Tag Archives: Financial

From Hobby to Business: The Magic of Repeatable Processes

The Magic of Repeatable Processes

This post is by Todd Ryan, a Florida-based IT manager who has been selling online since 1999. He currently concentrates on the Amazon marketplace, growing 100% year-on-year and employing three people in the business.

A lot of sellers find themselves in between a hobby and a business. They start selling as a hobby, just to make a little extra income, and enjoy the process of buying and selling. But after a while it’s not as much fun as it used to be. It takes more and more time, and a lot of the work becomes frustrating and repetitive. It’s no longer a good hobby.

But it’s often not a great business either. It may be profitable, but only just. If you are in this situation, you can find yourself working a lot of hours, but discover – when you properly calculate all of your costs – that you are making less than the minimum wage.

Many sellers struggle with making the leap from hobby selling into building a legitimate business. Making that change isn’t everyone’s goal, but it was certainly a pivotal point for me and my business. This post is about what I’ve learned in taking that path, and I hope it helps you if you’re on that same journey.

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US Sales Tax for European Online Sellers: The Essential Guide

US Flag Maze

This post is by Emma Scotton, Director and Founder at independent ecommerce consultancy KnowGlobal. KnowGlobal offers advice and support to online businesses, both large and small, on all aspects of their ecommerce offering. They help clients grow their businesses both domestically and at an international level.

Ecommerce is booming and businesses are increasingly fighting for a share of the lucrative global market by looking at ways to take their online business cross-border.

The US market makes for a particularly attractive option, with US consumers expected to spend $327 billion online in 2016. Moreover, the number of web shoppers in the US is expected to grow by 15% this year to 192 million and each shopper will be spending more on average, up 44% from 2012 to $1,738 per year.

What’s more for marketplace sellers is that global marketplaces are expected to own nearly 40% of the online retail market by 2020, providing a viable and rewarding route to new markets for businesses of all sizes.

In the rush to expand, however, merchants can overlook areas of international business that are unfamiliar. Ensuring you support international payments and have a logistics network capable of fulfilling orders is important, but with new opportunities come new complexities, particularly when meeting the challenge of sales tax compliance in the United States.

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Ecommerce Supply Chain Management: Reducing Cost and Inefficiency

Ecommerce Supply Chain Management 780

This post is written by Crystal Gilliam and illustrated by Joyce Lee, both members of the TradeGecko content team. TradeGecko is a cloud-based inventory management software solution for SMBs. TradeGecko’s blog and knowledge base are full of tips and tricks for retailers and wholesalers on inventory management, ecommerce and logistics.

Supply chain management. The term brings images to mind of warehouses, shipping containers, and people walking around in hard hats holding clipboards. It can seem complicated – and let’s be honest, it is. A supply chain is the multi-faceted backbone of your retail or wholesale business whether you’re selling online, in stores or doing a little bit of both.

As with any major aspect of your business, there are probably lots of areas where you’re incurring more costs than necessary and some of these can definitely be streamlined. It’s worth taking a look at your supply chain as a whole to recognize areas where there could be fewer costs, which also means higher profits.

If you’re not sure where to start, here’s a guide for cutting those costs and optimizing your supply chain.

In the following, we take a look at six areas of the supply chain and how you can start to cut costs and streamline: inventory cost, inventory valuation, quality control, sales channels, warehousing and fulfillment logistics.

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Why Selling on Amazon is Like Trading on the Stock Market

Old Retail Model vs New Retail Model

This post is by Lauren Shepherd, a marketer at Teikametrics. Teikametrics helps Amazon FBA sellers drive traffic to their listings and scale their business using data-driven software and consulting for inventory optimization, repricing, restocking, review management, ad optimization, and product scouting. This post was first published on the Teikametrics Blog as What the Most Successful FBA Sellers Do Differently.

Selling on Amazon is a bit like life in the Amazon jungle – it’s survival of the fittest. But what gives certain sellers that edge? What makes them stand out from the pack and become king of their domain?

Top Amazon sellers aren’t like the rest.  The most successful sellers have adapted to the evolving ecosystem that is online retail by treating selling on Amazon like trading on the stock market.

Amazon has resulted in an increasing commodification of retail, putting the focus on price and convenience rather than value and selection. Just as traders take a strategic, analytical approach to their stock portfolios, successful sellers apply the same mentality towards their inventories.

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Ecommerce Inventory Management: The Essential Guide

Ecommerce Inventory Management

This post is by Vera Lim, an Inbound Marketing Manager with TradeGecko, a company that provides cloud-based inventory management software for growing businesses. Vera writes for TradeGecko’s blog and knowledge base, covering topics ranging from the latest ecommerce developments to explaining how inventory management works… without the jargon.

When people start a new ecommerce business, managing their inventory is often the last thing on their minds. Most will find themselves spending the bulk of their time and attention on getting their brand recognized enough to break through the clutter of the internet. It’s easy to overlook the importance of inventory management: getting the right products at the right place at the right time.

As an online retailer, what you’re gunning for is to ensure that you’re stocking more fast moving goods that are making up the bulk of your sales, and less of stuff that doesn’t seem to sell so well. At the same time you’d want to make sure that you have enough stock to match forecasted customer demand at any time.

You’ll want to get inventory management right, because most companies invest the bulk of their capital in inventory. Just think about it: first you’ll need to purchase products, then you’d have to figure out how much storage you need and how much to spend, followed by devoting time and effort to setting up an inventory management system.

Ultimately, efficient inventory management plays a huge role in your business’ success.

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