Selling on Amazon Is Designed To Keep You Poor
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- Selling on Amazon seems like an easy choice to make for online sellers. But for those who are trying to build a sustainable business, it makes sense to assess your overall sales as it pertains to channels. Should you have all your eggs in one basket? In this video, I talk with Nate who is an ecommerce seller with the majority of his sales on Amazon. And like many Amazon sellers eventually do, he is questioning whether or not it makes sense to diversify sales off of the Amazon platform. Watch this video and understand why selling on amazon could just keep you from growing a strong business with a diverse mix of revenue from multiple channels.
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😁 ABOUT ME:
Hi, my name is Spencer. I co-founded Solo Stove. A DTC e-commerce brand that we started as a side hustle in a garage with 15K. We sold Solo Stove to private equity a couple times. After acquiring a few brands in 2021, Solo Brands grew out of Solo Stove, raised $219M through an IPO (NYSE: DTC) and reached a valuation over $2 BILLION dollars! Now I share what I learned on this channel.
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As a percentage of revenue, how much comes from Amazon vs other channels?
Thanks for the time Spencer. Your knowledge and experience is next level. Was great having a few minutes to talk. Keep up the great work on the channel! - Nate
Thanks Nate for chatting and being open to share. I've got a lot of emails thanking us for sharing this content. It's been helpful to others! Hit me up if I can help in any way 👊
Great seeing these legends connect!
Very important topic thanks man 🤙🏾
You're very welcome!
Even if you don't sell on Amazon this is worth watching. Good to diversify those income streams!
95% Amazon & 5% other
Didnt you start as purely Amazon based ? great content thanks!
No, we started with our own website but did start selling on amazon as well very quickly.
Always great content. I know you’re not trying to sell us anything but any plans to offer a course one day? You are uniquely positioned to do so I think with your experience and expertise.
No plans to sell a course. I plan to share everything I know for free here on youtube. I might make a website to help organize the videos in the future. Thanks for watching!
Great insight! Lots of good points to reflect on. Thank you!
Glad you enjoyed it Suzie!
That's great insight, but execution is so difficult in my experience. I know this is likely a large question to answer, but what would you do if you had limited experience in Shopify or many Shopify failures in the past? Do you try to wear all the hats, build a social media base, run ads on FB, build an email list, on your own? I've found it to be overwhelming to do this with limited experience, and even after mentorships, I still find it extremely difficult to grow off of Amazon. Is there a first step where you would start? Are there resources you recommend? Do I hire professionals to delegate to? Thanks!
Hi Brian! Thanks for the question. Because there is so much you can do off of amazon, you need tackle it in bite sized chunks. Don't try to do too much, you'll get spread thin real quick and your efforts won't find any momentum. For instance, if you set up your shopify store, spend time on one type of marketing... like email marketing. You could spend months and years on just email marketing before you get really good at it. Invest the time to learn and you'll get better at it. My guess is that it took you many hours to get good at selling on amazon. You need to do the same when it comes to learning strategies to grow off of amazon. If you have the money to hire, that is a viable path to "learning" faster. I hope that helps!
@@SpencerJan good advice, thank you. I do think I tried to do it all learning Shopify and FB ads and I just didn't see any success and I think it was just a ton. Shopify apps alone are a huge undertaking. I appreciate the advice, maybe I'll try to outsource some and concentrate on smaller parts. Thanks!
We love your content ❤, keep going great job Spencer
Thanks for the encouragement! Much needed 😉