The US economy is uncertain. What can you do to protect and potentially even grow your Amazon business during a recession?
Becky Trowbridge of eComEngine recently hosted a webinar featuring experienced sellers Charlene Anderson (Wholesale Sourcing Experts) and Mina Elias (Trivium Group) as well as eCommerce accounting expert Cyndi Thomason (bookskeep) to find out!
Watch the webinar to hear each expert's top advice for challenging times, from cutting expenses to considering your pricing. Here are a few quick highlights!
Get rid of debt if you can. Cash is king! Get rid of the unnecessary expenses and watch your inventory levels like a hawk. Don't run out of inventory, but don't have too much either." -Charlene Anderson
A dollar you spend on your product that does $100 a month in profit is a dollar you didn't spend on a product that's doing $10,000. And no matter how much you want it to not be true, it's true, so amputate." -Mina Elias
In addition to thinking about profitability, think about the impact to your cash. How much cash is it going to take? How quickly will it turn? You don't want to put a bunch of cash into something that's going to sit on the shelves for a long time. -Cyndi Thomason
The panel also discussed how to stay motivated when sales are down. Selling on Amazon can get lonely, and it's important to have a solid support network!
Watch the recording to get strategies for reducing expenses and saving money, from negotiating with suppliers to finding great deals on product packaging. Learn why your listing and reviews are crucial when buyers are more hesitant to add items to their carts. Find out how to focus your advertising efforts and don't miss Mina's PPC template which can help you stay on track!
We hope this conversation leaves you feeling inspired and motivated to cut unnecessary expenses so that you can spend more time on what's working for your business! If you want to see how eComEngine can help you and your products succeed, check out FeedbackFive and RestockPro.
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