7 Figure Seller Summit

Archive Monthly Archives: August 2021

The 80/20 of Ecommerce -8/27/21

This week I’m taking a family vacation after launching the 7 Figure Seller Summit last week. So this will be a short newsletter. Hope you are all enjoying your summer.

Amazon Vs. Walmart: The Epic Battle Of Retail Kings Gets Hot

Amazon, the e-commerce giant, had dethroned Walmart and the battle holds big stakes for both Amazon and Walmart stock.

Amazon’s plan to build its retail stores steps up its game and goes ahead against Walmart.

According to Investors Business Daily “According to data compiled by FactSet and reported by the New York Times on Tuesday, Amazon’s sales, and those of third-party sellers on its platform, eclipsed Walmart’s over the year ended in June. Consumers spent $610 billion at Amazon from June 2020 to June 2021. In that same period, shoppers spent $566 billion at Walmart, the report said.”

Amazon is cheaper in the “Foods and Beverages” category, which covers the same products as Walmart. Walmart has many physical stores but purchasing from Amazon is available in more countries. Walmart has a higher net income than Amazon, but Amazon is experiencing more online growth.

But keep an eye on Walmart. With a renewed customer focus and an established retail presence, Walmart could continue to see amazing growth.

Both Amazon and Walmart set the bar for all other retailers on everything from logistics to customer service and innovation. If Amazon does it, Walmart and all other companies follow. Their continued push for customers helps move all other retailers to a stronger customer focus. 

Amazon plans to open its own department stores, report says

Oh, boy. Amazon goes again! Does Amazon make another push into the physical retail space? the giant is reportedly planning to launch its own department stores. Focusing on apparel, electronics, and household goods but in a scaled-down format. 

The new spaces will span 30,000 square feet and carry items from top consumer brands. For perspective, department stores typically take up 100,000 square feet. Amazon’s reported expansion comes as some retail chains, having survived the financial shock unleashed by the coronavirus pandemic – a vigorous comeback.

As many Americans work to reconfigure their social lives in the second year of the pandemic, department stores are cashing in on the increased spending.

Here are some things you may have missed recently:

Have a great weekend!

Gary

The 80/20 of Ecommerce -8/20/21

Global Demand is only up 2.7% – Why are shipping rates so high? 

Ecommerce entrepreneurs are faced with skyrocketing shipping container prices of over $20,000 per container from Shanghai to Long Beach.

What’s the reason?  

According to supply chain expert and consultant Lars Jensn,”The problem right now is predominantly one of capacity.”

“Ocean freight capacity is being heavily curtailed by congestion, with equipment tied up both on land and at sea” according to Freight Waves.  

The causes of congestion keep coming: from the lack of containers available for shipments, to the Covid closings in China at the Yantian and Ningbo ports, to the ocean vessel stuck at the Suez Canal, to the numerous delays off the port of Long Beach – it’s been a domino effect in escalating the capacity problem.

Even back-to-school products are facing shortages and price increases due to the supply chain shortages

As you may have expected due to the supply chain challenges, the impact is already felt in  back-to-school supplies.  

“It’s back-to-school shopping season — and product shortages, which have affected everything from furniture to chicken wings, are hitting school supplies” according to WCPO news..  

Walmart is struggling with supply shortages of products such as Disney backpacks.  

It looks like we will see fewer deep discounted products like $0.10 spiral notebooks because supplies will be tight. 

I believe this is the canary in the coal mine.

This Q4 I expect many holiday products to be in short supply given the Perfect Storm we’re facing now.

You’re probably asking how can I Navigate this “Perfect Storm” to win in Q4?

7 Figure Seller Summit 5 – Final Day!

As we navigate through the ecom “Perfect Storm”, I have invited over 30 7 Figure Amazon Sellers and Ecom experts to share the latest strategies on how to overcome the logistics challenges and high shipping rates so you can win in Q4.  

On day 5 (today) you will also learn how to prepare for an exit from 7 and 8 Figure sellers who’ve done it, as well as what NOT to do so you don’t leave money on the table as you maximize your business valuation.  

Get your free pass now!

Here are some things you may have missed recently:

Have a great weekend!

Gary

PS: Over 3,000 people have signed up for 7FSS – don’t miss out on the last day – we will have a live Q&A Recap webinar tonight 8/20 at 6pm EST but only if you register for a free pass

80/20 of Ecommerce 8/13/21

*BREAKING* Due to Covid-19, China has shut down terminal at Ningbo Port, 5th busiest port in the world 

According to the South China Morning Post, on Wed Aug 11, 2021 “China’s Ningbo-Zhoushan Port, has closed one of its terminals (Meishan) indefinitely after a vaccinated worker tested positive for the coronavirus.”

