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We break down the steps on how to make money off e-commerce with successful entrepreneurs across different platforms including Amazon, Shopify, Poshmark, eBay, and others. The entrepreneurs on the show give insights into their stories behind their e-commerce brands, product research, sourcing strategies, marketing, and branding strategies to help make you with your e-commerce business!
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Amazon has made previous giant acquisitions spreading its across different industries apart from its e-commerce and web service avenues. With its newest acquisition of One Medical, it is now in the health industry.
Main Headline: Instagram has a new shopping feature that allows people to DM businesses to buy products with the addition of having tracking numbers. This reduces any friction with any payments and trackability giving the customers more confidence in their purchase. YouTube is also getting into the e-commerce mix with its new partnership with Shopify. Creators will be able to feature their products on their channels and within their content. The video giant also came up with a feature that allows all creators to access live shopping capabilities. These include the ability to tag products to a live stream directly from the Live Control Room panel.Second Headline: Klarna, the buy now pay later fintech platform, is opening a pop-up shop in Los Angeles to emphasize conscious fashion and clean beauty, The pop-up shop will offer online and in-store discounts for selected products.
Main Headline: This is something that is overlooked but Shopify has a very in-depth set of tools and resources to help your e-commerce brand get to the next level. Not only do they share e-commerce success stories but they show trending products and marketing tipsCHECK OUT SHOPIFY LEARNING RESOURCESSub Headline: Nike makes a concept store in Seoul, Korea which includes augmented reality tech and customizable backdrops for content creationSub Headline: Amazon is both housing third-party sellers to sell on its platform and a seller itself with its private labeled brand. Amazon Basics products have been feared to outshow other branded products from other sellers. Because Amazon has all the data in regard to all the transactions, they know whether or not it will be a better idea to create a private labeled brand to compete with their customers and give themselves the advantage by pushing their products in the eyes of more consumers. Reports say that this is not the case but others have speculated otherwise,
Okendo is a startup that primarily helps Shopify businesses by enabling them to collect customer reviews via product ratings, customer-generated photos + videos, preferences, and more.Customer reviews drive sales. Think about it. Many shoppers on Amazon buy products that are rated highly and have great reviews. When pondering about buying product A or product B, customers tend to purchase the one that has a better rating. The same thing applies when going to a restaurant.Okendo has already worked with over 5,000 brands and you can too. The reality is that one does not have to use them for your Shopify business. There are other plugins and tools that will help you display reviews. The important thing you must take away is to show you're a trusty brand selling products people love. The only way to do that is via ratings and customer reviews.
Amazon just broke the internet with the number of people buying products during Amazon's Prime Day Event. They surpassed 300,000 million items being sold at a rate of 100,000 items sold per minute!
Did you know that 90% of Americans only live within 10 miles of a Walmart? That to me sounds like sameday delivery is very possible potentially making Amazon worried.
Voice technology is only getting better and its applications for it can be limitless. Look at what Amazon is doing with its new feature where instead of Alexa (the default speaking assistant) reading a bedtime story to a child, a recognized voice (such as your parent or in this case a deceased grandma) can do so.Now, what can voice assistants or smart speakers do more for your e-commerce business? More and more people are getting these types of devices and more people are making search queries. In addition, people are also buying more through voice search and the revenue to come out of that is in the billions!Your business will not want to miss out on voice search so optimizing your site with long-tail keywords is super important.More resources on voice search and what it can do for you e-commerce business:https://www.smarthint.co/en/busca-por-voz-ecommerce/https://www.netsolutions.com/insights/voice-search-for-ecommerce/
Here are the tips for creating a successful Amazon business through the CNBC article/video:Be passionate about your business (your work)Use influencers because they have a strong loyal following (this should be the audience you are trying to attract) where you can tap into and get the products into their minds leverage Amazon's FBA service and tools to get more sales
Raise your hand if you thought Lego already had tons of factories in the US. Legos were founded in Demark and they used Mexico to build a factory but now have plans to build in Virginia.Petco aims to tap into the rural USA pet parents market which is worth about $7 billion. They plan to do this by building rural stores.Amazon will soon be using drones to deliver packages in California.
The Fashion Act would only hit those apparel companies making over $100M in revenue per year and operating in New York (which is essentially every big brand)!Sources:https://www.retaildive.com/spons/heres-what-passage-of-the-fashion-act-would-mean-for-apparel-companies/624587/
This is an opportunity calling as more and more e-commerce entrepreneurs and brands are transitioning to TikTok because the ads are cheaper. Not only that but depending on your target audience, TikTok might be the best medium to market. That's because TikTok has 386.6 million users aged 18 to 24, making up 43.7% of the platform’s users worldwide.
