7 Figure Seller Summit

Archive Monthly Archives: May 2022

80/20 Of Ecommerce – May 27, 2022

China Sourcing Updates

What we know

  • Port congestion in Shanghai could lead to airfreight congestion
  • Shanghai aims to lower down restrictions on June 1
  • Beijing authorities are strictly monitoring business ad residents

Image credits: Pexels

According to South China Morning Post, Shanghai aims to lower down restrictions on June 1. However, the production backlogs could lead to airfreight congestion in the coming weeks as they decide to loosen the pandemic restrictions. Despite this, the vast majority of shops, restaurants, and enterprises remain closed, and a work-from-home policy remains in effect.

Beijing on the other hand is still the Covid-19 hit capital of the country. As a result, they continue to tighten their zero-CoVid approach imposing consequences and punishments on businesses and residents that will not follow the mandate, Rappler Asia Pacific reported on Wednesday.

Despite the damage it has caused to the world’s second-largest economy and global supply networks, the government continues to focus on the zero-COVID policy. After a series of incidents involving a private logistics company within its control, certain employees of the state-run Beijing postal service were either fired or given a strong warning.

A few employees at a Beijing branch of the state railway corporation disguised their trip history and have been placed under police investigation.

According to the Shanghai local statistics bureau, exports from Shanghai, the world’s biggest container port, tumbled 44% year on year last month, while imports fell 33%, the steepest decrease since at least 2011.

E-commerce retail Q1 2022 report: a blip in the radar?

Image credits: Pexels

According to data provided by the US Department of Commerce on Thursday, US retail e-commerce sales in Q1 2022 totaled roughly $250 billion, up only 2.4 percent from the previous quarter.

According to the DOC, seasonal fluctuations were considered, but not price hikes. When you factor in inflation, the 2.4 percent increase in sales effectively flattens the e-commerce growth curve, which has been sagging since the third quarter of 2021, when e-commerce retail sales fell -0.7 percent from the previous quarter.

Overall retail sales in the United States were predicted to be $1.75 trillion in Q1 2022, up 3.7 percent from Q4 2021. Total retail sales grew 10.5 percent year over year in the first quarter.

As the Covid-19 lockdowns loosen, more customers are opting for brick-and-mortar retail. The e-commerce giant retailers are not an exception to the downward slope in the e-commerce growth curve during the onset of the pandemic. Amazon lost over $4 billion in the first quarter, its first quarterly shortfall since 2015.

Yet, this does not hamper the e-commerce sector from pooling the considerable market share gains. The annual e-commerce sales approach $1T, a double of the past three year’s sales. 

While YOY comparisons of e-commerce retail sales show a strong, mature online sector—DOC reported a 6.6 percent YOY increase in e-commerce retail sales in Q1 2022—the YOY growth rate in 1Q 2021 was an exponential 47 percent.

According to Prologis, e-commerce share will climb more exceeding its pre-pandemic trajectory. This is because of improved online sales technologies and same-day and next-day delivery strategies.

Takeaway: 

This report has two separate trajectories for ecommerce. Is a sign that e-commerce is slowing down or maybe it is just a bullish outlook? Do we really feel the slope going downwards, or this is just a blip in the radar?

Amazon Reportedly Ready to Dump Excess Warehouse Space

Image credits: Pexels

Amazon plans to lease some of its warehouse space to reduce excess capacity. The retail giant acknowledged it overbuilt its warehouses as it sought to meet pandemic demand. The company is finding ways to sublease the surplus of space estimated to be more than 10 million square feet. 

Amazon leased over 100 million square feet and owned 4.4 million square feet of fulfillment, data center, and other categories in North America at the end of 2019.

Depending on the market, other types of space are still being acquired by Amazon, such as Southern California office space, where it recently secured leases for a total of 439,500 square feet in Santa Monica, Irvine, and San Diego.

This big move from Amazon follows the first quarterly loss they incurred in April in which demand declined and affected the company’s warehouse operations. 

Takeaway:

Amazon sees a slowdown in their sales and is subleasing excess warehouse space and it could be a benefit to sellers in fewer inventory restrictions

Join me for a Live Training on Tuesday May 31, 2022 at 8PM Eastern Time about The Sourcing Algorithm

I’ve interviewed over 170 7-figure and 8-figure ecommerce experts and sellers. They said the ONE thing you need to get right is to choose a five-star profitable product.

