13 Jun Guide on How To Make and Save Money on Amazon -Part 2
What is retail arbitrage? Who doesn’t love a good sale? Serious bargain hunters can save a bundle shopping the clearance aisle and watching for damaged or irregular items on store shelves.
The bargain you find could earn you good money with retail arbitrage. Retail arbitrage simply means buying clearance items at retail stores then and reselling them for a higher price. Some people resell items on eBay or Facebook Marketplace and ship directly to the buyer, others use Amazon to pick, pack and ship orders for a small fee.
How Retail Arbitrage Works
1. Get to Know Your Market
Hot ticket items vary by season and even by geographic location. For example, grills and other outdoor items’ prices fall more dramatically in the winter than in the summer.
2. All Clearance Prices Are Not Created Equal
Just because a 4K TV is on clearance at a shop in Coventry, doesn’t mean it’s also on clearance in Birmingham. You can use other areas as a rough guide, but never go crazy trying to find that item just because it was on clearance hundreds of miles away.
3. Price Check Items Before You Decide
Make sure to check [clearance item] prices either via the store’s price-checking machines or the store’s app. Sometimes you can find amazing 90% off deals on an item with a clearance sticker that only says it’s 50% off.
4. Learn Your Store’s Routine
Most retail stores have a routine for clearance markdowns, so get to know when your store marks items down and how much it normally knocks them down. This will help keep you from running to the store every day just to check prices.
Work as a Fulfillment/Warehouse Associate
You can opt to work behind the scenes in the fulfillment and operations sector of the business. It seems each day a new Amazon fulfillment center pops up, which means the retailer is consistently looking for part-time and full-time fulfillment/warehouse associates. Often, these jobs require hands-on physical labour. Remember you’ll probably be lifting boxes, operating forklifts and/or retrieving boxes that might be on a high shelf. You must be at least 18 years old to apply and need to have a high school diploma or equivalent. No need to submit a CV — just search fulfillment/warehouse associate positions, and fill out an application.
Deliver Packages for Amazon Flex
You know when you order a package through Amazon and receive it the same day? It’s not magic — it’s your friendly Amazon Flex delivery partner. As an Amazon Flex delivery partner, you’ll deliver goods to consumers via Amazon.co.uk, Prime Now, Amazon Fresh and Amazon Restaurants. Amazon Flex says you can make £12 to £15 an hour as a Flex associate, though that’ll depend on how much you’re able to deliver. It processes payments on Tuesday and Friday through direct deposit, so you should see your money on Wednesday, Saturday or both. One of the biggest perks is that you get to set your own schedule, using the Flex app to claim delivery blocks (or shifts) you want to work. You’re an independent contractor, though, so you’ll be responsible for your fuel, parking, etc.
To qualify, you’ll need a phone with the Flex app and a car. If you’re delivering Prime Now orders, any car will suffice; however, if you’re delivering for Amazon.com, you’ll need a four-door midsize sedan or larger. In some areas, bikes are acceptable. The program recruits in various areas across the country based on need. If you don’t find your city on the list when you go to sign up, you can always join the waitlist.
Work From Home for Amazon
Amazon consistently recruits new employees across its platforms, but the work-from-home customer service jobs prove most popular. Why? These positions are fairly entry level, and you can work from your couch. If you’re looking for something temporary, you can grab a seasonal job around the holidays (think: Cyber Monday). Customer service associates communicate with customers via phone and live chat to help answer their questions, solve their issues and ease their concerns. Typically, requirements include a year of customer service experience and be proficient in English. You should have basic phone and computer skills as well as a fast and reliable wired internet connection. Otherwise, Amazon sends you the required technology, including a headset. In the past, we’ve seen pay listed at £10 an hour, plus opportunities for bonuses. Training is paid — and online. You can keep an eye on these types of positions at Amazon’s virtual job listings page.
