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Discussion in 'The Unscripted Entrepreneurial Mind' started by biophase, Dec 26, 2015.

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  1. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I'm not sure what you are asking. You find products to improve but they aren't in your niche? Are there no more products in your niche? You can move outside your niche but in my opinion it has to make sense if you are trying to build a brand. Also, not every product needs to be improved in your niche. You can use some products to build your brand. For example if you are selling shoes, you can sell socks, shoe cleaner, etc... that is basically white label. You don't need to redesign a new sock.
     
  2. RisingStars
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    RisingStars Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Thank you very much. You pretty much answered my question. Yes there are more products in my niche, but I don't have the funds to make them better at this point in time - if this is even possible because they are pretty much good as they are.
    So I was looking for products outside my niche, after I got inspired by your thread and found a few products I could improve, but they are in no way related to my brand/niche. The question is would you advice to stay in once niche, even if I would just put a label on a product, or should I jump on opportunitys if I could improve these product, even when they are not align with my niche? (And sell them under another name)
     
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  3. proper
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    proper Contributor Read The Millionaire Fastlane

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    Yes, however, this is the old way of checking sales. It is still effective though on some listings.

    As an FBA seller, I normally set the maximum purchase amount to something like 20 or 50, depending on the items I sell. So the "999" check will not work on my listings. So my competitors will not know my stocks.
     
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  4. Paul David
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    Paul David Silver Contributor Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Hi @biophase i have a question if you don't mind answering.
    I have identified a product/s that i know are selling already on Amazon.com but with little competition and profit margins are good.
    I have found the supplier and got the quote which i'm happy with. My plan was to buy 5pcs of each (2 items total) and send them to Amazon to be fulfilled by them as a test rather than diving straight in and buying 500pcs of each.

    I asked the factory for a quote for 5pcs and they replied with this:

    Generally, our customer only need 1pcs of XXX with or without XXX to test. Are you sure you need 5pcs of each? Total 10pcs?
    If so, the express fare will cost a lot. Also, we need to receive the sample fare USD30/PCS, and need 1-2 weeks to finish.
    If you only need 1 pcs of each total 2pcs. We can send you soon.
    For the package, we can do the mass production as your request. But for samples, the package is in bulk, do you mind it?

    What would you suggest in this situation? My long term plan is to let the market decide whether the product is worth pursuing rather than jumping in head first. I don't even care if i don't make a profit on these test orders because of that.
     
  5. amp0193
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    amp0193 Platinum Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Good point. I've actually never set a max purchase amount on my listings since they added that option. It'd be a good thing to do, for sure.

    Thanks for the reminder
     
  6. Longinus
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    Longinus Gold Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Can you tell us how you do this? I searched online but got many conflicting information.
     
  7. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I don't see how selling 5 pieces would be enough to test. I mean if you run PPC and all 5 sell in a day, I guess that is a good metric. But what if it takes a week? Was it due to your price, listing, lack of reviews, etc?? I guess for me, I personally couldn't make a decision based on selling 5 pieces.

    Depending on their price point, I wouldn't order 500 pcs either. Maybe see if you can get just 100 pcs for a test order.
     
  8. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    You can go into your listing and there is a place for maximum quantity. I forgot which tab it is on, maybe the offer tab?
     
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  9. Paul David
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    Paul David Silver Contributor Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Great thanks. So normally, when you identify a potential product you would buy at least 100pcs to test on FBA?








    Sent from my iPhone using Tapatalk
     
  10. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    It depends on price point, but I chose 100 because it's a number the suppliers can wrap their heads around.
     
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  11. Insaint
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    Insaint Bronze Contributor FASTLANE INSIDER Speedway Pass

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    Yup, it's about halfway the offer tab: "Max Order Quantity".
     
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  12. proper
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    proper Contributor Read The Millionaire Fastlane

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    It depends on the category and products you sell. That's why you find some conflicting information online.