Source: Reuters – China has shut down the Meishan terminal at Ningbo Port – 5th busiest port in the world

What does this mean?

If you have an upcoming sea freight shipment shipping out of FOB Ningbo Port – you should check with your freight forwarder now about the impact of the Meishan Terminal closure.

What can you do? 

Supply Chain professionals are quickly shifting shipments to the Port of Shanghai.  However that may come at an additional cost and capacity may fill up quickly as Shanghai is already the busiest port in the world.  

Takeaway: Remember what the 7 and 8 Figure Sellers at the 7 Figure Seller Summit are saying – Be agile and pivot quickly!!

Mobile Ecommerce market share growing and expected to double to $359 B in the US by 2025 

eMarketer released a report recently on Retail “Mcommerce” sales which includes online sales made over mobile devices.  

  • 2020 US mcommcerce grew by 41%
  • 2021 US commerce sales expected to grow by 15%

“New technologies, such as AR, 5G, and more seamless buying through one-touch systems like Apple Pay or Google Pay, will continue to drive growth in the future. 

New channels—including social commerce, live shopping, and influencer direct selling—will also spur growth.”

If you’re selling on Amazon or Ecommerce, it makes sense to optimize your listings to consider shoppers who are browsing on their phones and tablets.  This trend will only grow bigger and bigger. 

Tips for Selling on Amazon FBA in 2021 from 7 and 8 Figure Sellers

Recently I was featured on the OrangeKlik Podcast and shared the top strategies for selling on Amazon FBA 

Think of it as a high level overview of what you’ll learn at the 7 Figure Seller Summit. 

You’ll learn:

  • What 7 and 8 Figure Sellers are doing to overcome Amazon inventory restrictions, increased shipping prices, and logistics problems. 
  • How top sellers are managing their businesses and increasing their profitability 
  • Quick tips to prepare for an exit

YouTube Link: https://www.youtube.com/watch?v=2hHkIQpBgG8

Here’s your ticket to selling on Amazon Globally (Sponsored message from Zonguru)

Zonguru is sponsoring the 7 Figure Seller Summit and their team of Amazon experts understand the importance of earning additional income outside of a traditional job.

Their all-in-one FBA tool suite gives you the data needed to find and launch a product, get to page one, and grow your business in Amazon’s growing marketplaces, like Australia and India.

The stats show that scaling into these growing marketplaces now–while the iron is hot–will set your business up to rise with the eCommerce boom.

To ensure you have the tools you need to find the right product in the right marketplace: we are giving you a 1-year subscription to the ZonGuru Seller Package at almost 40% off!

You will also get these FREE bonuses:

  • Product Tracker Sheet to stay on top of your research (Worth $50)
  • FBA Calculator to see how much profit potential a product has in any market (Worth $50)
  • Niche Finder to find your ideal niche (Worth $120)
  • Researcher 13 days Challenge to show you how to find and launch a product in just 13 days. (Worth $50)

In total, this package will save you $438. 

Get this special offer here 👉https://zonguru.link/7figureoffer

7 Figure Seller Summit 5 is only 3 days away!  

Join over 1,500 sellers who have already registered for the award winning 7 Figure Seller Summit which launches online Aug 16-20!

You will learn the latest strategies, how to overcome the logistics challenges and high shipping rates, as well as how to prepare for an exit from over 30 7 and 8 Figure Sellers and ecommerce experts.  

If you haven’t already – Get your free pass now!

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

Have a great weekend!

Gary

The 80/20 of Ecommerce 8/6/21

China-U.S. container shipping container rates sail past $20,000 to record

Source: Reuters

Shipping costs from China to the US have skyrocketed to an all time high this week according to Reuters.

The cost of shipping a container from the Port of Shanghai to Long Beach/LA has surged past $20,000 a container.

A combination of factors including the more virulent Delta strain of COVID leading to lockdowns, a surge in shipping demand as economies reopen, a lack of logistics capacity, and even typhoons in Asia have caused this “Perfect Storm”.

“Shipping companies can charge four to ten times the normal price to move cargoes…. We have not seen this in shipping for more than 30 years,” said Philip Damas, Managing Director at maritime consultancy firm Drewry.

Damas expects the “extreme rates” to continue until Chinese New Year 2022.

