7 Figure Seller Summit

The 80/20 of Ecommerce – July 9, 2021

Bye Bye Uncle Jeff! Bezos steps down as Amazon CEO 

Last Wednesday, Amazon founder Jeff Bezos has officially stepped down as the company’s chief executive, handing that role over to Andy Jassy, in order to focus on “new products and early initiatives”. Bezos personally chose the date because it’s sentimental to him, it’s the exact day Amazon was incorporated in 1994, 27 years ago.

Bezos will transition to the role of executive chair in Q3, which started on July 1st, the company said. 

Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon. 

This is a big change and though Jassy is known to be in line with Bezos’ strategy, this is the first time that Amazon will run without Bezos at the helm.

It will be an interesting Q3 and Q4 as ecommerce continues to boom amid the number of challenges the world is facing.  

The Ever Given is finally leaving the Suez Canal

The Ever Given container ship which got stuck in the Suez Canal carrying 18,300 containers finally was given the clearance to leave this week. 

If you think you are having shipping headaches getting your products shipped from overseas, some unfortunate businesses such as Pearson 1860 which is a bicycle maker based in the UK, had over $100,000 of inventory stuck on the ship for over 3 months according to CNN.

They have “narrowly missed its busiest sales period” as a result. 

Moreover, 7 Figure Seller Summit Speaker Alum Bernie Thompson who runs an 8-Figure electronics private label brand called Plugable “estimates that about $60,000 worth of Plugable’s goods remain stuck on the Ever Given” according to a CNBC report.  

This caused his business to miss out on Prime Day for many of their top products.

This year is definitely a wild one in shipping and logistics!

Amazon competitor Shopify cuts app store fees for developers on first $1 million in revenue

Shopify announced that it’s lowering the share of revenue it collects from developers that publish apps on its app store. developers will keep 100% of their revenue from the first $1 million they make on Shopify’s app store, starting Aug. 1.

Shopify is following in the footsteps of tech giants like Microsoft, Apple, Google, and Amazon, which have recently reduced fees for some app developers.

According to CNBC, “During a presentation, Shopify President Harley Finkelstein said the company is also cutting its commission rates for developers who make more than $1 million annually to 15% from 20%. That’s “half of what other popular app stores cost,” Finkelstein said.”

Could this mean that more developers will flock to Shopify and improve the selling experience?  We will see how this translates in terms of seller volume as well as consumer behavior.  

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

Exciting news! 7 Figure Seller Summit waitlist is now open, you can reserve you can sign up to be the first to know once we open our doors. This is the pre-event survey:  7FSS5 Pre-event Survey

Have a great day!

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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