Adapting To Changes In Amazon And E-Commerce
Change is the only constant said Heraclitus. So the only question is, how will you adapt to change?
One of the most important things, when you get into e-commerce or selling on Amazon FBA, is the number of experiments that you'll need to take.
A lot of people get stuck into the mindset that, just because somebody has made a lot of money, it was just a linear approach.
For every bit of work they put in, they got that much money out of it. It doesn't work like that.
Experimentation and Lessons
I encourage people to think more about the number of experiments you're taking and what lessons you learned from it because that's going to be what ultimately determines your success.
I’ve gone through hundreds of different products going through retail arbitrage and selling wholesale items.
I’ve learned different lessons about listings and tried different experiments to see what would happen to the price over time.
I’ve seen what happens to different supply and demand economics when a product is discontinued, comparatively to other products on the market. There are just so many different lessons to learn by experimenting.
After all these lessons through trial and error, I ended up selling private labeled goods. Even to this day, I still experiment with private label products and that's ultimately what leads me to success.
There are more opportunities every single day because I've acquired this large skill set and lessons learned from those experiments.
When going into this, don't have the get-rich-quick mindset.
All of these platforms like Amazon are constantly changing over time and what used to work isn't going to work as well as it used to.
That's the way business works. However, you will gain practical experience through experimentation.
From learning tons of lessons experimenting with different products, you can get an idea of what the market wants and what potential trends are.
The only way to know is by continually testing what you do and do not know.
Is Making Money On Amazon Dead?
I know a lot of people will say that Amazon is dead. They say you can't make money from it anymore.
That mindset is assuming that you don't continue to experiment and to learn as time goes on.
So, it's not dead at all. It's just different and will continue to be different.
Retail is not dead either. There are stores that are thriving in retail, but they're taking a different approach to everything.
So, continue to just think about how many experiments you could take.
What are these experiments? What's going to be the fastest and cheapest way to make these?
So, you have a hypothesis, and your goal is to see what is going to be the fastest and cheapest way that you could test that.
You could go and survey your friends and family or even create a poll on Instagram.
You could take a marketing approach and measure KPIs using Google Ads or Facebook Ads and see what has the highest click-through rate.
You can even test your listings up on Amazon and see what's works and what doesn't work. There are just so many different ways that you can experiment!
If you keep experimenting you're eventually going to figure out what works.
Never Ending Learning
The overall point of this is to not measure your success based on how much you have made, but more on what you have learned.
You have to learn all the techniques about optimizing an Amazon listing including beautiful images. You have to learn how to choose the right products. You have to learn how to talk to do business with manufacturers.
You don't have to be perfect when you start applying what you've learned. You just have to gain experience in that area.
Eventually, you will figure out how to optimize everything, leading to mastery. They say it takes 10,000 hours to master a skill. You've got to put in the time.
Create An Income From Amazon
As Amazon continues to grow more and make more money, people will start to create their own businesses, which means more competition.
One important thing is to learn everything you can and continuously experiment with what you don't know.
You cannot be satisfied with your current knowledge because remember, businesses are always changing and adapting.
People will start to catch on, possibly adopting techniques that used to work. It's imperative that you keep learning in an ever-changing environment. Competition fuels capitalism and that is what allows businesses to get better.
So YOU need to get better.
As long as you're willing to put in the work and experiment with what’s different and learn from those that are successful, you germinate all the different ideas together and figure out your own way. That's how true success is made.
There's so much of the pie to take. It's an amazing opportunity that committed entrepreneurs can prosper from.
Just get out there and continue to learn. The only way that you're going to fail is if you stop learning and you stop experimenting. You’re going to stagnate and become complacent if you stop learning.
Learning constantly is the most valuable thing you can do for your business.
Learn how not to fail on Amazon with my interview with Casey Gauss of Viral Launch >>