The 80/20 of Ecommerce – April 16, 2021

April 16, 2021
/ Blog
/ By sevenfiguresel
/ 18 COMMENTS

Retail sales explode in March as consumers use stimulus checks to spend heavily

In the US, retail sales “exploded” in March mainly due to the $1,400 stimulus checks issued by the government.

According to CNBC, “Sporting goods, clothing and food and beverage led the gains in spending and contributed to the best month for retail since the May 2020 gain of 18.3%, which came after the first round of stimulus checks.”

Furthermore, the outlook for 2021 seems very rosy as government stimulus is expected to inject a growth serum into the arm of the US economy.

Some experts are predicting that this will be the “fastest economic acceleration in nearly 40 years.”

But the long-term outlook once the economy weans itself off the government checks is less clear.

All in all, I expect a strong year for ecommerce as the economy rebounds.

Consumer Prices in U.S. Rise by Most in Nearly 9 Years

If you’re in the US, you may have already felt this – A price hike on almost everything!

US consumer prices rose the most it’s risen in 9 years this March. This was mostly due to reopenings after the Covid-19 lockdowns.

According to Bloomberg: “Goods prices rose 4.1% in March from a year ago, services up 1.8%”

In addition “Car and truck rental prices rose 11.7% from a month earlier, most since June, while year-over-year increase was largest on record. Food prices climbed 0.1% from a month earlier, while energy costs jumped 5% in the biggest gain since September 2017.”

Another key reason for the price increases are COST INCREASES.

According to a study by the Institute of Supply Management, “more than half of service providers reported paying higher prices in March, the largest share since 2011. The ISM’s manufacturing survey showed about 72% of manufacturers said the same — the second-most since 2008.”

What does this mean for ecommerce sellers?

If you’ve been feeling the pinch in your supply chain (rising product costs, shipping bottlenecks, additional 3PL costs, tariffs, etc) this may be a valid reason to raise your prices if you haven’t already.

Profitability is one of the key factors that keeps businesses in business so as the rest of the economy is raising its prices it may make sense to adjust your pricing (within reason) now.

Here are some things you may have missed from earlier this month:

About the Author sevenfiguresel

Meet Gary Huang, the creator of the AI for Amazon Sellers 28 Day Challenge and the founder of the 7 Figure Seller Summit. Gary's journey in the ecommerce world began in 2005, when he launched his first private label brand selling women’s shoes on eBay. Since then, he has steadily grown a portfolio of ecommerce brands on platforms like Amazon and Shopify, serving customers in marketplaces across the globe.

But Gary's experience isn't limited to just ecommerce. With a decade of corporate experience under his belt, he has managed supply chains in Shanghai, China, overseeing multimillion-dollar sourcing campaigns. This broad range of knowledge has provided him with a unique perspective on the ecommerce industry, which he now shares with others through his various initiatives.

He is a highly regarded figure in the ecommerce space, with his strategic insights and innovative approaches widely recognized in prominent media outlets including Forbes, NPR, and Bloomberg.

Recently Gary’s fascination with AI came from a simple observation: AI was changing everything, everywhere, all at once. This impact is affecting everything from education, politics, the arts, to ecommerce businesses.

This led him to spend hundreds of hours testing AI applications in his own business and interviewing other successful Amazon sellers and ecommerce experts at the AI and ChatGPT Summit for Amazon sellers.

His aim was to find out how AI could be used to grow ecommerce businesses, save time, and increase profitability. The insights he gained have played a crucial role in shaping the AI for Amazon Sellers 28 Day Challenge.

Outside of his own ventures, Gary has shared his expertise on platforms like the Helium 10 podcast, Jungle Scout's Million Dollar Case Study, Webretailer.com, and the Global Sources Summit. His understanding of global trade was even acknowledged when he served as the Chair of the American Chamber of Commerce in Shanghai's Supply Chain Committee, briefing White House Congressional officials on US-China trade and supply chain strategies.

Despite a career that has taken him around the world, from his native Los Angeles to Shanghai and now Japan, Gary remains down-to-earth, focusing on his role as a husband and father. His experiences, both personal and professional, inform his approach to business and the advice he shares through the 28 Day Challenge.

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The 80/20 of Ecommerce – April 16, 2021

About the Author sevenfiguresel

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