Episode Highlights


[03:50] — eCommerce trends in late 2020 and going into 2021

• There is a decrease in restaurants, travel, and luxury products.
  
  
• Ten years of eCommerce growth happened in just three months of the pandemic.
  
  
• The consumer behavior shifted to online shopping with the convenience of fast delivery.
  
  
• The costs of acquisition right now are much higher compared to 2019. Meanwhile, there is a reduced cost of entry as website building has become cheaper.
  
  

[08:51] — Establishing a private label business on Amazon 

• Choose the professional account when setting up on Amazon and make sure you have all documents ready.
  
  
• If you have a product already, you’re all set. However, if you don’t have a product yet, you have to make sure that it is marketable.
  
  
• Invest money in advertising and growing your brand.
  
  

[12:47] — The characteristics of successful and unsuccessful Amazon sellers

• Successful Amazon sellers: They educate themselves, have dedication and persistence, and share their expertise.
  
  
• Unsuccessful Amazon sellers: They keep their expertise to themselves, and they don't ask for anyone's help.
  
  
• Unsuccessful sellers also go for trendy products that may not last.
  
  

[18:38] — Best practices for sourcing products

• A profitable product has a high demand and low competition. 
  
  
• Avoid products that are easily breakable and have chances of becoming obsolete.
  
  
• You have to consider factors like profit margin and market depth analysis in identifying preliminary products. 
  
  
• Product matching allows you to evaluate the cost of the product and the return on investment.
  
  
• Set aside money for marketing, shipping, and other business growth strategies. The average budget for private label sellers is around $2,000 to $5,000.
  
  

[26:53] — How did product sourcing change over the past year?

• While there were issues in delivery times when the pandemic started, there were no significant product sourcing changes. 
  
  

[27:38] — Biggest mistakes and tips in sourcing products

• The first mistake is going all-in without a concrete plan. The second biggest mistake is going after a trendy product.
  
  
• Before working with a supplier, make sure to see samples, reviews, and prices.
  
  
• Remember that you have more business elements (marketing and shipping) to spend on other than the product cost itself.
  
  

[31:14] — Who is IO Scout?

• IO Scout is an all-in-one tool for Amazon sellers. It includes a product finder tool, product tracker tool, keyword research tool, sales estimator, and FB calculator.
  
  
• They also offer a Google Chrome extension and inventory management.
  
  
• Their ideal customers are any Amazon seller, from newbies to experienced sellers.
  
  
• They go after wholesale businesses, private label businesses and force arbitrage businesses.
  
  
• According to Eleonora, IO Scout is a one-product-fit-all.