Takeaways:

• Diversify sales channels: Selling on multiple channels reduces the risk of relying solely on Amazon and allows you to reach a broader audience.
• Prioritize vertical growth: Instead of adding more products, focus on maximizing sales potential within your existing product range on each channel before expanding horizontally.
• Understand channel requirements: Each channel has specific inventory, logistics, and policy requirements. Familiarize yourself with these to ensure effective compliance.
• Tailor strategies to your audience: Pay attention to your target audience’s preferences and prioritize the channels they use for shopping. Develop audience-centric strategies to optimize your approach on each channel.
• RFM analysis: Implementing RFM (Recency, Frequency, Monetary) analysis can help identify high-value customers. Analyze the recency of purchases, the frequency of purchases, and the monetary value of purchases to identify the best customers with the highest lifetime value.
• Pay attention to data and backend processes: Analyze data, understand the backend operations, and seek solutions at a granular level to optimize your operations as an Amazon seller.

Quote of the Show:

If you are in a category that is growing rapidly and you are flat in terms of sales, that doesn’t mean you have to pat yourself on the back. If you have grown by 5% and the category has grown by 20%, that means you have lost market share to somebody else. You cannot be patting yourself on the back for 5% growth. That is where the category has a bigger role to play in informing you about what is happening in the industry.

Links:

• Personal – LinkedIn: https://www.linkedin.com/in/tauseefhsyed/
• NetElixir – LinkedIn: https://www.linkedin.com/company/netelixir/
• NetElixir – Website: https://www.netelixir.com/
• NetElixir – Facebook: https://www.facebook.com/netelixir
• NetElixir – Twitter: https://twitter.com/netelixir
• NetElixir – Instagram: https://www.instagram.com/teamnetelixir/
• NetElixir – YouTube: https://www.youtube.com/user/NetElixirIn

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