a higher price for a profit. While it can be challenging due to its intense competition, sellers can still earn money through this in a quick and low-cost way. And the potential earnings vary from person to person, but most of them can make several hundred to thousand dollars every month.
For every business you wish to engage in, especially retail arbitrage, you should be patient and perseverant as retail aribitrage requieres you to spend tons of time scouring stores for lucrative products. Despite occasional challenges, don't be afraid because many sellers have encountered these, but once finding the right products, you will earn lots of money than they can imagine.
Make Money by Creating Designs with Amazon Merch on Demand
Are you always having ideas for unique designs but don't want to invest in large quantities of products? Amazon Merch on Demand will be your best choice.
Amazon Mearch on Demand is a program which allows you to make money by creating your own design for T-shirts, tote bags, coffee mugs, hats, and more, and Amazon handles the production, shipping, and customer service when a sale is made.
When you're selling products through Merch on Demand, you will have a royalty fee for that sale. Your earnings range from 13% - 37% based on the product's price. The higher the selling price, the more money you make. To maximize your royalty percentage, consider pricing your products on the higher side, while still keeping an eye on competitive prices.
If you're interested in designing, then Merch on Amazon can indeed turn your imaginative ideas into profitable business!
Offer Your Services through Amazon Services
Beyond being an e-commerce giant, Amazon also jumps on board the gig economy. Entrepreneurs now can sell their services online. Whether you're a plumber, lawn care specialist, dog walker, or piano teacher, Amazon Services acts as a bridge connecting you to people in need of your expertise.
You may also wonder how much you can make through this. In fact, the potential is limitless. Your income is determined by what you ask for, provided there's a market willing to pay. Sure, it's a competitive space, but with the right mindset and determination, you can swiftly expand your service-based business on the Amazon services platform.
For those keen on learning the ropes of making money through Amazon Services, the website is just like a goldmine.
Publish Your Own Books on Amazon Kindle Direct Publish (KDP)
Amazon Kindle Direct Publishing (KDP) presents a lucrative opportunity for aspiring authors to showcase their work on the world's largest online marketplace. Beside the digital format, authors can also opt to have their creations in publish their books in physical, printed editions. It's really suitable for those who love wrting books. If you want to make money through KDP that is to write more and write constantly. While the potential for success exists with a standout book, regular and prolific writing tends to be a more reliable path to earn money.
KDP also provides alternative paths for those who may not consider themselves expert writers. Creating "low or medium content" such as journals, coloring books, or planners can also make you money through this platform.
Earnings on KDP are unlimited, with reports of some authors making $40,000 or more monthly. Although the number you earn may not be guaranteed, a modest extra income can be significant if you want to make your life a bit better.
Whether you're an experienced writer or just starting, if you love this kind of jobs, Amazon KDP can offer you opportunities to shape your own success story.
Join the Mechanical Turk program
You can make monry by joining Mechanical Turk program. What is Mechanical Turk? Amazon Mechanical Turk (MTurk) is a crowdsourcing marketplace launched by Amazon in 2005. MTurk provides a platform where individuals can complete small tasks in exchange for payment. MTurk indeed works as a hub for outsourced tasks, such as data validation, research, and surveys. Contrary to its name suggesting artificial intelligence, MTurk thrives on the collective efforts of a diverse community of remote workers.
It's worth noting that this business is perceived as somewhat less demanding than other Amazon work programs, resulting in slightly lower payment. Reports circulating online indicate that the money MTurk participants make is within the range of $6 to $10 per hour or an estimated $120 to $200 for a 20-hour workweek.
For those interested in the Mechanical Turk program, they can grasp this unique opportunity to make money online.
Deliver Goods for Amazon
You've probably heard about Amazon's delivery service, and if you're looking for an easy way to make money online, becoming an Amazon Flex driver could be the perfect choice. Amazon's Flex program lets you earn money by delivering packages using your own vehicle, similar to Uber.
Getting started is simple – just complete a short questionnaire, download the app, and once accepted, you're ready to mae money. And the earnings are good. According to Amazon Flex's official website, drivers can make between $18 to $25 per hour, with shifts typically lasting five hours.
To dive into this opportunity, the best resource is Amazon Flex's official website. Check out the details and get started on your journey to making money quickly with Amazon as a Flex driver.
Conclusion
All the above are the greatest methods to make money on Amazon. I think after reading this article, you will get a brilliant ideas and find out the best method to start you Amazon journey.
No matter what type of business you decide to run, it’s important to take the first step. So use this guide on how to make money on Amazon as your resource for earning money quickly on the platform.
Also, if you wish to start your selling on Amazon, tool4seller is a must-have tool to help you start and boost your business. Sign in to get 14-day free trial if needed.
About Tool4seller
A best-in-class Amazon seller tool that is specialized in sales& profits analytics, PPC optimization, keyword research, competitor tracking, instant alerts for listing hijacking, price changing, and inventory updates, etc.
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