The Ecomcrew Ecommerce Podcast

Neil Twa from High Voltage Business Builders joins us on the podcast to drop some massive value bombs. He breaks down how you can increase brand awareness on Amazon, his approaches to Product Development, and how you can restart the Honeymoon Period on Amazon. Listen in for some great lessons from Neil!    Amazon's only getting tougher and tougher.    It seems like the laundry list of things that you need to do to ensure success keeps getting longer and longer after each year, but what exactly are the things to do?    I've asked Neil Twa to join me on the podcast today to talk about this very topic. Neil has actually given me a lot of high value thoughts during this recording that I think you should probably listen to on repeat over and over, as there are some things that just come off as surprising.    Here are just a few:    Lesson #1: Below the $50 retail price point, you'll be competing against a lot of brands. There isn't as much increase in competition in the price point of $50 - $150 retail.    Lesson #2: Get more than 1 manufacturer just so you don't have all your eggs in one basket.    Lesson #3: Never get started with electronics.    If you want to skip to certain parts of today's episode, here are some timestamps! 0:00 - Intro 0:32 - Neil's Podcast  1:20 - What you need to do to be successful on Amazon  2:06 - Con #1: Platform Risk   2:56 - Con #2: Increased competition  4:38 - How to Increase Brand Awareness on Amazon 8:43 - How to approach Product Development  12:46 - Why oversized products have to be priced correctly 14:54 - Never start with electronics 15:45 - Neil's product rules  16:38 - How to increase your product's perceived value  24:03 - How to restart the Honeymoon Period  24:49 - Google Cosmo  29:15 - How would you start an ecommerce business today?   Neil, I can't thank you enough for coming on the podcast. It was great having you on and these lessons are surely going to be valuable for a ton of listeners.    If you guys want to hear more from Neil, check out the High Voltage Business Builders podcast!    Don’t forget to leave us a review on iTunes if you enjoy our content. If you have any questions or any topics you’d like us to discuss on the podcast, you can now email us directly at support@ecomcrew.com! Also, we would really appreciate it if you would leave us a review on iTunes.    Thanks for listening!

Steve Chou makes an appearance on today's episode to discuss some key takeaways he and Mike learned while attending EcommerceFuel Live 2024.    It's conference season for eCommerce!    I just got back from ECF Live 2024, which was a great experience where I got to meet old friends and discuss a few of the issues that's been going on in the industry like Amazon's new fees, the recent Google update, and the ever-eroding margins.    As always, I like to get someone who was at the conference with me to discuss some of the things that we've learned, and who else better than Steve Chou! Steve is a good friend of mine for several years now who runs My Wife Quit Her Job and is also hosting this year's Seller Summit, so we're live today to talk about the things we've learned.    We talk about the 4 key takeaways that we came away with, and how we can apply it to our businesses. Here's some timestamps to get you guys going:  Intro - 0:00  Catching up with Steve - 0:30  Mike's favorite time of the year - 1:15 Mike and Steve's ECF Live experience - 2:42  Steve's first takeaway #1: Google Update - 3:54 The future of Search and AI - 4:29  How fast things change - 9:25  Second takeaway #2: Tiktok Shop - 10:37  Third takeaway #3: Higher profit margins are the key to success - 15:11 Fourth takeaway #4: Amazon's New Fees - 18:01  What's happening in Seller Summit this year? - 23:06  Seller Summit's Mastermind Day - 23:45  Sign up for Seller's Summit - 27:07 Why Mike hates flying - 30:03   Steve, it was great recording with you as always! I really appreciate you coming on and doing this podcast with me. If you guys would like to learn more about Steve, check out MyWifeQuitHerJob to learn more about him!    Seller Summit is on May 13th and 14th this year, so get your tickets here and you can put in a special request to get Mike as your Mastermind Leader.    Don’t forget to leave us a review on iTunes if you enjoy our content. If you have any questions or any topics you’d like us to discuss on the podcast, you can now email us directly at support@ecomcrew.com! Also, we would really appreciate it if you would leave us a review on iTunes.    Thanks for listening!

Exploring Amazon's latest fee increase, discussing strategies to avoid detrimental fees, navigating changes in shipping procedures and costs, analyzing the impact on sellers, and preparing for future pricing strategies amid rising inventory fees.

