As the eCommerce market continues to evolve, sellers must stay ahead of the curve and adapt their strategies accordingly.
In recent years, the market for low-priced products on Amazon has become highly saturated and competitive, making it difficult for new sellers to stand out.
However, the market for high-end, premium products is on the rise, and 2023 presents the perfect opportunity for sellers to jump on board.
According to the Amazon Prime Member Survey (2020), more than 60% of customers now prioritize buying premium products with extended features over price.
This shift in consumer behavior presents a unique opportunity for sellers to launch and sell premium products on Amazon.
But how do you sell premium products on a platform known for its low prices?
The key is differentiating your product and brand to justify the higher price point. Before launching a premium product, ask yourself the following questions:
- Does it have exceptional quality?
- Do you specially source the product?
- Is it sustainable/eco-friendly?
- Is your brand story particularly inspiring or aspirational?
- Do you have the endorsement of a celebrity/influencer?
Answering these questions will help you identify what makes your product and brand stand out and what value you can offer to customers that justifies the higher price point.
What to do after introducing unique features in the product?
Once you have established the unique selling points of your premium product, it’s important to advertise that value in your content and attract high-paying traffic.
Here are four key strategies to consider:
Showcase Quality on the Amazon Product Detail Page
Ensure your product page is engaging and converting by designing 7 attractive images, including infographics and lifestyle images. Highlight problem-solving features and benefits of your product in the bullet points, and avoid using symbols and punctuation. Utilize Enhanced Brand Content to engage customers with visual content and build trust.
SEO for Premium Products
Be sure to include keywords that shoppers are searching for when buying premium products in your SEO strategy. This will increase the chances of your product appearing in relevant search results and help customers understand the value of your product.
Amazon Brand Store
Amazon brand stores offer a wide range of templates that you can use to advertise the unique selling elements of your brand or product to potential customers. These templates provide an opportunity to create a compelling story of your brand and differentiate yourself from competitors.
Advertise Your Product via Amazon Associates
Instead of relying solely on Amazon PPC, consider spending on Amazon associates (influencers) to test your product and share honest reviews on Amazon live. This will increase the credibility of your product and prove it is a fair trade.
The future is bright for premium products on Amazon, and now is the time to take advantage of this opportunity. By differentiating your product and brand and advertising that value in your content, you can attract high-paying traffic and sell premium products on Amazon. Keep an eye out for future updates as we explore more tips and strategies for launching and selling premium products on Amazon.