After product selection, sourcing is the most important part of your ecommerce business. Because if you get it wrong, it can become a huge bottleneck and will bring forth bigger problems in the long run. 

Sourcing products for your eCommerce business is no longer a one-trick pony.

Previously everyone considered China as the first and often ONLY place to source and manufacture products for their ecom and FBA business.

Nowadays with the uncertainties with COVID and lockdowns continuing in China, many people are considering alternatives like India, Mexico, Vietnam, and even the US.  

If you want to source well, there’s a lot that you need to know.

But the ultimate resource you need to learn all of this from doesn’t exist yet. So, I decided to create one based on my over a decade of experience in sourcing and supply chains.

I’ve visited hundreds of factories on the ground in China, partnered with dozens of suppliers, and overseen millions of dollars of purchase orders with suppliers. In addition, I have an extensive network of sourcing and logistics contacts in India, Vietnam, and Mexico.

I’ve created The Sourcing Algorithm – the ultimate resource you need to start sourcing from China, Mexico, Vietnam, India, and the US. 

Join me as I will share this Sourcing Algorithm on a live webinar, Tuesday, May 31, 2022, at 8PM Eastern Time. 

Reserve your spot and send in your questions here: https://forms.gle/7FbSahBQaLXV619t8 

See you inside!

Get your Free Pass to 7FSS6 Evergreen now!

Registration is now open for the 7 Figure Seller Summit 6 Evergreen! Get ready to discover how 7 and 8 Figure Sellers think, overcome challenges, and strategize ahead of the e-commerce game. 

If you missed it the first time, good news! Due to popular demand, we have made 7FSS6 Evergreen. That means you can get a free pass to watch for a limited time right now!

You will learn how to do the following:

  • Develop the MINDSET of a million-dollar business owner and FUNDAMENTALS of creating a 7 Figure eCommerce business
  • Master MARKETING and Building a BRAND and Optimizing PPC to drive external traffic to your listings, build an audience that you can launch to, and rank your products with,
  • Implement strategies to SCALE your e-commerce business, so you’re working ON your business and not IN your business
  • Increase your PROFITABILITY, know your numbers, and cut expenses, so you keep more money in your pocket…
  • EXITS – How to build a business that will be attractive to buyers so you can SELL it

We’re excited to have over 30 outstanding entrepreneurs and experts speaking at this eCommerce online event. Enjoy over 30 hours of masterclasses and expert training! You will have 24 hours to view each session for FREE!

However, we believe that every individual, especially business owners, has a timeline and learning curve. 

Learn more about this 7FSS event and grab your free pass now!

In case you missed it:

Have a great weekend!

-Gary

80/20 Of Ecommerce – May 20, 2022

China Sourcing Updates

What we know

  • Shanghai continues to be in lockdowns for over 6 weeks now
  • Tesla nearly stops production at its Shanghai plant due to a lack of component supplies A lot of companies experienced plunging sales this Q1
  • We are unsure when China can lift the lockdowns

As Shanghai enters its 6th week of lockdowns with no end in sight, the impact on the supply chain has already reached the global scale. Companies all over the world have felt the disruption. 

Automakers, fashion houses, breweries, tech firms, and other 180 companies considered China’s lockdowns key variables affecting their Q1 earnings. 

In fact, even Tesla has been forced to slow production nearly to a stop at its Shanghai plant this week because of a lack of subcomponent availability due to the Covid lockdowns according to a Reuters report.  

We will keep our eye on this as the uncertainty continues. 

Shopify is buying their way into the 2-day shipping game

Image Credits: Shopify News

Shopify recently bought the logistics company Deliverr for $2.1 billion dollars. This move is the largest acquisition Shopify has made in its history. 

The Shopify Fulfillment Network (SFN) and Deliverr have teamed together to simplify supply chains for merchants of all sizes, both on and off Shopify, democratizing access to end-to-end logistics for independent companies.

The company plans to combine Deliverr with its existing fulfillment network. They will also leverage this action to power their Shop Promise guarantee. It is a new service that aims to provide customers with a two-day or next-day delivery. 

