7 Figure Seller Summit

The Latest Updates In China Sourcing, Consumer Trends You Should Look Out For In 2022  – 80/20 Of Ecommerce – 04/01/22

China Sourcing Update 2022: What’s new and what’s changed?

I have just finished giving an informative and valuable live session at this year’s SellerFest hosted by OrangeKlik. In my live session, I talked about the latest updates in 2022 China Sourcing, delays, Which parts of China are affected by COVID lockdowns, Shipping costs update, and what can you do to reduce the impact of sourcing challenges.

In this valuable session you will learn:

  • What sort of delays can be expected?
  • Which parts of China are affected by COVID lockdowns?
  • Shipping costs update – prices coming down?
  • What can sellers do to reduce the impact?

Check out the replay of my live session here to know the latest updates of Sourcing in China and how to overcome disruptions in the supply chain in 2022.

Jungle Scout consumer trends report in quarter 1 of 2022

Image Credits: Negative Space from Pexels

The Consumer Trends Report from Jungle Scout is quarterly research of 1,000 U.S. consumers that looks at how purchasing habits and preferences vary over time.

As a result of current events, they discovered that people begin to cut back on their spending when inflation rises. Rising inflation has influenced 72 percent of consumers’ consumer expenditure, and 70 percent are making less “fun” or impulse purchases.

Now, people buy more necessities like groceries, vitamins, and cleaning supplies than electronics and clothing. Additionally, it was also found that consumers have designated different shops for different products. 

They go to Amazon for products categories belonging to  Arts, Crafts & Sewing, Automotive Parts & Accessories, Books, Electronics, Exercise/Fitness Supplies, and Office Supplies. On the other hand, consumers prefer Walmart.com for essential products.

Even though total consumer expenditure is predicted to fall or remain stable this quarter, 11% of consumers are expected to increase their spending. They’ll spend more on luxury items to treat themselves, celebrate an occasion, a gift, or after a pay raise. 

Brand loyalty and online purchases are fueled by pricing and coupons. Consumers want to remain in and spend on the house and self-care in 2022. Thus home renovation and the homebody economy will continue.

Takeaway: Amazon Sellers need to look out on trends and demands on these products and use it on their advantage. With the increased competition, it is important to stay ahead and utilize all availbale information on consumer behavior and spending. In addition, with the ongoing supply chain disruptions in China having this data on hand will allow you to plan ahead shipping and manufacturing to avoid losses due to delays. 

You can get the full report here

Walmart Fulfillment Services Offers Incentives for New Sellers, Trust, and Transparency for All

Image Credits: Walmart.com

Walmart has launched its Walmart Fulfillment Services (WFS), a low-cost fulfillment solution. Walmart has seen tremendous growth in the past two years, with U.S. GMV fulfilled by WFS growing 500% last year. 

What the team started from the ground up has developed into a thriving business with vendors worldwide. The firm wants to work with its merchants to establish trust and openness. It also paves the way for an understandable and straightforward fee structure. 

Their second anniversary also coincides with the launch of new growth possibilities for new WFS sellers that join up and inbound at least one item between February 21 and April 30, 2022. For the first 90 days, sellers get free storage and 10% off fulfillment.

If a client has a problem with an item, they can contact Walmart Customer Service or return it to their local Walmart store, which has over 4,700 locations in the United States. WFS makes it easier for your customers to have a better experience, increasing their likelihood of returning.

Takeaway: Walmart is consistently working towards growing their online marketplaces. I wouldn’t be surprised if in the next few years, competition between them and Amazon would be as close as a thread. So, leveraging now in Walmart can be a great move for many Amazon sellers wanting to scale. 

Live Training on April 7th, 2022 at 8PM EST with Don Henig of AccrueMe

Are you one of the many ecom business owners stuck in the growth phase? Feeling lost and don’t know where to start to scale your FBA business? 

It is undeniable that competition on Amazon can grow faster than your sales. It is challenging to scale successfully and grow your business to 7 Figures in a highly saturated market. 

However, I assure you that scaling to 7 Figures in Amazon is an achievable goal with the right strategies and tools to help you. I invited Don Henig from AccrueMe to share real case studies how Amazon sellers are scaling their businesses from $144k to $1 million in 2022.

You’ll learn:

  • Case study of a Seller who grew from $144K in revenue to $1 million in just three years and how this was achieved!
  • Compare and contrast the various capital options
  • how to apply these real-world strategies that work  to your business 

To join RSVP here: https://bit.ly/3J7nDQZ 

We’re looking for an Executive Assistant!

We are looking for an A-player to join our team! I’m hiring a part-time Executive Assistant (virtual position) to take care of all the details of the administrative side of my business and personal life so I can focus on business growth and spending quality time with my family. 

If you have extensive experience managing an executive’s personal and professional calendar and have a passion for details, quick problem solving, rapidly learning a variety of different skills and helping others, then this is for you.

The full job description and details to apply are here.

In case you missed it: 

Have a great weekend!

-Gary

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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