    Normally you can find this setting in the "Offer" tab of the listing editing page. Search for "Max Order Quantity".
    If this setting is not there, you can look at the "More Details" tab and search for "Maximum" or "Max", it normally should be there.
    If you still can't find the setting, it means you may need to update the listing using the excel sheet template and change the settings.
     
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  13. Thijz0
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    just by reading this topic i found out i definitely have an easy product on amazon.

    so I will sell out my inventory and start looking for new niches. thing is, I did an online course (a very well known) on how to research a product on amazon.

    I can probably do the same but i would have to find a 3,5/4 star product and then add value by improving the product right?

    @biophase
     
  14. Mac
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    Hey Biophase,

    I've found a product with high revenue, low competition and high margin. Only problem is the shipping costs drop the margin from 50% down to 20% because of the carton size and unit per carton size for my order (air freight). If doing sea freight, the quote is not much better.

    You have any tips for getting around this?
     
  15. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Order more? It's important to note that high margin products are not high margin products if the shipping cost is high.

    There's a reason margins are high before shipping. That's because if they weren't people couldn't make a profit on them after shipping. You need to account for shipping costs in your margin calculations as the market price will always balance the overall product costs out.

    Lastly a 50% margin product is not a high margin product. Are you saying that it costs $10 and sells for $20? If so, this is pretty low margin. A $10 product should be selling for $50. That's an ok margin. A high margin product is something that you pay $10 for and sells for $80.
     
  16. anthonyseoul
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    Any good online course recommendations?
     
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  17. RickyDJ641
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    You mentioned not to go through the manufacturer when creating your brand because they may take your idea. If not going through the manufacturer to private label, who do you go through? I want to ship directly from manufacturer to FBA.
     
  18. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Can you quote where I said that? I don't remember writing that but maybe I meant it in a different context.
     
  19. phenom4hire
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    phenom4hire Onwards and Upwards FASTLANE INSIDER

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    Hey Bio,

    Question on FBA. Is it still as important as it was a few years ago? Is it the best way to move product? I have read through the costs and benefits and can see where it makes sense for what you sell, but lets say Im selling something in the 20 dollar range that is fairly lightweight but kind of big like maybe 12x12x12. Does it still make sense to use them? Also if I decide to go FBA, what would be the best way to get say 500 of a product that size at under 1 lb each to the warehouse. Thanks in advance.
     
  20. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I think it is still just as important. But in your example, I don't understand why you wouldn't go FBA.

    You have a 12x12x12 product that weighs under 1 lb. Amazon charges you $2.99 to ship this. Can you ship it cheaper? Your box would be $.25 and a first class stamp would be $2.60. If you shipped this Fedex it would be $8-$10.

    The best way is to use Amazon's deeply discounted UPS or Fedex rates.
     
  21. dude_abides
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    Hi @biophase,

    Thanks for the great thread!

    I'm very interested in designing/enhancing products to sell through Amazon FBA or other ecommerce platforms.

    My question is since I have no experience with selling through Amazon, would you recommend AMZ training or similar training to learn the basics of researching potential niches, assessing competition, setting up promotions, Amazon keyword marketing, etc? Maybe even start by sourcing an existing product as a test/training?

    On the product design side, I have an engineering background and I've worked in manufacturing so I think I know enough to get started once I have a market identified.

    All the best
     
  22. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I don't think you need to pay for those courses. You can pretty much find all that information for free online. The actual setting up and selling on Amazon is the easy part. Finding the right product is the hard part. Save that money you would have spent on those courses for your samples.
     
  23. Iammelissamoore
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    Iammelissamoore Bronze Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Based on my own experiences, I too am quite happy with doing ALL hard work up front, in whatever I must, and then let good things flow the rest of time. Set a SOLID foundation in ALL we do and then just watch growth!
     
  24. amp0193
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    amp0193 Platinum Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I saw your avatar and definitely thought @MJ DeMarco was getting into Amazon.

    And then I was disappointed.
     
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  25. dude_abides
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    ahh.. sorry to disappoint :D although i made no attempt to copy @MJ DeMarco 's avatar.... i didn't know he was also using Willy Wonka / Gene Wilder until now :D