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jasontayonline Blog

Chapter 3: Gearing Up for Adventure In the Amazon

22/7/2014

6 Comments

 
So you've heard about selling on Amazon and are wondering where and how to start.

If you plow through the materials for selling on Amazon, you'll probably feel quite overwhelmed. There is just so much info and seemingly endless requirements and fees.

I will be using amazon.com as the example since it is the biggest and most used of Amazon's marketplaces.  However you should be aware that Amazon also operates in many other countries such as Canada (amazon.ca), the UK and other European countries, Japan, China, India, etc.

The main things you need to do are:
1.  Get a bank account in a country so you can receive payouts from Amazon. 
"To receive funds, you must provide a U.S. checking account or a bank account located in the U.K. or any country in the eurozone (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain), Australia, New Zealand, India, Hong Kong or Canada" (From http://www.amazon.com/gp/help/customer/display.html/ref=hp_left_ac?ie=UTF8&nodeId=1161250).

If you don't have a bank account in any of these countries, then sign up with Payoneer to receive payments. This is what I'm using from Singapore. (Update, March 2016:  Amazon can now payout directly into many more countries, however their currency conversion will cost you 4%-5%. It is much better to use WorldFirst and Payoneer to minimize foreign currency costs and maximize profits. I explain how to do that in this review: Payoneer vs WorldFirst.

2. A US address for Amazon.com. This was a requirement when I registered an Amazon Seller Account in 2013, but it is no longer required to open an Amazon Seller account. If you need one, there are numerous mail forwarding services which provide a free US mailing address such as Viabox.

3. This is especially for non-US based sellers - sign up for a free account with My Inventory Team (MIT). MIT provides receiving, prep and forwarding of products for Amazon FBA. I currently send a couple of hundred items every week to MIT

Now comes the REAL work - sourcing. Sourcing is the key to a successful retail business on Amazon and involves lots of research. It would be way too much try to explain product research, Amazon category sales ranks, Amazon fee calculations, retail arbitrage, wholesale buying, private labeling, thrifting, shipping estimations, prep requirements, costs and processes, labeling, poly bagging, shrink wrapping, shipping domestically and internationally, customs, import regulations, inventory management and taxes here.

There's lots of free information all over the web, but if you don't want to spend the next 12 months reading theory and would rather get selling asap, I highly recommend the Proven Amazon Course (PAC). I bought it at the end of Oct 2013, sold my first 3 products in Nov.  The materials (videos, eguides, free books) are all fantastic resources, but the greatest thing about PAC is the amazing community that helps each other in the Facebook group and forum.

Here's some proof that the Proven Amazon Course works! Below are my sales figures from Feb-Jul 2014. My goal is $20,000 in 30 Days Sales by end Dec 2014. The reason I post these figures is to encourage you that if this is possible for someone living on the other side of the world, who has never physically seen or touched 99% of the products I sell, you can do it too!

PS. You can also have a look at my Proven Amazon Course review.
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6 Comments
William Woon
29/4/2015 02:46:17 am

I wonder if my local Bank they have international branch in New York, can Amazon just deposit (wire transfer) the payment into the bank. If not, I guess the only choice is Payoneer.

Reply
Jason Tay link
29/4/2015 06:26:16 pm

You'll have to check with your bank. If not, Payoneer and Worldfirst are 2 other options. I explain them here http://www.jasontayonline.com/getting-paid-payoneer-vs-worldfirst.html

Reply
Winter
19/2/2016 03:55:29 pm

Hi Jason,

What do you mean by "never physically seen or touched 99% of the products I sell"? There must be a place to drop the item before reaches FBA correct? Eg: Your home, Your Warehouse, Your office etc

Reply
Jason Tay
19/2/2016 06:38:11 pm

Hi Winter

I live in Singapore but source primarily from the USA, India and China. Orders are then shipped to prep services in the USA.

If I sent them to Singapore first that would be way too costly and take far too long. Not to mention I am horrible at packing and take 2 months to label and prep 2 boxes! Something a prep service can do in a jiffy! This also frees me to focus on growing the business rather than do a task that can be more efficiently outsourced.

Reply
Winter
22/2/2016 11:10:55 am

Woah,That's interesting concept. Wont you worry because your quality control are handover to others responsibility? and secondly the FBA prep services do know where your sources came from and moreover the prices.
Anyway thumbs up for keeping this blog up.

Jason Tay link
22/2/2016 07:00:46 pm

I have worked with some of these prep companies for over 2 years and have spoken over Skype video/phone and met some their owners in person. I trust their professionalism and don't worry about handing QC to the prep companies I work with nor worry about them knowing my sources and cost prices. If I did and choose not to work with them, I would not get anywhere. I actually see it as a good thing to outsource these tasks and consider it a necessary in order to enable my business to scale instead of being bogged down.

I have stopped using with a couple of prep companies because I did not like their workflow or service standards.

Reply



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  • About
  • Amazon FBA Guide
    • How to Register an Amazon Seller Account
    • Amazon FBA 101
    • Amazon Professional vs Individual Selling Plans
    • How to Sell On Amazon From Outside the US
    • Amazon FBA Prep Companies
    • Best Tools for Amazon Sellers
    • Code Confusion - Understanding GTIN, UPC and Amazon Barcodes
    • Amazon FBA Fees Explained
    • Amazon Coupons vs Prime Exclusive Discounts
    • How to Create Amazon Coupons
    • How to Increase Amazon Sales - Traffic, Click-throughs and Conversions
    • Optimizing FBA Inbound Shipping
    • Product Images and Photography
    • Amazon and Taxes - Income Tax, Sales Tax, and VAT
    • Amazon PPC Advertising
    • Insurance for Amazon Sellers
    • Amazon Seller FAQ
  • Reviews
    • Payoneer vs WorldFirst vs TransferWise vs OFX vs Airwallex
    • Helium 10 Review and Discount Codes
    • Proven Amazon Course Review
    • Amazing Selling Machine Review
    • Amazon Advantage Review - How to Optimize Copywriting for Amazon Listings
    • Amazon FBA Reimbursement Guide Review
    • Rebate Programs
  • Training
    • Amazon Seller Live Training
  • Blog
  • Newsletters
  • Q&A