7 Figure Seller Summit

Archive Monthly Archives: July 2021

Selling Your First Business: A Guide For FBA Sellers

If you’re reading this, chances are that you’re an FBA seller thinking about selling your business. Congratulations! You’ve been successful in one of the most competitive industries, and now it’s time to take what you’ve learned and move on to the next adventure.

Selling your FBA business can be exciting and scary at the same time. Getting the most from the sale also takes some work upfront, but there are many benefits to getting your business in order.

First, the good news: When selling to Thrasio, you don’t need to have your business perfectly shipshape before meeting with us. In fact, we don’t want you to put off getting in touch. However, selling your business is a multistep process, and doing a little homework can pay off at the negotiating table. 

Think about what you want from the deal

●   Money? If so, how much?

●   How involved do you want to be in the business?

●   Do you want to move quickly or wait for the perfect deal?

Know where your business sits in the marketplace

● What category are you in?

● What’s your market share?

● What does your revenue stream look like over the course of 12 months?

Get a clearer picture of your finances & operations

If you’re a one-person operation, chances are good that a lot of your systems and processes live in your head. Start thinking about all the information you need to gather in order to hand over your business successfully.

If you’re running a business with one or two ASINS, this might not be very much. But if you have 100+ variations that all sell at different rates, you’ll want to be able to provide as much detail as possible to a broker, buyer, or investor on key business areas, such as supply chain operations and customer service.

Figure out who you need in your corner

If you’ve never sold a business before, you’ll want to develop your own group of trusted advisors—people who have experience selling a business and people who will have your back. This might include a broker, an accountant, an attorney, or even a mentor with experience in the space. Having people you can count on before, during, and after the sale is invaluable.

Keep your business up and running

Don’t forget to keep operating your business at maximum effort until the deal is closed and you have cash in hand. Inventory issues or a lag in PPC investment can affect your business’s value.

Want to learn more about selling your business? Reach out to us!

The 80/20 of Ecommerce – July 30, 2021

(VIDEO) What to do to Weather the Perfect Storm to Win Q4 for Ecom sellers (Replay)

Big Demand for Corrugated Boxes and Other Packaging

According to Ecommerce Bytes “Newmark Group, a commercial real estate services firm, found that nationally, nearly 407 billion square feet of corrugated product was churned out in 2020 as online orders spiked during the pandemic – an all-time high. It expects demand to remain elevated, and said, based on current space utilization of top corrugated occupiers, it estimates that an extra 250,000 square feet of direct industrial space for every additional 1.0 billion square feet of corrugated product could be needed to accommodate annual growth.”

With the transition to more cardboard boxes showing up on doorsteps rather than in stores, the industry is relying on more consumers with expectations and demands to remain elevated. 

Amazon will launch Amazon EGYPT in 2021

Amazon will launch in Egpyt later this year according to Daily News Egypt. 

Previously they were operating in Egypt through Souq.com and will now be rebranded as Amazon Egypt.  

Let’s see how this new marketplace performs. 

Announcing 7 Figure Seller Summit 5

25+ masterclasses from 7 Figure Amazon Sellers and Ecommerce Experts

Discover how 7 Figure Sellers are navigating the Perfect Storm to WIN Q4

I’m super excited to announce that 7 Figure Seller Summit Registrations are now OPEN!  

Here’s how the summit works:

The 7 Figure Seller Summit is a 5 day online event designed to help Amazon and Ecommerce sellers build, scale, and exit their businesses.  

Each day there will be 5-7 masterclasses that will be available to watch for 24 hours if you get the free pass.  

At the end of each day there will be a LIVE recap Q&A session where we invite our speakers back to answer your questions LIVE on the call.  

For those of you who don’t have time to watch the sessions once they go live, we’ve created the All Access Pass.  You will unlock all the videos to watch on demand anytime and anywhere. 

Also you will get audio which you can listen to on the go and transcripts for visual learners.

And you will get additional bonuses from our speakers like free coaching calls, additional trainings, and discounts worth thousands of dollars not available anywhere else.  