In today's episode, Dave and I discuss why there are so many sellers on Amazon losing money on each product? Because the lower prices do not make any sense at all.    Today's topic is something that I've been thinking about for awhile: how many people are losing money selling on Amazon?    You're probably thinking that this question sounds ridiculous, but if you think about the increasing amount of competition and the higher platform fees, there does seem to be some basis for the question.    Which begs the question: how many people are losing money selling on Amazon? Are they selling old inventory that isn't profitable anymore? Is the competition everywhere at this point?    I thought this would be a topic that my partner Dave could chime in on from his perspective as a Canadian Seller, and also as someone who frequently visits China.    Timestamps:  Intro - 0:00  Catching up with Dave - 0:30  How Many People are Losing Money Selling on Amazon? - 1:55 The Types of Sellers Losing Money & Competition on Amazon - 3:57 Sacrificing Margins for Brand Equity - 6:04  Fishy Practices to Avoid Paying Duties - 8:00  The Chinese Government is Providing Subsidies for Exporters?? - 8:51 The Numbers Don't Make Sense - 11:02  Every Seller Has an Unprofitable SKU - 16:26 The Problem with Product Research Tools - 19:53 Bad Business People - 20:52  What Amazon's Q4 Earnings Report Tells Us - 23:09  Legacy Sellers Who've Suffered Through Events - 26:01 Shortened Product Life Cycles - 30:47  What should happen to old products? - 32:27 Prices are 20% lower than they should be - 33:37    If any listeners would like to have a discussion about this, let me know by emailing us directly at support@ecomcrew.com.    Also, if you have any questions or any topics you’d like us to discuss on the podcast, you can email us directly as well!   Also, we would really appreciate it if you would leave us a review on iTunes.    Thanks for listening!

In this episode, Dave and I go through our list of business goals for 2024 for Ecomcrew, our personal business brands, and more!    Its been awhile since we've done an episode like this, but Dave and I thought of bringing it now since it was one of our more popular episodes from 2019.   Some of these goals were aimed for ourselves personally and for the company. In this episode, we'll go through each goal and our plan for achieving each one.    If you have any questions or any topics you’d like us to discuss on the podcast, you can now email us directly at support@ecomcrew.com! Also, we would really appreciate it if you would leave us a review on iTunes.    Thanks for listening!

Leslie Pierson, Shark Tank Winner and founder of GoodHangUps, joins Mike on the podcast to talk about how she got started in eCommerce, how one unexpected night eventually lead her to appear on Shark Tank, and how she is technically her son's employee.    Shark Tank is one of the biggest reality TV shows that almost every business owner knows about. It's not everyday that we get to interview a winner on the podcast.    But Leslie Pierson isn't just a typical business owner: she's an Ecomcrew Premium member.    In this episode, we get to talk about the multiple things that led to how she built a Shark Tank Winning Business. From starting with selling laptop skins, to building a business out of a 7 year old's idea, Leslie covers her ecommerce journey from start to present.    Leslie, thank you for the absolutely delightful conversation, it's been my favourite episode to record out of all 500 or so episodes. I hope to see you more in person, and I wish you and your family all the best with Tacos vs. Burritos.    If you have any questions or any topics you’d like us to discuss on the podcast, you can now email us directly at support@ecomcrew.com! Also, we would really appreciate it if you would leave us a review on iTunes.    Thanks for listening!

Mike Beckham, a 9 Figure Business Owner, is on the podcast with Mike today to talk about what he'd do differently if he were to start building a 9 figure business all over again. We dive into how and why brand story is so important, and the uncommon mindset Mike Bekham uses to perpetuate business growth.   Its hard enough trying to start an ecommerce business.   Being a solopreneur means you'll have to be on top of your inventory levels, your PPC Campaigns, while also writing blog articles, making Youtube videos about your product and not to mention getting UGC from influencers.    But what does a 100+ person company look like? Better yet, what did it take to get to be able to sustain that level of overhead?    We've invited Mike Bekham, the co-founder of Simple Modern and 9 Figure Business Owner, to the podcast to ask him the golden question. If he had to do it all over again, what would he do differently?    We talk about how being part of a community and choosing the right niche can open up more growth opportunities than you realize, and how building a brand starts internally.    Here's some timestamps to help you along:  0:00 - Introduction  0:31 - Podcast Start  1:39 - Being a Part of an Amazon Community  6:55 - "What Would You Do Differently?" 7:44 - Playing to your strengths  8:34 - Choosing a product niche  14:53 - Product Differentiation 17:07 - Differentiation without millions in capital  24:13 - How Mike makes sure everyone's winning  30:42 - What Mike's learned over the years    Mike, thank you for coming on the podcast and sharing all of the things you'd consider heavily when starting over. I hope that everyone who listens enjoyed the episode as much as I had recording it with you, and wish you well for the rest of the year.      If you want to get in touch with Mike, you can find him at Linkedin or you can check out his Twitter.    If you have any questions or any topics you’d like us to discuss on the podcast, you can now email us directly at support@ecomcrew.com! Also, we would really appreciate it if you would leave us a review on iTunes.  Thanks for listening!

