• Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

  • By: Michael Veazey
  • Podcast

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

By: Michael Veazey
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  • Summary

  • Amazon Private Label and eCommerce Interviews with Experts in Amazon product chooosing, Amazon listings, sourcing private label products, importing from China, and Amazon product listings. We serve new Amazon sellers and 7-figure Amazon sellers with specialist content.
    ©Michael Veazey 2015-2022
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Career Success Economics Leadership Marketing
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Episodes
  • Make Confident business decisions: should you “Follow the numbers”?

    Make Confident business decisions: should you “Follow the numbers”?
    Nov 4 2024
    Should entrepreneurs always "Follow the numbers"? Should you be led by the numbers in your business buying and selling decisions? Let's deal with that today. Having previously bought various properties, I'm now considering selling one A selling or buying decision around any asset, including property, or a business is a lot of the same sort of thing. So you're buying an asset or selling an asset, which has a capital value, and then it will, if it works well, generate cashflow, sometimes negative if you get it wrong. So should you be led by the numbers? I've been on a train with a Google sheet, working out the capital gains of selling a residential property versus keeping it. What's interesting is how one arrives at decisions in business the nice thing about business is numbers guide you. Should they lead you? Should they guide you? Should you ignore them? Let's take one extreme at a time and examine how it works. Thesis: Ignore numbers (go with your gut) Extreme number one is to ignore the numbers and go with your guts, follow your intuition. There's a difference, between your guts and immediate instinct. Instinctive reaction to pain causes short-term decisions Running a business or owning property. Can be painful. , there's legal liability people hassling you, spending your own money and time and regulations always increasing. Both in business and residential property. My experience in the uk, Amazon selling is not getting any less full of regulations particularly if you sell in the eu or you know, if you're looking at Amazon's legal changes. Okay, so gut reaction might be just sell the damn thing because it's painful, but anything worthwhile can be painful. That's probably not a good plan. Now, what about intuition? If your intuition says, it's hard work, but the pain is not worth the gain. You might be right. Intuition can, misguide us because we overrate immediate pain and underwrite future pain. So if we do something now that makes them the easy but cost you a lot of pain in the future, that's not a very rational way of making decisions. Pure instinct or intuition has its dangers. So in the pure form, probably unwise, although one should not ignore one's intuition as an entrepreneur, Antithesis: Being led purely by the numbers Here's version two, led by the numbers, not guided by the numbers, but just led by them. The classic example of that mistake is in the the lockdown period or just after that, a lot of aggregators, private equity companies with a lot of money went out shopping for e commerce businesses based on Amazon. They made multiple mistakes, but one of them was based simply on following the numbers. A lot of very smart people, many of whom I interviewed for the podcast at the time, were involved in that, but they didn't have Amazon common sense or e commerce common sense they were good at, number analysis. So they analyzed the numbers but what they didn't take out was any kind of common sense. Why did the aggregators get it wrong in 2021-22? If you look at the root cause of the massive increase in revenue and profits of e commerce businesses around 2019, 2020, was obvious. The pandemic and lockdowns particularly in the UK and US. Were extreme. I was in the UK at the time, so yeah, that is in retrospect, I guess, very obvious what was, was going on there. Even at the time it wasn't rocket science to think there would be some kind of aversion to shopping in a physical location after the Pandemic, how much was going to be hard to call, but it wouldn't be zero. And there was going to be some reversion to spending discretionary earnings. So consumer spending, you could spend on whatever that isn't just your rent or mortgage on some services such as entertainment, going out to pubs. Technically they're buying products, but they're kind of consuming them immediately. So it's kind of a service or other services like going to the cinema or going...
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    8 mins
  • AI Finances for Amazon & eCommerce Sellers

