Mike is joined by Bill D'Alessandro in today's episode where they reflect on their decade-long journey in e-commerce, discussing where ecommerce was, where the industry currently is, and the scary direction that it's moving forward on. They also talk about the big picture, and how to succeed in the next decade if you're choosing to stay in the industry.
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Sign up now! The Big Takeaway
- Restructuring your business can lead to significant cost savings if Amazon's been eating away at your profit margins.
- Competition in e-commerce is now global. You're not competing against local businesses when selling items online - you have to stand out against the best of the best.
- Getting your inventory perfect has always been a big problem for e-commerce businesses.
- Growing e-commerce businesses can be capital intensive. To grow and scale, you need more capital than you have in most cases.
- To continue to succeed in e-commerce, you'll need a defensible moat like strong branding, regulatory compliances or intellectual property that can help protect against international competition.
- Last but not least: If you want to succeed, you have to put yourself in a place of discomfort.
Timestamps
- 00:00 - Navigating Business Restructuring
- 02:54 - Reflecting on E-commerce Evolution
- 06:41 - The Competitive Landscape of E-commerce
- 10:58 - The Power Shift: Platforms vs. Sellers
- 14:39 - Challenges of Inventory Management
- 22:10 - Future Trends in E-commerce
- 27:01 - Building a Sustainable E-commerce Business
As always, if you have any questions or anything that you need help with, reach out to us at support@ecomcrew.com if you're interested.
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Thanks for listening!
Until next time, happy selling!
