Crush Your Amazon Profit Margin - Are You Sitting on a Gold Mine?


Manage episode 353462223 series 87854
بواسطة Michael Veazey، اكتشفه Player FM ومجتمعنا ـ حقوق الطبع والنشر مملوكة للناشر وليس لـPlayer FM، والصوت يبث مباشرة من خوادمه. اضغط زر الاشتراك لمتابعة التحديثات في Player FM، أو ألصق رابط التغذية الراجعة في أي تطبيق بودكاست آخر.
Amazon sellers often experience frustration with not knowing where their money is going and not having a way to analyze and identify the best products to sell. Using ecommerce profit analytics programs, such as Sellerboard or Eva, can help sellers identify profitable products, track their sales and profits, and manage their inventory and advertising. Reviewing the data regularly and double down on out of stock, high profit items is crucial to maximize profits. It's also important to calculate "AROI" (Annualized Return on investment) which is more accurate than just ROI. Additionally, it's recommended to reallocate capital from mediocre/loss making products to profitable items and explore options such as creating variations or bundles of successful products. Why This matters Amazon Seller Frustrations Working hard but not much money left at end of month/quarter/year Don’t know where your money goes Don’t know if you should reorder products, what to buy. How much What we Want from our Products [Revenue?] Return on Investment (more on this shortly) Cashflow Profit replenishable/repeatable Missing out on what’s working Having no profit analytics system so you don’t know what’s working Not having a way to analyse and “surface” the best products Shiny object/creativity syndrome Not acting on the insights you get Who this is for -Resellers using RA, OA, or wholesale sourcing - own brand sellers (Private Label/custom products) - Shopify or DTC store owners Using Amazon Profit Analytics is like panning for gold - or Shopify analytics or apps - eCommerce and Amazon is the new Gold Rush. Don’t throw the gold out with the gravel! What Amazon profit seekers can learn from gold panning: Once you’ve got the gold (keep the profits!).... Keep what you have! Go back to the same source! How to get more out of what’s working Phase A. Finding profitable products [as before] Get an ecommerce profit analytics programme or use what works Amazon-specific Sellerboard is common. Eva is probably better value. - EVA Accurate Sales & Profit Analytics - like Sellerboard Custom Reporting At Product, Store & Daily Sales Level Advertising Analytics & Rule-Based Settings Dynamic Pricing & Promotion Management Inventory Management & Replenishment Forecasting Very affordable. Shopify - in left hand menu Analytics>Reports Categories: Finances Gross profit report Input accurate COGS and other costs Having a system with no data is a waste of time Having a system with inaccurate data is positively dangerous You believe it - lose money You don’t believe it - so you don’t follow the insights - also lose money! Review the data - regularly! Annually is too late Quarterly minimum Monthly is best Note frequently Out of stocks Find highest margin products Look at stock turn Don’t worry about ROI - calculate “AROI” (Annualized Return on investment] (listen to/watch future episode) Phase B- implementation DOuble down on OOS - Make sure you stay in stock/deepen stock on fast-selling and profitable items (reallocate capital for slow-selling or loss making items) Double down on high profit items - For the most profitable items, reallocate capital from mediocre/loss making products create/find variations on profitable items (future episode) Create Bundles (listen/watch for future episode) Are You Sitting on a Gold Mine? What to do next to Crush Your Amazon [or Shopify/DTC] Profit Margin Get a free Amazon profit audit Get a free audit from me, Michael Veazey, personally. As long as you have at least $10K/€10K/£10K in monthly revenue. You can be a reseller or Private label/custom product brand owner Just click the link below, scroll down,

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