Join your “Favorite Amazon conference/event of 2020” with the same award-winning format 

Every year, thousands of ecommerce sellers vote for their favorite Amazon event of the year. 

Last year, we won the award for FAVORITE AMAZON CONFERENCE/EVENT of 2020 in Seller Poll.  

This year, we’re keeping the same award-winning program and putting it on steroids.

This year, we’ll cover:

  • Day 1: MINDSET and FUNDAMENTALS of an Ecommerce Entrepreneur
  • Day 2: Marketing, Branding, and PPC
  • Day 3: SCALING your business
  • Day 4: PROFITABILITY so you keep more money in your pocket
  • Day 5: EXITS – and structuring your Amazon and Ecom business for a maximum selling rice

And do our best to make it an event that you remember for years to come.

25+ Ecommerce masterclasses designed to help you prepare for Q4 and navigate the “Perfect Storm” 

I’m on a mission to do everything I can to help you build, scale, and exit your ecommerce business.  I’ve spent months surveying and listening to hundreds of you and heard your struggles and what you’re doing to overcome these issues to win in Q4. 

Based on what you told me, I’ve designed this event specifically to help you overcome the key challenges you’re facing right now.   

Moreover, I have handpicked the right speakers to train you on how to overcome these challenges based on what’s working right now in 2021.  

Here’s some of the things you’ll learn:

  • How 7 Figure Sellers are doing product selection in 2021
  • How to overcome logistics problems and Amazon inventory restrictions
  • How to handle and overcome high shipping prices
  • The 80/20 of Amazon PPC to maximize your ROI
  • Ways to drive external traffic to your listings to boost sales, rank, and profit
  • Future of Video Marketing: Tiktok, Instagram, Youtube marketing for ecommerce sellers
  • Strategies to scale your business using VAs, Technology, and Systems
  • ENDGAME: How to create a valuable and sellable business 

I’m bringing back your Favorite speakers

Good news!  After the last summit, I reviewed our feedback and found out that a few of the speakers were your favorites and invited them BACK to tell us what they’re doing now to overcome the Perfect Storm and win in Q4.  

We are bringing back some of your favorite speakers like Mike Jackness, Sharon Even, Tim Jordan, Cameron Walker, and many more.  

And New Speakers 

I’ve also invited NEW 7 Figure sellers, who you might not have heard of before.  They’re not active on social media or podcasts and typically don’t do interviews.  But I brought them out to talk to you and spill the beans on how they’re running their business to win Q4 in 2021.  

NEW: Summit “tracks” for beginners, intermediate and advanced sellers to personalize your experience.

In the past, we just had one program. I got a lot of feedback that people wanted to know which sessions to listen to. 

So this time around, we have a brand new Summit Tracks system. Here is how it works:

-Every session has a category: Beginner, Intermediate, and 7 Figure Seller

-How to use them: before the event starts I recommend you review the sessions page after getting your Free Pass and mark the masterclasses that are at your level and interest you the most.  

This will be like a “Choose your own adventure” for Ecommerce sellers to navigate through the perfect storm. 

Don’t worry – with the All Access Pass, you’ll get access to ALL the sessions either way. 

But this way, you can get the most out of your time and focus on the sessions that are the most relevant for where you’re at with your ecommerce business right now. 

NEW: VIP Mastermind Pass for 7-8 Figure Sellers

But what if you’re already a 7 or 8-figure seller? Then just more information isn’t enough. Working with 7-8 figure sellers, I noticed that the thing that really moves the needle is Masterminding with other experienced 7-8 figure sellers to give you DIRECT FEEDBACK on your business.  

For the very first time we will offer an exclusive upgraded ticket – the NEW Live VIP Mastermind Pass for 7 and 8 Figure sellers (verification required).   

In a closed doors, small group, intimate setting, you will talk to experts and get feedback from them  (20 seats only).

You will discover how to breakthrough your biggest challenges with your problems as you go into the hotseat to get feedback from the group. 

You will also network with other 7 figure sellers and learn what other real sellers are doing to crush it in Q4.

In addition, you will also get additional THREE (3) VIP masterminds (1hr each) to get your questions answered from experts in branding, PPC, scaling, hiring VAs, and how to prepare for an exit.