Shopify seems to have taken this step to compete with Amazon’s Buy with Prime initiative to cater to third-party merchants searching for a faster and more reliable shipping solution.

Takeaway: 

The Ecommerce war between Amazon and Shopify is intensifying as Shopify is buying its way into the 2-day shipping game to compete against Amazon Prime. 

Walmart’s e-commerce sales were flat in the most recent earning report

Walmart recently released its earnings report on Tuesday. The numbers fell far short of Wall Street projections as rising gasoline prices and greater inventory levels pressure the nation’s largest retailer.

Specifically, according to CNBC, their e-commerce sales increased by only 1% since last year, and 38% based on two-year progress. 

Takeaway:

Is this flatness in e-commerce a temporary blip on the radar from Walmart or a sign of more significant slowdowns ahead?  

[Video Replay] Amazon Business Optimization – Learn How To Scale And Grow The 5 Main Business Functions

Did you know that Optimization can help scale your Amazon business exponentially?

Yoni Mazor from GETIDA just provided a valuable discussion on Amazon Business Optimization – how you can scale and grow your Amazon business with the right optimization strategies. In this masterclass, Yoni shares how you can start to scale your business by optimizing your 5 Main Business Functions.

You’ll learn:

[2:40] Who’s this session for today and why should they watch?
[8:08] Optimization Overview

[8:44] Optimizing the Accounting side of your business

[11:56] Know your profit and loss so you can react in real-time

[16:18] Human Resources – Platforms where you can hire and outsource your operations

[21:30] Hire and invest in people who are smarter than you

[24:50] Logistics – Best practices and platforms to optimize your logistics

[26:51] Air shipping “First Choice Shipping” – Get your products more quickly

[29:26] Shipstation – streamline orders from e-commerce marketplaces across the board

[31:00] Expand your Product Distribution at any given time

[36:05] “I have a manufacturer that I love, how do I know if I’m saving money?” 

[36:50] Operations – Platforms that will help you optimize operations
[37:55] Spott – Insurance policies for selling on Amazon
[41:45] Textme app – get a virtual biz phone number for calls and texting

[49:39] Tools you should consider to scale your business

[52:55] GIMP – like free Photoshop
[58:07] Scaling on amazon is a game of tools

[58:30] Full Amazon Scaling Blueprint List

[59:01] Auditing – The Rules of the Game

[59:47] Why do you need help auditing FBA – Case Study: A Seller that got a 7X multiple during an Exit

Watch the full replay here.

Join the Orange Klik x Dragonflip Barcamp on June 9 -10

Next month, in Portugal, there will be an in-person international Amazon Barcamp event called Orange Klik Barcamp. This could be a good opportunity for you if you are selling over Amazon and you want to network with and surround yourself with like-minded e-commerce sellers in Europe.

This English-speaking Amazon FBA seller is coming up on June 9-10th in Lisbon, Portugal! 🇵🇹 

Organized by Orange Klik and Dragonflip, this Barcamp event will bring together hundreds of like-minded attendees whom you’ll have the chance to network with, address your e-commerce problems, and pitch ideas to fellow sellers.

By attending this “unconference” type of event, you will have a chance to:

✅  Learn from 100+ international sellers in one place

✅  Get only attendee-generated content that solves your biggest issues

✅  Choose the content that you want to learn about the most

✅  Discuss only the most important and hottest topics to help you grow your FBA business

✅  Network, meet new friends and business partners

👉 Limited tickets are available now. First come, first served. https://orangeklik.com/barcamp/ 

Orange Klik will offer a 50€ discount when you register through this link and use my code: 7FSS

Note to be transparent – I’m an affiliate of Orange Klik and I believe that this is going to be a great event.  If you do purchase a ticket I will receive a small commission to help us keep creating the best award-winning content to help you grow your e-commerce business.  And it helps pay for my coffee!  Thanks!

Get your Free Pass to 7FSS6 Evergreen now!

Registration is now open for the 7 Figure Seller Summit 6 Evergreen! Get ready to discover how 7 and 8 Figure Sellers think, overcome challenges, and strategize ahead of the e-commerce game. 

If you missed it the first time, good news! Due to popular demand, we have made 7FSS6 Evergreen. That means you can get a free pass to watch for a limited time right now!

