E111: Strategizing for the Surge – Michael Anderegg – Amazon Legends
Amazon is a wild landscape of amazing possibilities and great consequences for those who are not aware of what is going on. Michael Anderegg has seen just about everything that Amazon has to throw at him and now he’s passing along those tips in this episode. You’ll learn about the ups and downs of offering product bundles, how to approach analyzing the massive amounts of data to get valuable insights, and when to start planning for peak buying times.
- A product bundle can have many benefits if you set it up and manage it correctly. By listing a parent product and adding bundles underneath it you can drive more traffic to the parent product, save ad dollars, give customers more options to buy, and maximize revenue.
- Before you create a bundle you need to know what components it’s made up of and have an inventory management system that is able to deplete the stock of the bundle when the individual products that are in it are being sold.
- Using an ERP (Enterprise Resource Planning) software gives you a global view of what every step of your business looks like. An ERP can give you your COGS and Gross Margin in real-time, both of which are crucial to keep track of.
- There are many things to consider when deciding on fulfillment, especially the product size, customer order behavior, what you are able to produce, what the run rates on that sku are, and what you are comfortable having in stock at any location at any time.
- When using FBA, it’s a good idea two have two listings created for the same product, one for FBA and the other for FBM. Only one of these listings can be active at a time, but if FBA sells out, you can easily activate the FBM listing.
- If you are creating a listing for a product that you will fulfill yourself, you must put in the Fulfillment Latency Rate, or how many days it takes to ship the product. Without adding this it defaults to “in stock” and Amazon will penalize you for any delays in shipping.
- Be sure to look at your Seller Rating! These ratings are extremely important. Make sure your customer doesn’t have an excuse that is in your control to leave a bad review. Consider including a guide with your product and making video tutorials.
Quote of the Show:
- “Peak buying season begins before even peak buying season” – Michael Anderegg
- Josh – Head of Operations for Redfora
- Megan – Redfora Customer Service
- Steve – Redfora Finance
- Derek – Redfora Marketing Manager
- Alina – Redfora Copywriting
- Charles – CEO of Redfora
Ways to Tune In:
- Amazon Music: https://music.amazon.com/podcasts/092e0e83-44d8-42a3-9efd-f57daad2bbff/amazon-legends-podcast
- Audible: https://www.audible.com/pd/Podcast/B08JJQKM6V
- Apple Podcast: https://podcasts.apple.com/us/podcast/amazon-legends-podcast/id1589750284
- Spotify: https://open.spotify.com/show/01NnJ5SHgUFTBDr77HtExu?si=7850ec72879e401e
- Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5idXp6c3Byb3V0LmNvbS8xODM1ODcwLnJzcw?sa=X&ved=2ahUKEwiG09G16uH1AhWSrnIEHbUABo0Q9sEGegQIARAD
- Stitcher: https://www.stitcher.com/show/amazon-legends-podcast
- YouTube: https://youtu.be/YuDB6hZLYpY
About the Author:
Nick Uresin is the Founder and CEO of ArgoMetrix, a New York based software and consulting company established in 2013. Nick is an Entrepreneur, Electronics, Communications and Computer Science Engineer, who has a passion for problem solving with technology. Nick built an online retail company with annual revenues of over $10 million. He developed his vision to organize the knowledge and technology he developed to become a large Amazon Seller and provide it as a service to manufacturers and sellers of consumer products. Let's get social! Follow us and get ArgoMetrix's latest updates on Twitter, Facebook or LinkedIn.