The 80/20 of Ecommerce – April 23, 2021

April 24, 2021
/ Blog
/ By sevenfiguresel
/ 18 COMMENTS

Jeff Bezos’ Final Amazon Shareholder Letter – My personal takeaways

Jeff Bezos the founder and CEO of Amazon will be stepping down soon. Each year he writes a highly anticipated newsletter for Amazon shareholders.

This week he shared his final Amazon Shareholder newsletter to give us a glimpse of some of the key concepts he instilled since he founded Amazon in 1997 and his future outlook for the company.

If you have a few minutes I recommend you read it here.

Here are a few of my personal takeaways:

“Create More Than You Consume

If you want to be successful in business (in life, actually), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that doesn’t create value for those it touches, even if it appears successful on the surface, isn’t long for this world. It’s on the way out.”

“How about third-party sellers? We have an internal team (the Selling Partner Services team) that works to answer that question. They estimate that, in 2020, third-party seller profits from selling on Amazon were between $25 billion and $39 billion, and to be conservative here I’ll go with $25 billion.”

“We save customers time.

Customers complete 28% of purchases on Amazon in three minutes or less, and half of all purchases are finished in less than 15 minutes. Compare that to the typical shopping trip to a physical store – driving, parking, searching store aisles, waiting in the checkout line, finding your car, and driving home. Research suggests the typical physical store trip takes about an hour. “

Being Distinct is not easy

“We all know that distinctiveness – originality – is valuable. We are all taught to “be yourself.” What I’m really asking you to do is to embrace and be realistic about how much energy it takes to maintain that distinctiveness. The world wants you to be typical – in a thousand ways, it pulls at you. Don’t let it happen.

You have to pay a price for your distinctiveness, and it’s worth it. The fairy tale version of “be yourself” is that all the pain stops as soon as you allow your distinctiveness to shine. That version is misleading. Being yourself is worth it, but don’t expect it to be easy or free. You’ll have to put energy into it continuously.”

Virtual Canton Fair is happening now

If you’re looking to source products from China beyond searching on Alibaba, check out the online Canton Fair happening from April 15-24, 2021.

With China’s borders still closed to foreigners, this is the only way to attend the Canton Fair, which is the largest trade fair in China.

Their website is a little clunky and requires registration though.

3PL warehouse growth not welcome in some California communities

As ecommerce continues to grow, there is a boom in demand for warehouse space near consumers according to Supply Chain Dive.

“Warehouse demand exceeded supply in Q4 of 2020 and early 2021. The national vacancy rate fell to 4.8%, according to the Industrial Business Indicator from Prologis.”

However, some residents in cities such as Upland, CA are pushing back as they do not appreciate the additional traffic jams and pollution from lines of trucks coming and going from these warehouses.

The city council is considering modifying zoning regulations to put limits on the size and permits required to open and run warehouses.

How to create an Amazing (Amazon) Listing: listing optimization contest, powered by PickFu

This was a really cool competition where 4 agencies competed to create the best Amazon product listing. This event was hosted by PickFu and judged by Kevin King and Karyn Thomas.

This was a great look at the fundamentals of the visual parts of an Amazon product listing including the Main Image, Lifestyle Image, Infographics, and Product Video.

And even better was the fact that these agencies used split testing powered by PickFu to find out which images/videos people liked the most.

Check out the replay here to find out who won!

By the way, a few months ago, Anthony Cofrancesco from PickFu held an advanced Amazon Listing Optimization and Split testing workshop. It’s a paid workshop and if you purchase for $50 you will get $50 PickFu credit (essentially it’s a free training). Learn more here.

Live Training 4/26/21 7pm EST: How to Crush it on Amazon FBA in 2021

2021 is going to be huge in Ecommerce and especially on Amazon.

I’d love to invite you to an exclusive training next week where I will walk you through how to crush it on Amazon FBA in 2021.

A WALKTHROUGH of the Roadmap to selling on Amazon FBA in 2021
What’s changed so far in 2021
What’s not working anymore (so you don’t waste your time)
Answer your questions LIVE

This will be a free live webinar hosted by yours truly.

Live Training

The Roadmap to Building an Amazon Private Label Business in 2021

Monday, April 26th, 2021 at 7:00pm EST

REGISTER here: https://forms.gle/ZFUnU6UkkRzN73Jt7

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 23, 2021

About the Author sevenfiguresel

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