If you can figure out creative ways to market your brand and products then you'll have a competitive advantage especially if you make the first move.For example, Roblox cultivates a lot of attention from a young audience that brands are looking to show off to. Brands like Tommy Hilfiger, Forever 21, and even Gucci have partnered up with Roblox.Marketing experiments like these may or may not work but if it works then that's gold. Especially if you, again, have that first mover's advantageAlways be testing!Read the full article on brands partnering up with Roblox
You got to protect the customer if you want them to keep coming back, right? Etsy is a massive online marketplace where a lot of unique products, especially personalized products, are being sold.Because of its unique marketplace it really distinguishes itself from Amazon and Walmart. Even with this x-factor you still have to protect the customer so they can be happy and stay.Read the full article here
SKKN is set to launch on June 21, 2022 exclusively on skknbykim.com. Influencers, YouTubers, and celebrities with their personal brands and influence have the position to leverage that and create their own products.We are seeing this with Logan Paul and KSI with their drink Prime, Kim Kardashian with SKKN, and more along the way.
Buy Now Pay Later is a way for customers to buy a product through installments instead over a period of time (i.e. 4 installments every two weeks). If you want to buy an expensive item such as a grill or mattress then it might be less of a burden for you to spend that money all at once.Note: What is Buy Now Pay Later (BNPL)?There are many platforms offering this such as Klarna, PayPal, and Sezzle to name a few. But now Apple is getting into the mix as it plans to integrate its own BNPL option into Apple Pay.
New technology will always propel a business and with AR, Amazon is utilizing it to help the customer buying experience.Note: article on how Amazon is doing thisRetailers like Target have too much inventory due to supply chain issues, inflation, and consumer buying behaviors.Check out the CNBC article on this storyVitamin Shoppe owner amongst other investors looking to buy Kohl's. Can Kohl's really be revitalized or is it too late?Check out what is going on with Kohl's and the opportunity ROI of buying it
Ever since the pandemic, the demand for activewear has soared 35% in a two-year period. Sales in the men’s and women’s apparel category rose from $52.3 billion in 2019 to $70.8 billion in 2021.It comes as no surprise that big-box retailers such as Walmart, Target, and Kohl's have launched private-labeled brands to enter this growing market. In today's episode, we go over this market demand and how Walmart has revealed another activewear line with fashion and fitness couple Michelle Smith and Stacey Griffith.
Etsy is a major player in the e-commerce world with custom and personalized products that you don't typically see on Amazon. I believe that Etsy businesses are doing very well with their unique products but can always scale by going on Shopify to get more control of their data.Not only can you get more insights by switching or adding a Shopify store but it creates a branded experience. Today we explore a couple of products on Etsy to give you inspiration on what from Etsy can potentially be used to create a Shopify brand.Here are some cool products on Etsy that were mentioned:Magnetic Wristband DIY toolNaughty Scratch Card for himDIY Hot Sauce Kit
Did you know you can actually dropship on Amazon and not just Shopify? Yes, Amazon is mainly known for wholesaling, private labeling, and retail arbitrage. You might ask, "Hey, I thought Amazon has really strict rules against dropshopping," but Shayne Cannell-Cohen explains that as long as you follow the guidelines you'll be safe!On top of that reassurance, Shayne explains the story of how he had his back against the wall when he lost his part-time job and had to figure out a way to make money. He eventually got into entrepreneurship and started to make serious bags via Amazon dropshipping.Today he will share his story and strategies to find winning products and how to get into the buy box on Amazon to generate sales!
Target is already selling clothes in its stores through the likes of:A New DayAll In MotionOriginal Use Goodfellow & Coand many moreWhenever I go to Target I actually like to see the clothing collection and got some hoodies myself. To my surprise, a good amount of people from my local Target were also checking it out so I thought to myself that Target must be doing pretty well in this department.Secondhand clothing is a massive market as many online selling platforms like Poshmark, Facebook Marketplace, Let Go, Mercari, and Depop are being used by people as a side hustle (not to mention thrift stores in general as well)! Others take full advantage of the platforms to make 4-5 figure months. The multibillion-dollar secondhand clothing market can be a great way for Target to make money via the ThredUp partnership. Here's a very interesting excerpt from the article via Retail Dive:"Retailers and brands, many with the help of ThredUp, are working to meet surging demand for secondhand clothing. Shoppers, including many younger ones, increasingly see used goods as a way to find a bargain and to limit consumption in the interest of sustainability.For Target, the pilot is a way to explore how to better serve customers, including what products to carry and how to offer value, along with furthering its sustainability goals."
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