Use Amazon’s Affiliate Program
Tapping into Amazon Associates, (Check Affilate link) its affiliate marketing program, is a great way to monetise your website or blog. Basically, you make money with Amazon affiliates by adding Amazon’s special affiliate links to Amazon products you’ve written about or reviewed, and when a reader clicks your link and makes a purchase, you’ll earn a commission. This is called affiliate marketing (change link to Affilate marketing page) Here’s an example: You use a fancy new kitchen gadget and want to write a product review. Use an affiliate link in your review. When someone clicks to buy that awesome gadget, you’ll pocket up to 10% of the purchase price. Realistically, you might not earn lots of money through the affiliate program, but it’s free to join, so there’s no loss in adding these into posts you’re already writing and sharing.
Write a Book
Did you know you can use Amazon to become an author? Self-publishing a book can be a great way to earn passive income. Amazon offers several options, including publishing to Kindle, print or audio. Publishing a Kindle book is totally free. It also takes less than five minutes (not including writing time, of course), and your book will be available to millions of readers within 24 to 48 hours. You’ll earn up to 70% royalty through Kindle Direct Publishing. You’ll also keep the rights to your book, set your own list prices and can make changes within the book after publishing.
Publishing to print through Amazon’s print on demand service Amazon’s print-on-demand service is also free. Here, you’ll be able to create, publish and distribute your book within a few days. You’ll still own your copyright, and you set your list price. You’ll also earn up to 60% royalties. Finally, through Amazon’s Audiobook Creation Exchange, you can publish audiobooks, which you can distribute through Audible, Amazon and iTunes. You’ve got several royalty rate options here.
Join Mechanical Turk
This might sound like some kind of weird video game, but Mechanical Turk is an Amazon service platform where people can post work requests for specific prices. Think of it like Fiverr, Task Rabbit or Craigslist. Each task is called a HIT, or Human Intelligence Task. You can complete these tasks from home and in your own time. Some tasks include opinion surveys, transcriptions and data entry gigs. How much you make will depend on which tasks you accept and how much time they take. You’ll see a pay estimate before you begin, so you can gauge if a task is worth it.
If you know what you’re doing and the best HITs to take, you can make decent extra cash. You can accept gigs which average out at £10 an hour. The benefits are the flexibility the platform offers as well as you get paid in cash, not gift cards or credits like other survey sites Ultimately, it’s a great way to make money through Amazon without having to sell physical products.
Apply to Amazon Handmade
Consider Amazon Handmade. It’s a platform for artists to sell their own products. You have to apply so Amazon can confirm all your goods are, in fact, made by hand by you or one of your 20 or fewer employees. Here’s what you need to know before signing up.
- If you sell under Amazon’s individual selling plan, you’ll need to upgrade to the £25-per-month professional plan to sell under Handmade. You might be eligible for a free professional selling plan if you sell primarily handmade products and no more than 40 non-handmade products a month.
- Amazon charges a 15% referral fee (at minimum £1) per item sold
- Handmade products don’t show up in Amazon’s main search results. Customers have to click over to the handmade category on the site. Approval to Amazon Handmade can take up to a week, according to Amazon customer support responses to online inquiries.
Sell Your T-Shirt Designs
If you’ve got a creative streak — or know a catchy pun or two — consider putting your designs on T-shirts and selling them through Merch by Amazon. You’ll upload your T-shirt designs to Merch, choose a product type and colour (e.g., a lavender T-shirt), set your price, then add a product description. Amazon creates a product page. When customers buy your designed shirt, you don’t have to worry about production, shipping or customer service. You’ll also be able to set your own prices, and you’ll earn a royalty each time a product is sold. For example, if you set your standard T-shirt price to £15.99, you’ll earn a £2.21 royalty, according to the rates set as of Jan. 30, 2019. It is possible to earn more than £11,400 per annum through Merch. One of the keys, is to spend time researching what kind of T-shirts people want, for example Halloween T-shirts. Similar to Handmade, you’ll have to be considered as an applicant based on your background and experience. However a warning, the market has since become oversaturated, so it might take some patience.