Guys I’ve put hundreds of hours into this event and I believe it’s the best thing you can invest in your ecommerce business to win Q4.  

Will I see you there?  Get your free pass now at www.7figuresellersummit.com.

Here are some things you may have missed from last week:

Have a great day!

Gary

The 80/20 of Ecommerce July 23rd

Shoe and Textile Factories in Vietnam shut down amid Covid lockdowns

In the past few weeks, a number of major textile and shoe manufacturers in Vietnam (including contract manufacturers for Nike and Adidas) have suspended their operations in Ho Chi Minh City and other regions in Vietnam due to Covid lockdowns.

According to the Taipei Times, “Pou Chen Corp,  the world’s largest manufacturer of branded athletic and casual footwear, last week said that it had suspended operations at its plant in Ho Chi Minh City, as virus restrictions shuttered factories in the business hub through Friday.”

If you are sourcing or considering sourcing from Vietnam, be prepared to weather this storm as Vietnam is dealing with the effects of the pandemic.  


A man rides a scooter past closed shops in Vung Tau, Vietnam, yesterday.

Photo: AP

Walmart, Ikea, and Amazon have a dirty shipping problem

One of the dirty secrets in shipping, is that operating huge container ships that ship consumer products across the world creates tons of greenhouse gas emissions and air pollution.  

In an excellent report called “Shady Ships: Retail Giants Pollute Communities and Climate with Fossil-Fueled Ocean Shipping” by Pacific Environment, they “rank the top 15 biggest polluters by company. Walmart tops the list, generating more greenhouse gas emissions than a coal-fired power plant would in a year.”  

Amazon is ranked at number 8.   

Despite their multiple promises, huge corporations such as Ikea and Amazon are still doing significant damage to the planet, as this report shows. Ikea says it wants to draw down more greenhouse gases than it emits by 2030. Amazon is trying to do something similar by 2040.

The report concludes that “Swimming in profits, major shipping companies have no excuse to not pay up for cleaner shipping options — like adding wind harnessing technologies onto existing ships, which can reduce up to 30% of greenhouse gas emissions per voyage and 8–10% per year.” 

Source: Pacific Environment

Is This the NEW Normal for Amazon Shipping? A Shipping Expert Tells Us What to Expect” from Serious Sellers Podcast: Learn How To Sell On Amazon

In this excellent interview, Refael Elbaz, CEO of Unicargo, a freight forwarder that works with many Amazon sellers, breaks down the state of shipping right now.  

The cost of shipping a 40ft container from Shanghai to Los Angeles has skyrocketed from $1600 pre-Covid to $13,000 to $15,000 right now.  

Also Refael explains cause of delays at the Ports of Long Beach, and a number of other factors that are creating the Perfect Storm for Ecommerce right now.  

Pls include a paragraph about VAA and link to CTA.  

VAA specializes in matching Amazon sellers worldwide with skilled, dedicated Virtual Assistants from the Philippines. VAA was established in 2017 by Gilad and Hila Freimann, who operate a successful private label Amazon business of their own. As their business grew, they quickly discovered they needed extra help in their daily Amazon operations. 

Schedule your Free consultation meeting with Gilad and meet your Ideal VA.

Click here to redeem your special offer.

Live Training 7/26 – “Weather the Perfect Storm to Win Q4 for Ecom sellers” 

Join me on a live training next Monday night July 26th at 6pm EST to learn what to do to weather this storm as an ecom seller so you can crush it in Q4.  You’ll learn

  • What are the biggest opportunities in Q4
  • What’s different about 2021
  • What are the biggest risks to prepare for so you don’t sink your ship

“Weather the Perfect Storm to Win Q4 for Ecom sellers” 

Mon July 26, 2021

6PM EST

Signup here: https://forms.gle/SEMPjYMFSJpAzPPU9

See you then!

Gary

PS: I really don’t want you to miss out live webinar next week so make sure to save your seat by registering here 

Here are some things you may have missed from last week:

Have a great day!

Gary

The 80/20 of Ecommerce – July 16, 2021

Walmart passed a critical inflection point in 2020 and doubled its size in one year, reaching 100,000 third-party sellers.