You will learn how to do the following:

  • Develop the MINDSET of a million-dollar business owner and FUNDAMENTALS of creating a 7 Figure eCommerce business
  • Master MARKETING and Building a BRAND and Optimizing PPC to drive external traffic to your listings, build an audience that you can launch to, and rank your products with,
  • Implement strategies to SCALE your e-commerce business, so you’re working ON your business and not IN your business
  • Increase your PROFITABILITY, know your numbers, and cut expenses, so you keep more money in your pocket…
  • EXITS – How to build a business that will be attractive to buyers so you can SELL it

We’re excited to have over 30 outstanding entrepreneurs and experts speaking at this eCommerce online event. Enjoy over 30 hours of masterclasses and expert training! You will have 24 hours to view each session for FREE!

However, we believe that every individual, especially business owners, has a timeline and learning curve. 

Learn more about this 7FSS event and grab your free pass now!

In case you missed it:

Have a great weekend!

-Gary

80/20 Of Ecommerce – May 13, 2022

China Sourcing Updates

What we know

  • China disruption continues to hurt the international supply chain
  • International companies are having hard time restarting operations
  • It is difficult to predict when will this dilemma come to end

Image Credits: Pixabay

As a world manufacturer, China’s disruptions are impacting the global economy and adding another danger to the inflation picture. The government attempts to restore production in Shanghai, where most of the populace has been under lockdown for five weeks. 

However, many international companies claim they are still unable to begin operations. China’s inflation report will be scrutinized as food and other product shortages, exacerbated by lockdowns, drive up prices. Consumer price rise is expected to go up, but factory-gate inflation is expected to stay high. 

On the global scale, businesses like Tesla Inc. and Apple Inc. are still experiencing disruptions in their supply chain. “Global port congestion is intensifying and spreading, according to RBC’s Head of Digital Intelligence Strategy, Michael Tran, and colleague, Jack Evans,  admitting it was difficult to predict when things would ease.

Takeaway:

As Amazon sellers, we must be aware that some macro concerns like this may impact our companies. During these times, we must be hands-on with our business. We can only plan, plot, and design strategies to decrease the impact because we are the ones who are experiencing it.

Two Amazon employees tied to Staten Island Union Effort dismissed by Amazon

Image Credits: Amine M’Siouri from Pexels

Amazon fired two employees who are members of an organizing effort at a Staten Island warehouse. This warehouse is where the workers voted to participate in a union last month. The said employees are Mat Cusick and Tristan Dutchin.

Both of them worked in a new organization founded by current and former Amazon employees, the Amazon Labor Union, to organize workers at its Staten Island warehouses. Amazon informed Dutchin that he had fallen short of the company’s productivity targets, which call for staff to choose hundreds of shipments every hour. Thus, they fired him last Saturday after his shift despite his manager’s recent compliment on his improved performance.

On the other hand, Cusick was dismissed last week after using “Covid care leave,” which lets staff care for sick family members with Covid-19. On May 4, Cusick received a letter from Amazon stating he was fired due to job abandonment. The HR department approved his leave until April 29, for the record.

Takeaway:

It’s certainly unethical and against the law to dismiss union organizers, but the consequences are so minor that they may pay off for the company. It’s also challenging to prove that a person was rejected for union participation rather than not showing up on time or failing to execute their job efficiently.

2022 Ecommerce Fulfillment Trends that Every Seller Should Know

Image Credits: Stock

According to a WD Partners poll, e-commerce is now the preferred mode of purchasing for 68 percent of customers, up 52 percent in 2020. By 2024, e-commerce sales will account for 20% of overall retail sales.

There’s no disputing that online shopping will continue to grow. However, there are still a lot of e-commerce aspects that need improvement. Most of the issues were exposed due to the Covid-19 pandemic.

The first one on the list is shipping. With the rise of e-commerce, order volumes, rising rates, and capacity congruently balloon. The most prevalent fulfillment issues were delivery expectations (45 percent) and transportation capacity (36 percent).

Additionally, labor shortages also became a problem that affected the operations in fulfillment centers. Warehouse space also had low vacancies. Inventory management has become one of the top issues of companies. Technology limitations were also brought to the table.