Entrepreneur John Terry shares how going into retail led to the downfall of his CPG business. Topics include challenges with Walmart and Kroger, unrealistic inventory forecasting, financial risks, repositioning a failing business, and navigating insurance claims with public adjusters.

Chris Duty is back on the podcast as a special guest to talk about all the types of add backs you need to know when selling your ecommerce business. The inspiration for today came from a listener submitted question, which asked "what type of add backs can I negotiate when selling my ecommerce business?"   When selling an ecommerce business, its important for owners to be compensated for the stressful one-time events that was experienced in the last 12 months when going to sell.    These are called "Add Backs", but what are they exactly?    I've invited Chris Duty, an advisor from Quiet Light Brokerage, to talk about the various types of Add Backs that you need to know about, why they matter, and how it can significantly impact the valuation of a business to potential buyers.    Here's some timestamps for your convenience:  0:00 - Introduction  0:31 - Ad Spot  2:46 - Background of Today's Subject 4:50 - What is an Add Back?  7:16 - Accrual Accounting 11:04 - Owner Salaries  13:20 - Value of Working Less  16:13 - Payroll Taxes / Income Taxes  17:53 - Trademarks, Copyrights, Patents and Other Legal Fees 19:44 - Change in Service Provider Costs  20:26 - Employee Removal Costs   22:21 - How Mike Views Add Backs  27:33 - Cash Back / Points Credit Cards  30:26 - What if you use a regular credit card? 31:51 - Masterminds & Ecommerce Courses  32:27 - Lowered COGS  37:46 - Negative Add Backs  39:51 - Price Changes  43:33 - Conclusion  We hope today’s episode was useful to you. If you want to get in touch with Chris you can find him at Linkedin or you can check out the company at QuietLight.com. If you want to check out Chris' previous episode, click here.   If you have any questions or any topics you’d like us to discuss on the podcast, you can now email us directly at support@ecomcrew.com! Also, we would really appreciate it if you would leave us a review on iTunes.    Thanks for listening!

Mike discusses some hard hitting points of e-commerce with long-time friend John Canetta, including whether e-commerce will ever get easier, the hidden stresses of running an ecommerce business, and how John was able to recover from losing 80% of his business during quarantine.    With a new year coming around, it looks like the ecommerce landscape only gets more and more difficult. Amazon introduces more changes to storage fees, the number of competitors increase day by day, along with all the other stresses of a growing e-commerce business. In fact, the last time I've experienced an "easy" ecommerce year was back in 2019.    That's why I've invited John over to the podcast to discuss today's topic. John is a 7-figure business owner, with almost as much (if not more) years in experience selling on Amazon and Google than I do.     Here's some timestamps to help you skip to your favorite parts: 0:00 - Introduction 0:30 - Ad Spot 2:46 - Podcast Starts  4:49 - Background on John 6:22 - The Hidden Stresses of an E-Commerce Business 9:15 - Difficulty of E-commerce 11:43 - Why Cash is King 13:10 - Ecommerce Struggles  14:36 - Evaluating the Financial Model  16:09 - The EOS Model  17:33 - Tracking Return on Working Capital  19:04 - 1 SKU Brand vs 100 SKU Brand  22:51 - Machinery Manufacturing Issues    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.    Don’t forget to leave us a review on iTunes if you enjoy our content. If you have any questions, send us an email at support@ecomcrew.com. We'd love to help you in any way we can.    Until next time, happy selling!