This post is a bit of a brain dump as I’m watching a healthy fraction of Amazon sellers quitting for no valid reason. If they’re not quitting, they’re panicking and pulling back on everything, virtually hiding under the covers.
See, some sellers (including me) are seeing their Jan-Feb sales dip from a little to a lot (there are some likely reasons for this, and they’re cyclical and controllable, I’ll explain in a minute).
Here’s some points, encouragement and help:
1.) If you’re going to win at Amazon, you accept the lumps and find a way to adapt. Quitting is for losers. I love quitters. It helps clear the deck. This happened repeatedly over the years with eBay sellers. eBay would increase their fees ever so slightly, and some sellers threw a fit, stomped out of the sandbox and went to sell elsewhere (that didn’t work out to well for them, with the exception of the folks who left for Amazon).
2.) If there is indeed a dip overall, it’s temporary. Online product sales can tend to match a dip in the stock market. The stock market is very wonky right now, so consumers are tightening their belt and not buying as much. It’s human nature. When things stabilize, their spending habits continue as if nothing happened.
3.) The time to buy inventory is RIGHTNOW. You’re freaking out and guess what? Retailers (online and stores) are freaking out too and slashing prices. Are you or your virtual assistants checking clearance deals online daily? Physical retailers are clearing their shelves, too – have you been scouting at your local stores (do more than just follow the herd to the closing Walmarts)? You’re even in a great bargaining position with importing from China as their economy is looking wonky too (they’re eager for reliable buyers).
4.) FREE inventory abounds. Do you look? Do you ask your local store managers’ for extra discounts? Do you make the stuff come to you? Getting free/cheap inventory (especially books and media) help ‘fill in the revenue holes’ when sales are down.
5.) Your risk is incredibly low. Many independent ‘mom-and-pop’ online sellers like myself are very privileged to have Amazon/eBay for revenue. We start selling with nearly nothing, and we earn $10K – $100K+ per year with minimal overhead and sunk costs. Some of those who are considering quitting Amazon are also considering getting a $200K loan to open up a Chipotle franchise, where they pay it back over 30 years and have to show up to work every day for the first 5 years. I’m being serious – quitters panic and then they think the higher the dollar outlay for their next venture, the better chances for their success.
6.) Buy when no one else wants the stuff. If you’re stumped at your low sales, are you getting more ‘risk-tolerant’ buy, say, sourcing wholesale for upcoming holiday seasons (Easter, Spring cleaning, next Christmas, etc.) where consumers lose their minds and buy everything under the sun? The time to do that is right now. Last month, my wife and I bought $3,000 in major name-brand Christmas merchandise via online and retail stores, and we put it in a spare bedroom. This will net us at least $6,000 profit when we send it in for Christmas 2016. The deals are there, you have to use elbow grease and be patient.
7.) Out of sourcing/product ideas? That’s impossible. The amount of free/inexpensive information to help you source, buy and receive a wholesale or private label product inexpensively has never been more abundant than now. So if you’re convinced sourcing locally or via online arbitrage isn’t helping you, try something different without losing a fortune (or your mind):
- Free: Skip McGrath unveils a lot of his product ideas as well as trusted wholesale sources in his monthly newsletter.
- Free: Those morons offering $5,000+ ‘coaching’/shiny-object Private Label ‘solutions’ are shaking in their boots because this guy gives away free live training and 150+ free, timely podcast episodes that cover EVERY aspect of private label under the sun.
Things will turn around. Remember that Amazon keeps grabbing a larger share of consumer’s online spending. You just need a little elbow grease, determination and less ‘following the herd’ to win.
-Jordan
BONUS: Revisit this post, and take action. Don’t be a quitter!
The post Please quit. Now. appeared first on Jordan Malik – Amazon and eBay Selling Expert, Bestselling Author.
Please quit. Now. was first posted on February 8, 2016 at 1:52 pm.
Source: jordanmalik.com