Despite these challenges, specific preventive and strategic solutions are implemented to offer flexibility, scalability, and multiple fulfillment sources. Companies are starting to attract workers, increase demand for space, make technological investments, and enhance inventory management practices.

Takeaway:

As e-commerce is starting to establish its roots in the business industry, it is customary to see specific issues. However, as an Amazon Seller, you need to continuously innovate and keep up with the times, especially technology and various managerial practices, to cope with challenges in the area.

Changes to the Buyer-Initiated Order Cancellation Process

Image Credits: iStock

The response from Seller Central has been received. Many sellers expressed a need for a better way to manage buyer cancellation requests without searching the buyer central messaging platform for them. They can quickly go overlooked when several at once, resulting in product returns and refunds.

Since May 10, 2022, this has been in effect. If you utilize seller central, notifications and cancellations that were previously communicated via buyer-seller communications are now displayed on the manage orders page for each buyer-initiated cancellation.

If you use order reports to process orders, you can enable the buyer requested cancel field to see cancellation requests in your order reports. As for the changes, if you use APIs, you can view the buyer cancellation request through your own systems by using the list order items API.

Once you import, you can continue to cancel orders through API feeds on seller central or with a file upload. You will still continue to receive email notifications for all buyer-initiated order cancellation requests.

Join us for a Live Training on Thursday, May 19, 2022 at 8PM Eastern Time with Yoni Mazor of GETIDA

Founder of JC Penney and renowned businessman James Cash Penney once said, “Growth is never by mere chance; it is the result of forces working together.”

Scaling your business is not an overnight thing that you can sleep on and magically wake up to a 7 Figure business. To grow your business you have to get the right balance between calculated strategies and pure hard work. There are no shortcuts in scaling!

However, you can always optimize your business operations to make the scaling easier and more achievable. With proven and tested strategies, Yoni Mazor of GETIDA will help us learn all of these in a live training.

You’ll learn:

  • How to optimize your  Amazon Accounting, HR, logistics, operations, and tools.
  • A detailed plan on how you can scale your amazon business
  • Real Case Study of how a seller grew a 7x multiple during an exit
  • The rules of the game in Auditing

Join us live on Thursday, 19th May at 8PM ET for a live training on Amazon Business Optimization – How Sellers Can Learn To Scale And Grow their 5 Main Business Functions.

RSVP here and send in your questions for Yoni:

See you inside!

PPC Mastery Summit on May 17-19, 2022

Paid advertising is one of the absolute best ways to grow your business and increase

your sales… if done right. If not done well, it can be a drain on your business.

Let’s face it, advertising is only getting more competitive as costs continue to rise. That

is why it is so important to will learn actionable, proven strategies and tactics of how you

can more effectively grow your sales on and off Amazon (at lower costs).

That is why I am excited to invite you at the upcoming PPC Mastery Summit, May 17-19,

2022 put on by Maximizing Ecommerce.

With over 20 amazing and caliber speakers who are going to cover a wide range of topics on paid advertising (on and off Amazon), you would need to fly to a conference, stay in a

hotel, and pay for overpriced hotel meals.

For about the cost of a fancy drink at Starbucks, you can grab a ticket to walk away with

actionable strategies and tactics you can implement to increase your sales, decrease

your ad costs, and ultimately keep more money in your pocket (aka higher profits).

If you are serious about running more profitable campaigns, I highly recommend you

click here to grab your ticket to the summit. 

Are you ready to take your PPC ads to the next level?

Get your Free Pass to 7FSS6 Evergreen now!

Registration is now open for the 7 Figure Seller Summit 6 Evergreen! Get ready to discover how 7 and 8 Figure Sellers think, overcome challenges, and strategize ahead of the e-commerce game. 

If you missed it the first time, good news! Due to popular demand, we have made 7FSS6 Evergreen. That means you can get a free pass to watch for a limited time right now!