According to Marketplace Pulse “Having reached 50,000 sellers in July 2020, the marketplace is now adding close to 5,000 new sellers monthly. Like on other marketplaces, many of those never become active – 35,000 out of 100,000 sellers currently have products listed for sale. Nevertheless, Walmart is growing the number of active sellers faster than sellers are churning.”

For the first time ever, it was reported that Walmart surpasses eBay as the second-largest ecommerce retailer in the U.S. behind Amazon.

In March, they expanded the marketplace and removed the US-only limitation and in JULY, 15% of the new sellers are from China.

Walmart is pushing to use its Walmart Fulfillment Services (WFS) warehouse service and the numbers of sellers using the two-day shipping are going fast, which appears to be racing to turn more if its selection to be Walmart+ compatible, a membership currently built around groceries and expanding considerably faster than the number of shoppers on Walmart which increases the role of advertising to out-rank others in search results. 

Amazon expands fulfillment network in India across an area of 10 mn sq feet

Amazon India on Thursday announced the expansion of its fulfillment network in India, with 10 new Fulfillment Centres and the expansion of seven existing buildings.

According to Business Standard “E-commerce giant Amazon India announced its plans to expand its fulfillment network in India, with a nearly 40 percent increase in its storage capacity over the last year. With this expansion, Amazon.in will have more than 43 million cubic feet of storage capacity, across 15 States, supporting around 850,000 sellers across India.”

With this expansion, Amazon India will have more than 60 FCs in 15 states, with a total storage capacity of over 32 million cubic feet. The new additions include the specialized network of FCs for large appliances and furniture categories and receive centers.

With the expanded network of more than 60 fulfillment centers, we look forward to creating thousands of job opportunities with competitive pay,” said Akhil Saxena, VP, Customer Fulfilment Operations, APAC, MENA & LATAM, Amazon India.

All new fulfillment centers will be operational before the festive season.

How Maersk Dominates the Global Shipping Industry

See this 12min video to learn the exact causes of the high shipping rates, what is happening in the ports, and who the real winner from this shipping crisis is! CNBC did a great job on this short video about how MAERSK, a large shipping company, is navigating through this crisis.

It’s valuable to learn from the shippers’ perspective to understand this issue.

YouTube video link: https://www.youtube.com/watch?v=9-IEcZOa4rg

How to build your brand to make it a valuable asset you can sell with Ben Leonard (Replay)

As competition is increasing. One of the best ways to differentiate your business is by building a brand period and I don’t mean just theoretical mumbo jumbo. I mean, building a unique customer and brand avatar that will make it a valuable asset you can sell later.

That’s why I invited Ben Leonard, whose a seven-figure amazon seller who successfully exited his brand Beast Gear recently. Ben currently is co-founder of Ecom Brokers and he’s helping other sellers do the same. 

You will learn:

  • How to build a brand avatar
  • Why do they need to do it?
  • Ultimately help you build a brand – important asset when selling 
  • Ben answers your pre-questions about brand avatars.

Get a free valuation at www.ecombrokers.co.uk by clicking ‘Sell Your Business’ and then get 10% off our fees when you mention the 7 Figure Seller Summit.

Here are some things you may have missed from last week:

7 Figure Seller Summit waitlist is finally open! You can reserve you can sign up to be the first to know once we open our doors. This is the pre-event survey:  7FSS5 Pre-event Survey

Have a great day!

Gary

The 80/20 of Ecommerce – July 9, 2021

Bye Bye Uncle Jeff! Bezos steps down as Amazon CEO 

Last Wednesday, Amazon founder Jeff Bezos has officially stepped down as the company’s chief executive, handing that role over to Andy Jassy, in order to focus on “new products and early initiatives”. Bezos personally chose the date because it’s sentimental to him, it’s the exact day Amazon was incorporated in 1994, 27 years ago.

Bezos will transition to the role of executive chair in Q3, which started on July 1st, the company said. 

Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon. 

This is a big change and though Jassy is known to be in line with Bezos’ strategy, this is the first time that Amazon will run without Bezos at the helm.