    AI Finances for Amazon & eCommerce Sellers
    Sep 20 2024
    Imagine you're a thriving Amazon seller. You log in to Seller Central, download your settlement report, and receive your net deposit. But here's the catch: the numbers don't quite paint a clear picture of your finances. Amazon reserves make understanding your true profit, profitability, and cash flow a challenge. Now, add multiple sales channels to the mix. The complexity grows exponentially, leaving you scrambling to reconcile data and make sense of your finances. This is where AI-powered accounting steps in, offering a lifeline for busy eCommerce brand owners. [00:00] - Importance Of Clean Data For Business Owners[00:44] - Introduction And Context Setting[01:07] - Challenges Of Single-Channel Amazon Selling[02:10] - Webgility's Data Integration Process[03:02] - Multi-Channel Data Consolidation[03:38] - AI Assistant's Role In Data Analysis[04:34] - Automating Data Transfer To Accounting Systems[05:16] - Computers' Efficiency In Numerical Calculations[05:59] - Common Issues In Data Integration[06:20] - Importance Of Consistent SKU Naming Conventions[07:31] - Webgility's Approach To Clean Data Setup[08:16] - Challenges Of Maintaining Consistent Data Practices[09:24] - Development Of AI-Powered Product Mapping Capabilities[10:40] - Difference Between Mechanical Systems And Intelligent Systems[11:58] - Two Approaches To Accounting Systems[13:39] - Impact Of Clean Books On Business Valuation[14:50] - Progression From Top-Line Focus To Profit And Valuation[15:17] - Introduction To Webgility's Services[16:10] - Webgility's Resources And Upcoming Webinars[16:39] - Importance Of Financial Preparation For Holiday Season[17:06] - Final Advice On Understanding Business Profitability[17:31] - Conclusion And Thank You How AI Simplifies Your Accounting Nightmare Webgility leverages the power of AI to transform your eCommerce finances. It can handle data from the most granular level (SKU) to your overall settlement reports, all presented in a user-friendly, centralized dashboard. Going beyond Amazon, Webgility integrates with other platforms and payment processors, offering a comprehensive overview of your finances, regardless of your sales channels. Imagine logging in and having a virtual assistant at your fingertips, ready to answer your financial questions. AI-powered tools allow you to seamlessly connect your data with popular accounting software like QuickBooks. This enables you to record granular-level fees, identify trends over time, and gain valuable insights, all within Webgility or directly in your accounting software. Clean Data: The Foundation for Accurate Finances But before diving into AI, let's address the elephant in the room: clean data. Garbage in, garbage out is still a golden rule in the digital age. No matter how powerful AI is, it can't magically transform messy data into financial clarity. The key to success starts with a well-organized product catalog. Develop a consistent SKU naming convention across all your channels. This seemingly simple step ensures accurate sales and profit tracking over time. Remember, inconsistent data leads to inaccurate reports, hindering your ability to make informed decisions. While AI excels at processing unstructured data, it's not a miracle solution. Here's where Webgility shines. It helps you get started the right way by offering features like: SKU naming guidance: Webgility assists in establishing a consistent naming convention for your catalog. On-the-fly account creation: Streamline the process by having Webgility automatically create clean accounts as you manage your business. Professional onboarding: Webgility offers onboarding services to ensure your data is structured correctly from the get-go. In some instances, AI can even help improve existing data. Webgility is constantly developing tools to analyze potentially flawed data, like identifying similar SKUs that may be duplicates. This can extend to customer and client data as well,...
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    18 mins
  • Artificial Intelligence for Amazon & eCommerce Sellers

    Artificial Intelligence for Amazon & eCommerce Sellers
    Sep 18 2024
    In today's rapidly evolving digital landscape, artificial intelligence (AI) has emerged as a game-changer for businesses of all sizes. For eCommerce sellers, AI offers a powerful tool to streamline operations, enhance customer experiences, and gain a competitive edge. This guide will delve into how SMB eCommerce businesses can leverage AI to optimize their operations, improve decision-making, and achieve sustainable growth. [00:00] - AI Benefits For Business Owners And Consumers[01:01] - Introduction To The 10K Collective Podcast[01:45] - Parag Mamnani's Background And Founding Of Webgility[02:36] - Challenges Of Multi-Channel E-Commerce And Inventory Management[03:34] - Financial Systems As The Cleanest System Of Record[04:47] - Complexity Of Pricing And Inventory Tracking[06:00] - AI Adoption In E-Commerce Organizations[07:16] - Early Days Of AI Integration In E-Commerce Platforms[08:30] - Difference Between Generative AI And Regression-Based AI[09:45] - Barriers For SMBs In Adopting AI Technologies[11:29] - AI For Small Business Operations[12:42] - Bifurcation Of AI Technology In Business[14:29] - Key Capabilities Of AI Assistants In Business Operations[15:52] - Importance Of Predictive Power In AI For Business Decisions[17:16] - Challenges In Forecasting Due To Unpredictable Events[19:12] - Impact Of Black Swan Events On Predictions[20:31] - Limitations Of Forecasting For Small Businesses[22:03] - Factors For Successful Future Predictions In E-Commerce[23:38] - Importance Of Blending AI With Human Intuition[24:53] - AI Assistant Inclusion And Learning From Customer Expectations Understanding AI's Potential for eCommerce AI, with its ability to analyze vast amounts of data and learn from patterns, can significantly benefit eCommerce sellers in various ways. By automating routine tasks, providing valuable insights, and personalizing customer experiences, AI can help businesses increase efficiency, reduce costs, and drive sales. The Benefits of AI for eCommerce Enhanced Efficiency: AI can automate repetitive tasks such as order processing, inventory management, and customer service, freeing up valuable time for more strategic activities. Improved Decision-Making: By analyzing data and identifying trends, AI can provide valuable insights to inform business decisions, such as pricing, marketing, and product development. Personalized Customer Experiences: AI-powered recommendation engines can offer tailored product suggestions to customers, increasing engagement and loyalty. Optimized Operations: AI can help streamline supply chain management, improve inventory forecasting, and optimize logistics, leading to cost savings and improved customer satisfaction. Leveraging AI for Operational Excellence Inventory Management: AI can help optimize inventory levels by predicting demand, preventing stockouts, and reducing excess inventory costs. Pricing Optimization: AI algorithms can analyze market data and competitor pricing to determine optimal pricing strategies, maximizing revenue and profitability. Fulfillment and Logistics: AI can streamline the fulfillment process by optimizing shipping routes, reducing delivery times, and improving customer satisfaction. Customer Service: AI-powered chatbots can provide instant customer support, answer common queries, and resolve issues efficiently. Harnessing AI for Marketing and Sales Personalized Marketing: AI can help create targeted marketing campaigns based on customer preferences, demographics, and purchase history, improving conversion rates. Customer Segmentation: AI can segment customers into different groups based on their behavior and characteristics, allowing for more effective marketing strategies. Predictive Analytics: AI can predict customer behavior and identify potential churn, enabling proactive retention efforts. Implementing AI in Your eCommerce Business Identify Your Goals: Clearly define the specific areas ...
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    25 mins

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