If you’re looking to make money online from home in 2024, as a way to boost or supplement your salary, one of the best places to attempt this is via Amazon. Last year, the ecommerce giant raked in an estimated $574 billion in revenue, and close to half of that figure was attributed to third-party sellers, according to a recent Jungle Scout report.
Amazon presents enormous potential for making money, being dubbed the new “Google” of the online retail industry, due to its striking similarities in algorithm and ranking patterns. If you use it well, Amazon will not only make for an amazing side hustle with which to build passive income, but you will also be able to expand your thought leadership and industry presence, establishing multiple streams of income with your skill set.
For example, with the side hustle ideas provided below, you could choose to concentrate on a niche, based on your professional background within healthcare, and sell healthcare-related products.
Here are some side hustles to make passive income online with Amazon in 2024:
1. Amazon Affiliate
Amazon affiliate marketing is a great way to make money as a side hustle. To get started, you would need to join the Amazon Associates program, and once you create your account, follow the process so you can earn commissions from Amazon affiliate links. These links can be shared effortlessly as hyperlinks and recommendations for products as you talk on other areas related to these items.
You can share your Amazon affiliate links on your website or blog, social media, and even your YouTube channel. To succeed in this area, creating high-quality content is key, so you can drive consistently high volumes of traffic and conversions. It’s also important to note that after a few months, if you do not satisfy the minimum number of sales made through your unique links, Amazon will shut your account down.
2. Amazon FBA
Amazon FBA is a service that you’ve likely already utilized at some point within this year, often without even thinking about it. This is because FBA means “fulfilled by Amazon,” and this is what usually happens when you order items via Amazon Prime.
To be an Amazon FBA seller, you would need to identify your niche, source products for that niche which you know will be in high demand, and then dropship them to Amazon’s fulfilment centers (using trusted third-party suppliers). This is very convenient for many professionals running side hustles because you can get started without needing to store a colossal amount of inventory.
3. Amazon Audible
Finally, Amazon Audible is another side hustle that requires minimal upfront investment to get started. You can join the Amazon Audible affiliate program to promote your favorite Audible books (for example this is a handy add-on to your existing freelance coaching business if you are recommending books to your clients).
If you have charisma, have been told that you have a great narrator voice, and have the skills to bring a book and its characters to life (essentially voice acting) you could make money as a freelance Amazon Audible narrator.
It’s worth noting, that to succeed in any of these Amazon side hustles, you need three core ingredients: research, patience, and adaptability. You will need to extensively research so you can pick a niche and identify the types of products that will be best-sellers; you need patience with the process as it won’t take off overnight (in most cases); and you also need to adaptable to market trends and changes, because just like Google, Amazon is user-driven.
Source: 3 Side Hustles To Make Money On Amazon In 2024