You will learn how to do the following:

  • Develop the MINDSET of a million-dollar business owner and FUNDAMENTALS of creating a 7 Figure eCommerce business
  • Master MARKETING and Building a BRAND and Optimizing PPC to drive external traffic to your listings, build an audience that you can launch to, and rank your products with,
  • Implement strategies to SCALE your e-commerce business, so you’re working ON your business and not IN your business
  • Increase your PROFITABILITY, know your numbers, and cut expenses, so you keep more money in your pocket…
  • EXITS – How to build a business that will be attractive to buyers so you can SELL it

We’re excited to have over 30 outstanding entrepreneurs and experts speaking at this eCommerce online event. Enjoy over 30 hours of masterclasses and expert training! You will have 24 hours to view each session for FREE!

However, we believe that every individual, especially business owners, has a timeline and learning curve. 

Learn more about this 7FSS event and grab your free pass now!

Have a great weekend!

-Gary

The 80/20 Of Ecommerce – May 6, 2022

China Sourcing Update 5/06/22 

What we know

  • There are no recent changes in policies and rules implemented in China.
  • Shanghai is still on lockdown, and our sources on the ground estimate that this will go on for another 2 months.
  • Beijing is also under restrictions, and many areas are strictly monitored to prevent worsening the Covid situation.
  • The Covid lockdown in China is still affecting logistics, deliveries, and trucking, and nothing has improved yet.

According to Fitch Ratings, near-term profitability constraints are developing for Chinese enterprises in various industries. Domestic and international consumer demand is being hampered, while a slew of travel restrictions is hindering supply chains inside China to halt the spread of Covid-19 cases.

Given weakening consumer confidence and the impact of lockdowns, China’s retail sales growth is expected to slow to the mid-single digits in 2022. Tourism, leisure, and luxury items, which benefit from discretionary expenditure, are expected to underperform basics.

This may put downward pressure on the ratings of more liable companies in these discretionary industries. Furthermore, gentler consumer demand in developed markets will increase demand pressures for Chinese corporations. This event is due to tighter monetary policy, normalization of demand patterns following the pandemic’s increase in goods purchases, and high inflation.

Image Credits: zhang kaiyv from Pexels

Lockdowns and supply chain disruption to accelerate Apple’s move away from China, with India a likely beneficiary, analysts say

Image Credits: Nana Dua from Pexels

According to analysts, there is an excellent chance that Apple will shift its operations away from China. It has been weeks since Shanghai and other nearby provinces have been experiencing strict lockdowns. 

As a result, the disruption to transport and production in Apple’s value chain has caused losses. There are two main reasons why Apple is directly affected by the events in China:

First, China is Apple’s assembly center. The components of devices from South Korea and Taiwan are assembled in the country’s factory. Second, the country itself is the second-largest market on the list for Apple devices. 

According to Luca Maestri, the chief financial officer of Apple, if the lockdown persists, the company’s revenue will decrease to $8 billion in June.

More than half of Apple’s 192 suppliers with internal manufacturing sites, including Foxconn, Pegatron, Quanta, Wistron, and Compal, have lockdown-hit Shanghai and Jiangsu production facilities.

Furthermore, two Foxconn factories in Shenzhen were forced to shut down for several days in March due to a local lockdown. And the most significant iPhone assembly compound in Zhengzhou has been short on labor due to Covid-19 restrictions, which have made it difficult for migrant workers from other areas to reach the Foxconn factory there.

Ming-Chi Kuo, an analyst at TF Securities, said that China had already been losing Apple’s trust even before the pandemic, yet the onset of the Covid-19 accelerated the process. 

Other possibilities include India, where land and labor are far less expensive than in the U.S. Due to the closure of China’s roadways and ports, iPhone production in India increased by 50% year over year in the first quarter of 2022. 

According to Indian media sources, this was facilitated by Apple’s choice to build the iPhone 13 in a Foxconn facility near Chennai, India.

Amazon serves as a cushion for profitless e-commerce companies

Image Credits: Karolina Grabowska from Pexels

Amazon’s first-quarter report has reflected the apparent status of the e-commerce industry. Both items sold by Amazon and its third-party sellers on their marketplace were experiencing a flatlining demand compared to the past year. 

Currently, the demand is inversely proportional to cost. Amazon’s shipping expenses increased by 14% per the year leading its operational revenue to be slashed in half. Amazon’s massive network of warehouses, distribution centers, trucks, and planes cannot keep up with the escalating supply-chain expenses.

Amazon is a giant, and as it slows down its expansion to better meet demand, it can wring out costs and enhance efficiency. Other e-commerce businesses without the same advantages are in for a challenging ride.

