How to (Still) Make Money from Your Old Amazon Inventory
February 6th, 2013 by Skip McGrath
February 15th is coming soon—and that means you either have to do something to sell your remaining inventory or shoulder the Long-Term Storage fee charged by Amazon. Of course, the latter should NOT be an option, if you’d ask me—which leaves us with the first one.
But how can you possibly clear your old inventory on or before the said date with virtually thousands of other sellers in Amazon with the same stuff as yours? Too hard to imagine, eh?
Fortunately, there are three simple ways on how you could still make some cold cash off your old inventory and avoid paying the Long-Term Storage fee. Here they are:
- Increase traffic to your listings through Sponsored Products. Amazon’s Sponsored Products feature allows sellers to enjoy immense site visibility through advertisements that are targeted on specific keywords. These keywords are what most online shoppers type in; which means that your products will appear on top of the search results. So, Sponsored Products = better listings visibility = higher conversion = more cash for you.
- Make your product pricing more competitive. Most Amazon shoppers tend to buy low priced items and shy away from listings that are relatively priced higher. With this in mind, you could do a price match analysis to figure out how other sellers with the same products as yours price their listings. From your gathered data, you could determine if your pricing is competitive or not. Lowering your prices is at times much better than returning your inventory or paying for Long-Term Storage.
- Enable Automated Long-Term Storage Removals option. By enabling this option, you can keep your old items available on Amazon for the longest time possible. This way, your affected units will either be returned or disposed of, both of which have minimal fees. Remember – you can recall an item, then send it back in to get another year of normal storage fees. If you are sure something will eventually sell, this can be a better option than paying the higher fees.
Just choose which among these choices will best suit your needs. The key is to settle for the option that would allow you to make the biggest profit possible out of your old product inventory. Happy Amazon selling everyone!