Online Retailers Tumble as Amazon Sales Miss Shows Reopening Hit (Bloomberg)

Amazon sales revenue “lagged forecasts for the first time since 2018” according to Bloomberg.  

This has some speculating that ecommerce may slow down as the world reopens from lockdowns.

Amazon stock dove by as much as 8.1% as a result.  Etsy and Ebay stocks dropped as well from the news.  

On the other hand, according to a number of ecommerce entrepreneurs I’ve spoken to, while they did see a dip in sales on Amazon, they are seeing a slow rebound as we transition into Q3.  

In my view, many people were simply waiting to go out and resume their normal lives visiting stores, eating out, and reconnecting with the outside world.

Moreover, summertime is the SLOWEST season of the year in ecommerce as the weather is warmer, school is out, people take vacations and spend less time in front of screens.

However I believe this is temporary. 

Traditionally as back to school season begins ecommerce picks up as well.

But it is an important note that Ecommerce sales may be returning to more normal growth this year contrary to the stratospheric highs seen in 2020.

Get $400 in Free FBA reimbursements from GETIDA (Sponsored)

If you have been selling on Amazon for some time then chances are you may be leaving money on the table.

Did you know that Amazon often overcharges you, the FBA seller, in the following ways?

  • Pick and Pack fees 
  • Mismeasured product sizes 
  • Returns
  • Lost inventory
  • Damaged inventor and more 

The FBA discrepancy rate can range between 1-3% of your annual FBA sales.  

Over the course of a $1 million dollar business that can be $10,000 to $30,000 annually that is being withheld from you.   

You can do this yourself but if you don’t have the time it makes sense to get help with an FBA auditing and reimbursements solution like GETIDA this so YOU CAN GET YOUR HARD EARNED MONEY BACK. 

GETIDA is a sponsor of the upcoming 7 Figure Seller Summit and they provide Amazon sellers with a ton of value so you can keep more money in your POCKETS:

So if you want someone to get this money back from Amazon for you, I highly recommend using GETIDA to maximize your available Amazon FBA refunds.  They only charge fees when they are successful in getting money back for you.  

GETIDA has also prepared a Special Offer which you can signup for here: 

Get up to $400 In Free FBA Reimbursements.

Top 10 Lessons Learned for Amazon Sellers (VIDEO) – by Gary Huang

I was interviewed recently by my friend Amy Wees from Amazing at Home to share the Top 10 lessons I learned after interviewing over 100 7 Figure Sellers and Ecom Experts

In this 55min session you here to learn:

  • Product selection strategies
  • Ways to deal with Amazon inventory restrictions
  • How to offset the high shipping rates
  • How to overcome Amazon inventory restrictions
  • Ways to prepare for an exit
  • Common mistakes to avoid as ecommerce sellers

Watch the replay here: https://www.facebook.com/amazingathome/videos/692526788814150

The 7 Figure Seller Summit is only 10 days away… here’s what people are saying about it:

Meghla Bhardwaj, Founder of India Sourcing Network

People should join the 7 Figure Seller Summit because it is being hosted by [Gary].  He is a seller [himself], and he understands the challenges that sellers face. And he really has a good understanding of how sourcing works and how ecommerce works, and how Amazon works. 

So there is no better host than [Gary] to do a conference because he knows the right questions to ask and he knows the right people to get on the summit.

Chris Davey, 7 Figure Seller:

I attend a lot of Amazon conferences and there are always so many little diamonds of information that can help take your business to the next level.

The beauty here with the virtual conference is you can watch that content over and over until you fully understand how to implement into your business

Tim Jordan, 7 Figure Seller:

There’s a lot of content out there that sucks. But Gary seems to be bringing together some really good stuff that it’s relevant and updated because the world of ecommerce continues to evolve constantly. 

So if you’re not staying up to date with good current information, you’re probably getting left behind.

Sharon Even, 7 Figure Seller: 

You have a lot of value. The 7 Figure seller summit has a lot of serious sellers, very well known sellers, who are not only sellers, but people that are very credible and very respected in the industry. So there is a ton of value there. And you put a lot of time into it. That’s why you should join.

Chris Rawlings, 7 Figure Seller:

It’s a good mix of people who are kind of well known and have a consistent message to deliver, and other people who are not well known, because they don’t speak, they don’t teach they just do it. 

Gary is in a position to be able to find these people and get them to spill the beans. So I’m really really excited about this. Thank you Gary for putting this together. 

Get your free pass to the 7FSS today

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

Have a great weekend!

Gary