Companies that do not sell on Amazon must pay the increased expenses of shipping items to customers. Their business strategies revolve around convenience, which is becoming increasingly expensive.

Amazon aggregator Thrasio begins layoffs, names new CEO

Image Credits: Thrasio

Thrasio, the largest aggregator of Amazon businesses, scooping up and merging third-party Amazon vendors, will be laying off a portion of its team members on May 13th. 

That announcement comes as Thrasio announces a leadership change: Greg Greeley, a former president of Airbnb and a longtime Amazon executive, will join the company’s board of directors and take over as CEO in August.

Carlos Cashman, one of the company’s co-founders, will continue to serve on the board of directors of Thrasio.

The layoffs and new CEO appointments are the latest in a string of ups and downs for Thrasio in the past six months, highlighting some of the challenges of the aggregator business model. The layoffs are not a joke, unfortunately. The business verified the rumors. Their supervisors will tell workers over the next two days (Tuesday and Wednesday).

The message stated that the corporation “took the decision to reduce the size of the Thrasio team,” although it did not specify how many workers would be affected. It received roughly $3.4 billion in investment from investors to expand its company and acquire hundreds of businesses. 

It was buying firms at a rate of 1.5 per week and had several hundred brands in its portfolio when it raised its $1 billion round last October.

Takeaway: Thrasio has been expanding very quickly and now they’re starting to slow down their growth. If you are considering an exit, it may make sense to adjust your expectations.

Join the Orange Klik x Dragonflip Barcamp on June 9 -10

Next month, in Portugal, there will be an in-person international Amazon Barcamp event called Orange Klik Barcamp. This could be a good opportunity for you if you are selling over Amazon and you want to network with and surround yourself with like-minded e-commerce sellers in Europe.

This English-speaking Amazon FBA seller is coming up on June 9-10th in Lisbon, Portugal! 🇵🇹 

Organized by Orange Klik and Dragonflip, this Barcamp event will bring together hundreds of like-minded attendees whom you’ll have the chance to network with, address your e-commerce problems, and pitch ideas to fellow sellers.

By attending this “unconference” type of event, you will have a chance to:

✅  Learn from 100+ international sellers in one place

✅  Get only attendee-generated content that solves your biggest issues

✅  Choose the content that you want to learn about the most

✅  Discuss only the most important and hottest topics to help you grow your FBA business

✅  Network, meet new friends and business partners

👉 Limited tickets are available now. First come, first served. https://orangeklik.com/barcamp/ 

Orange Klik will offer a 50€ discount when you register through this link and use my code: 7FSS

Note to be transparent – I’m an affiliate of Orange Klik and I believe that this is going to be a great event.  If you do purchase a ticket I will receive a small commission to help us keep creating the best award-winning content to help you grow your e-commerce business.  And it helps pay for my coffee!  Thanks!

Get your Free Pass to 7FSS6 Evergreen now!

Registration is now open for the 7 Figure Seller Summit 6 Evergreen! Get ready to discover how 7 and 8 Figure Sellers think, overcome challenges, and strategize ahead of the e-commerce game. 

If you missed it the first time, good news! Due to popular demand, we have made 7FSS6 Evergreen. That means you can get a free pass to watch for a limited time right now!

You will learn how to do the following:

  • Develop the MINDSET of a million-dollar business owner and FUNDAMENTALS of creating a 7 Figure eCommerce business
  • Master MARKETING and Building a BRAND and Optimizing PPC to drive external traffic to your listings, build an audience that you can launch to, and rank your products with,
  • Implement strategies to SCALE your e-commerce business, so you’re working ON your business and not IN your business
  • Increase your PROFITABILITY, know your numbers, and cut expenses, so you keep more money in your pocket…
  • EXITS – How to build a business that will be attractive to buyers so you can SELL it

We’re excited to have over 30 outstanding entrepreneurs and experts speaking at this eCommerce online event. Enjoy over 30 hours of masterclasses and expert training! You will have 24 hours to view each session for FREE!

However, we believe that every individual, especially business owners, has a timeline and learning curve. 

Learn more about this 7FSS event and grab your free pass now!

In case you missed it:

Have a great weekend!

-Gary