Numbers make businesses alive—from the number of people willing to buy to closing and sustaining sales, and to finally filing taxes.
Not exactly a numbers person? We kept them simple for you this time around:
- Customers' expectations this year 📅
- Increase your sales by joining a seller community 👯
- People are spending—but are you selling? 🛒
- Sellers’ FAQs on Amazon taxes 🧮
In today’s competitive market, meeting customer expectations is crucial for success. 🏆 But what exactly do customers expect from sellers like you this year? TechHQ listed some of them and how you can meet them:
- More delivery options. Some customers prefer cheaper shipping with longer wait times, while others opt to pay more for secure, recorded delivery. Most customers expect their items to arrive in two days or less.⏰
- What you should do: Offer flexible shipping options to appeal to more customers. You can include same-day, next-day, or nominated delivery to cater to these preferences.
- Sustainability. Consumers are now becoming more conscious of their brand choices. So be a sustainable brand that more people would support. 🌱
- What you should do: Adopt sustainable practices, such as using eco-friendly packaging and promoting products sourced ethically. Engaging in corporate social responsibility initiatives also helps boost your brand’s reputation.
- Easy returns. Customers are more likely to buy again if the return process is hassle-free. Faster and more convenient returns improve customer satisfaction and help build loyalty. 🔁
- What you should do: Improve the returns process to make it hassle-free for your customers.
TOGETHER WITH SELLER ALLIANCE
How joining a community can increase your sales
Are you a new Amazon seller who's yet to find the ropes to selling on Amazon? Or are you still planning to start your journey?
Beginnings are one of the hardest parts but who says you have to do it alone? Be a part of a community exclusively for Amazon sellers!
Seller Alliance is a community for FBA entrepreneurs and marketers who want to build 7-figure brands on Amazon. They say you become who your friends are. And in this community, we'd like to think of everyone as friends who share the same goal–to succeed in the ecommerce jungle.
With Seller Alliance, you will:
- Network with Amazon and D2C sellers. Easily connect with a community of like-minded sellers and operators who can provide support and advice.
- Learn from others. There's no better way to learn than from people who've had experience.
- Take masterclasses. Selling on Amazon is a big learning journey. But Seller Alliance will be there to guide you through it and make things less overwhelming.
- Access to an SOP database. With an updated SOP database complete with checklists, templates, and examples, it's a lot easier to correspond with clients, Amazon, and suppliers.
- Get personalized 1-on-1 coaching. Some tips not working out for you? Get personalized quarterly coaching from a team of Amazon experts and know how to improve your business.
It's your business, yes–but it doesn't mean you should be doing this alone.
Join the Seller Alliance community and enjoy these perks:
- FREE 14-day trial
- $47/monthly subscription, commitment-free OR
- Enjoy $397/year (a whooping $367/year worth of savings) exclusive for our SellerBites subscribers!
BITES OF THE WEEK
- Best of B2B: Explore the top B2B marketplaces this 2024.
- Responsible Sourcing: Avoid this mistake of not knowing proper sourcing and retail vs wholesale.
- Logistics Evolution:UPS's report shows increases in shipping volume and 'omni supply chains.'
- An Amazon Win: The retail competition continues as Amazon will soon top Walmart in overall sales.
Customers are ready to spend in 2024—are you ready to sell?
Here’s the good news: consumers are ready to spend this year! But—according to ActiveCampaign's findings—only if given the right incentives.
🏷️ Here's what else they discovered:
- 98% of consumers are willing to switch stores if they find a better price elsewhere. And believe it or not, a 20% off coupon is enough to tempt 70% of shoppers away from their favorite sellers.
- 63% say they'd ditch their go-to store for a competitor that’ll offer free shipping.
- 97% of consumers want more coupons from their favorite online stores. Plus, 95% are ready to hit that 'Buy Now' button if a coupon comes their way.
🧠 More nuggets
- Earn that loyalty: 43% of shoppers are hopping between five or more online stores. With a sea of online stores just a click away, it's time to up your incentive game.
- Know your audience: If your target audience is millennials, dollar-off deals might not be as appealing to them. They're more into percentage-based discounts and "buy more to save more" deals.
The secret trick: Meet customers halfway
Remember, it's not just about tossing coupons around—it's about understanding your audience and providing them with what they want, precisely when they want it.
But be cautious, as discounts can eat into your profits. So, make sure to assess your numbers and keep things profitable.
FAQs: Amazon and taxes
Selling on Amazon is great—especially when it comes to the sales numbers. But do you feel the same way when dealing with taxes? Uh-oh, that’s a completely different story.
Jungle Scout has the answers every seller Amazon brand needs to know about taxes.
- Should I get an accountant to file Amazon seller taxes?
- Getting a trustworthy accountant is the best thing you can do for your cash flow. Some may even turn taxes owed into a tax refund.
- What is a 1099-K form?
- A 1099-K form is issued by Amazon (and similar businesses) to provide the IRS with annual and monthly gross sales information, including sales tax and shipping fees.
- Who gets a 1099-K form on Amazon?
- Amazon typically files this for individual and professional seller accounts. Just provide Amazon with your tax information. You’re only required to file this if you have both $20,000 in total sales and 200 individual transactions. Do note that Amazon says changes to the requirements may bring this down to $600 and no transaction threshold.
- Where can I find my 1099-K form?
- If you meet the qualifications, Amazon would have emailed you already. But you can also find and download your report from Seller Central. Just go to Reports > Tax Document library, then print your report.
- What if my 1099-K form is inaccurate or I didn’t receive one?
- You can generate a corrected report if you failed to receive your 1099-K or it’s inaccurate.
- Do I need a business license to be an Amazon FBA seller?
- Depending on your state, a business license isn’t required to sell on Amazon. But if you’re a large operation, it is ideal to get one. Some sellers opted to incorporate as Limited Liability Companies (LLC).
- Do I have to file a Schedule C (form 1040) if I have a business license?
- You need to file Schedule C, or form 1040 if you choose to run a business with a license.
- What’s tax-deductible for Amazon sellers?
- Some business expenses can be written off. These are called deductibles. For Amazon, they can include, but are not limited to, the cost of goods, shipping costs, Amazon fees, and online advertising.
So, are you ready for tax season?