Masters of marketplace Episode 13
4 Ways Amazon May Owe you Money
When you are selling on Amazon, especially when you do FBA, there is a strong chance that Amazon owes you money in one way or another. That’s right! Amazon is a big corporation and the fact of the matter is, they’re not going to be proactive about paying you for smaller hiccups you experience as a seller using their platform. They may damage your products, lose them or even charge you extra and incorrect fees. And, if you are not diligent enough or not proactive about it, you are definitely losing big money.
In this podcast episode Kathleen shares the must do business practices if you want to maximize your profit on the Amazon marketplace. She will guide you through the exact steps and the techniques that she uses in her everyday work being an Amazon business consultant. Check out this episode to find out how you can get your money back that Amazon owes you.
About This Episode
It’s not cheap to sell on Amazon. Between the fees, the shipping costs, advertising and your own cost to produce your products, it can be easy to lose sight of your profit margins real quickly. That’s not to say you can’t make money selling on Amazon, because you can make great money. But you want to ensure you are getting back all the money you’re owed at any given time for being an Amazon seller.
Make sure that you check for anything that’s been labeled “warehouse damaged” in your FBA inventory. This episode walks you through how to locate the proper reports so you can check through all the reasons for FBA returns, what to look out for and how to report it to Amazon so you can get reimbursed for these mistakes.
Ensure your FBA products have the correct weight and dimensions. This will save on your shipping but especially on your warehouse monthly storage fees. Don’t get overcharged because of having the wrong information in your product description and settings.
Reconcile any inventory sent to FBA that’s missing from your FBA shipment reports. Amazon rarely proactively issues reimbursements, so this is mostly up to you to report to them. You must provide documentation to show them the number of units in each box and shipment. This episode suggests a few ways on how you can protect yourself in order to ensure you’re not losing money because Amazon or your shipping carrier has lost parts of your shipments.
If you’re a customer, there are ways that you can get money back from Amazon on late order deliveries. If you’ve ever received a package late, they will give you up to $5 if you open a support ticket with their customer support, ask nicely and let them know how the late shipment has impacted you.
Here are a list of resources from this episode:
More Show Notes:
1:20 Make sure that your business is profitable on every platform you are selling
1:30 Amazon is a great platform but it is not cheap
2:30 The #1 way Amazon owes you money
3:15 The first thing you should check in your FBA Inventory
3:45 What will Amazon always reimburse you for
5:10 How being proactive can save you money
6:00 What you may be ignoring that can cost you a lot of money
7:00 Using the correct weight and dimensions
9:00 What’s the most important thing to watch out when sending your inventory over to
Amazon FBA warehouses
10:30 Next step you must do when finding out that some of your FBA inventory
11:50 What additional documentation does Kathleen recommends you should provide that
gets Amazon to reimburse you for the items they’ve lost
14:20 Being diligent as an Amazon Seller can save you money
15:20 How Amazon owes money to its customers, too
19:00 How to receive a free $5 gift card from Amazon
Did you know that you can support small businesses when shopping on Amazon? You can even search by local small businesses that are selling on Amazon - how great is that! Many people don’t know how to find small business products to purchase on Amazon and even more...
Masters of marketplace Episode 26 Creating a Contingency Plan for Your Amazon StoreCOVID-19 is the talk of well, everything, and is impacting businesses like we’ve never seen before. It’s difficult to formulate a contingency plan when it’s already too late. Do you...
Masters of Marketplace Episode 25 Should you Sell on Amazon Seller or Amazon Vendor?If you’ve been wondering what the differences are between selling ON Amazon and selling TO Amazon, then this is the episode you’ve been waiting for. Many people don’t understand the...