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With the huge influx of sellers starting their business on Amazon in 2020, competition is getting very tough. But does it really mean that selling on Amazon ‘died’? Here are Willy’s opinions on this issue!   

In this episode, Willy is going to cover:

  • Does selling on Amazon still work in 2020;

  • Why selling on Amazon in 2020 is getting more challenging;

  • What did the successful sellers do correctly for their businesses;

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TRANSCRIPTION

“Did selling on Amazon died in 2020?”

Now, this is a very interesting question. Many people would say that with the huge competition on Amazon, it’s near to impossible for any sellers to make it big via the online eCommerce platform now. Selling on Amazon is ‘dead’ thoroughly…. or is it really so? Hear my opinions now.

First of all, it’s a fact that selling on Amazon has become increasingly popular. This is especially so when the Covid-19 pandemic strike in 2020, and people are forced to remain indoors and move most of their activities online. Online shopping become the undeclared-but-default mode of buying things, and being one of the world’s greatest and most well-known online marketplaces, it is no wonder Amazon got a huge increase in traffic. Entrepreneur-wannabes and business owners alike marveled at the opportunities they saw on Amazon, and they started hopping on the bandwagon of selling on Amazon. That’s why there was a huge influx of sellers coming to the Amazon platform: just in 2020, there were more than 1 million new sellers joining Amazon!

And with more sellers, there’s bound to be more competition. But that doesn’t mean selling on Amazon is not going to work. Think about it – why else are there still so many people scrambling to sign up for new Seller Accounts on Amazon today, even in 2021? And reports have actually shown that 62% of Amazon sellers see their profits rising since last year. This goes to show that it is still very much possible to start a profitable business via Amazon! 

What actually determines whether a seller gets successful on Amazon in 2020 then, is the method they use to manage their businesses. You see, a lot of these new sellers who started their businesses on Amazon have minimal knowledge about how they can sustain them. They started this venture based on shallow impressions they got from resources like free Youtube or Vimeo videos, but these information is not enough. Listen, I am not saying that these resources are not good. I am saying that you need in-depth knowledge for your business to really work. And such in-depth knowledge can only come from guidance with experienced business coaches, or at least someone who has been doing the real selling for a while. They are the ones who can show you the inside tricks of how to run your business efficiently, and it’s by following their advice that you can have better chances at succeeding.

Take me for example: I will consider myself pretty experienced at selling on Amazon since I have been doing so from 2012, but I still actively seek consulation from business mentors till today. Having been in this trade for a long time, my mentors are able to see potential risks that I cannot see from my current level, and they will guide me along so that I don’t make mistakes that may bring my business down. The same goes for my students. We will discuss any problems they had in weekly coaching calls, and I will share my expertise with them so that they know how to handle those tricky situations. That’s what make our businesses progress and maintain profitable – even when we faced stronger competition in 2020. In fact, my own business had grown by 30-50% since 2020, and it’s still continuing to grow. Some of my students did even better than me: they managed to achieve a 100% growth, like doubled their business profits in 2020, and jumped to the ranks of becoming a 6- or 7-figure seller on Amazon!

Trouble is, the majority of new sellers who started their businesses on Amazon in 2020 did not have the patience, nor the foresight to seek advice from experienced business mentors. Maybe it’s because they are in a rush to get a piece of this eCommerce pie, before it’s all eaten up. Or maybe they just haven’t been putting in enough efforts, and they give up too easily. This is why most of the time, when you ask new sellers whether selling on Amazon in 2020 is good, you will probably get negative replies like ‘Nah, competition’s too tough’, ‘No, it’s too difficult to earn anything!’ or even the below comment - ‘The whole idea of getting successful from selling on Amazon is just a fraud!’ 

Only the minority who appreciate the efforts it takes to build an eCommerce business, seek help from successful business coaches and work on their suggestions diligently will see success. But then again, these people are probably focusing all their energy on maintaining their businesses, that they couldn’t be bothered to answer such questions. In any case, my principle is that greed and haste are never going to help you achieve a profitable business. That’s what I have been telling myself and my students, so I hope it will stick with you too. Start your business with the proper mindset, acknowledge that you need help, seek advice and act upon them, then you will see success!  

To be honest, instead of asking whether ‘Selling on Amazon died in 2020’, I feel the better question to ask is ‘What did Amazon sellers did to succeed in 2020’. But that will be another whole new topic to address, and this podcast will never end if I start on that one. So, stay tuned if you will like to know more tips about building an eCommerce business, and I shall see you in the next episode.

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