It will be an interesting Q3 and Q4 as ecommerce continues to boom amid the number of challenges the world is facing.  

The Ever Given is finally leaving the Suez Canal

The Ever Given container ship which got stuck in the Suez Canal carrying 18,300 containers finally was given the clearance to leave this week. 

If you think you are having shipping headaches getting your products shipped from overseas, some unfortunate businesses such as Pearson 1860 which is a bicycle maker based in the UK, had over $100,000 of inventory stuck on the ship for over 3 months according to CNN.

They have “narrowly missed its busiest sales period” as a result. 

Moreover, 7 Figure Seller Summit Speaker Alum Bernie Thompson who runs an 8-Figure electronics private label brand called Plugable “estimates that about $60,000 worth of Plugable’s goods remain stuck on the Ever Given” according to a CNBC report.  

This caused his business to miss out on Prime Day for many of their top products.

This year is definitely a wild one in shipping and logistics!

Amazon competitor Shopify cuts app store fees for developers on first $1 million in revenue

Shopify announced that it’s lowering the share of revenue it collects from developers that publish apps on its app store. developers will keep 100% of their revenue from the first $1 million they make on Shopify’s app store, starting Aug. 1.

Shopify is following in the footsteps of tech giants like Microsoft, Apple, Google, and Amazon, which have recently reduced fees for some app developers.

According to CNBC, “During a presentation, Shopify President Harley Finkelstein said the company is also cutting its commission rates for developers who make more than $1 million annually to 15% from 20%. That’s “half of what other popular app stores cost,” Finkelstein said.”

Could this mean that more developers will flock to Shopify and improve the selling experience?  We will see how this translates in terms of seller volume as well as consumer behavior.  

Here are some things you may have missed from last week:

Exciting news! 7 Figure Seller Summit waitlist is now open, you can reserve you can sign up to be the first to know once we open our doors. This is the pre-event survey:  7FSS5 Pre-event Survey

Have a great day!

Gary

The 80/20 of Ecommerce – July 2, 2021

China’s manufacturing softens in June amid export weakness

In a report by Business Hala, “China’s factory output and consumer spending have rebounded to above pre-pandemic levels but export demands are uneven as governments fight the outbreaks of the new coronavirus variant.” 

China’s manufacturing activity in June dipped slightly as export demand decreased and manufacturers dealt with supply constraints. The numbers of new export orders, production, and factory gate prices all decreased.

According to Business Hala “The index of production fell 0.8 points to 51.9 from May. New export orders fell by a similar margin to a one-year low of 48.1. This was offset by strong domestic demand, which raised the measure of new orders by 0.2 points to 51.5.”

India Sourcing Network launches on July 2nd, 2021

Are you thinking of sourcing away from China?  If so, one of the biggest alternatives is India.

But as you may know Alibaba doesn’t work so well when it comes to sourcing Indian suppliers.  

That’s why I’m super excited to learn that my friend Meghla Bhardwaj is launching India Sourcing Network

This is a site that includes everything you need to source Private Label products from India.  Meghla and her team promises:

  • Ways to find Indian Suppliers
  • Connect with Service providers
  • Learn more Information on sourcing PL products from India

To kick things off, you’re invited to join the India Sourcing Network launch party here! 

When: Fri Jul 2nd at 8pm EST (launch date: Friday Jul 2, 8PM ET) 

Where: https://www.youtube.com/watch?v=wGokEpb39vU

Here’s a preview of what to products you can expect from India:

Upcoming webinar “Building customer and brand avatars with Ben Leonard” Friday, July 2nd, 4 PM EST

Link: https://www.youtube.com/watch?v=6TExhKMRuXs

You will learn:

  • How to build a brand avatar
  • Why do they need to do it?
  • Ultimately help you build a brand – important asset when selling 

Here are some things you may have missed from last week:

Have a great weekend!

Gary

PS: If you haven’t already, I’d love to hear your feedback about the next 7 Figure Seller Summit launching this Aug – pls fill out this 5 min survey to help me create the best online event to build, grow, and exit your ecom business.  7FSS5 Pre-event Survey