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In this video I chat about my Amazon UK business and how I am experimenting with increased prices and how these affect sales and profits. I have increased my price by 1/3 and I am now much more expensive than my competitors, who are essentially selling the exact same product.
I was a best selling in my main category but have since slipped to #2 because of my reduced sales as a result of my increased prices. However, I make about 3.5 times more profit per sale compared to my old lower prices so my actual profits are not affected too much.
The benefits of selling less but for more profit are that I do not sell through my stock as quickly, I do not need to re-order as much, and I do not have as much money invested into a single product. The downside is that I get less eyeballs on my products so the general sales of my other products my be down in the long run?
For the April in total Amazon UK has paid my over £12000 into my business bank account, which is awesome.
Sticking my my ECommerce brand I met with a professional SEO and online marketing company to see what they can offer in terms of driving more traffic to my actual brand website. This is a priority for me so I am willing to invest in this area.
Check out the video for more on these subjects plus more on the other things I an up to in my online businesses. These include affiliate websites.
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