Wizards of Ecom #041 Wizards of Amazon Podcast: Product Sourcing & Cost Saving Negotiation Tactics with Honu Worldwide
Are you paying too much to source your products? You may be losing money that you aren’t even aware of. This is why I’ve brought on Norman and Afolabi of Honu Worldwide to talk about all things sourcing and why it should correspond with a holistic view of your business.
Both Norman and Afolabi have been in ecommerce for several years so they know what they’re talking about when it comes to the pitfalls of sourcing. They’ve both experienced their own huge setbacks and are using their knowledge and connections to save their clients money.
Listen as they share detailed information about how they’ve helped save clients money everywhere in their businesses. From the actual act of sourcing, to negotiating contracts with better terms, to simply changing the shipping time of products. They help you pick back up the money that you’ve left on the table.
These two are truly knowledgeable about the industry and the various markets across the world. You’ll glean some amazing insights into how you can be better prepared to approach factories yourself, but consider looking into their services if you’ve hit a rough patch. They work with businesses at every level.
Listen right to the end to hear some amazing book recommendations that you won’t want to miss out on. There are several that even I haven’t read and am adding to my must read list now!
In This Episode:
[00:30] Welcome the leaders of Honu Worldwide to the show.
[03:00] Learn more about Norman and Afolabi and the beginnings of Honu Worldwide.
[08:17] Why did Afolabi start with shoes?
[09:19] How did Norman and Afolabi meet?
[13:28] They share why Honu Worldwide is different from other sourcing agencies.
[16:00] What do typical sourcing agencies do?
[19:02] You don’t have to spend big bucks to determine if you’re getting a good price.
[23:13] What you can do with a $16 product.
[24:53] Learn more about the in-house repricing program.
[27:18] Afolabi shares some case studies of the money Honu Worldwide saved clients in unexpected ways.
[30:55] Why the way you pack your products matters.
[33:15] Learn more about the process of working with a sourcing agency.
[37:50] Norman shares why you have to stay on top of the fees and budget when it comes to sourcing.
[39:21] What’s the one thing you should know about negotiations before you start into them?
[42:54] Listen as Norman shares his favorite form of negotiation.
[45:30] Carlos shares his experience with Masterclass.com.
[49:21] Connect with Honu Worldwide and learn which businesses they prefer to work with.
[53:32] Norman shares his favorite books.
[55:37] Afolabi shares his favorite book.
Links and Resources:
Text “Amazon” to 69922
Wizards of Amazon on Instagram
Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
The Unfair Advantage by Ash Ali and Hasan Kubba
The 80/20 Principle by Richard Koch
The Four Agreements by Don Miguel Ruiz
Podcast editing and show notes by Pro Podcast Solutions.