Mon, 23 April 2018
There have been a bunch of changes in the physical products world that have some people frustrated. Ryan’s been thinking about it a lot, and he’s come up with actionable advice to share with you about rethinking your ecommerce strategy, particularly if you rely on Amazon.
Another large consolidation is happening. We had one a few years ago, when Amazon was in a “Wild West” period, where you could white label almost anything, get a few reviews, put up some decent copy and make a good profit.
During that gold rush, people became lazy. This let companies that were doing really well squeeze out and buy up their smaller competitors, increasing their domination on the market. This made it harder for new entrepreneurs to get success with the same strategies
A similar thing is happening now, which means you need to change your strategy to stay successful.
The old way of doing ecommerce is over. Amazon has gotten hawkish about what you can do on the platform. Some of this is great, such as banning a number of black-hat strategies. Some of this is not so great, such as making it harder to market to your audience.
Is there still opportunity? Yes. Are all the good markets taken? No. Are there any lucrative, high-profit margin niches out there? Absolutely. Here’s how you can tap into that:
Go super microbrand. Ten years ago, you could sell protein powder and do very well. Now there’s dozens of types of protein powders out there, such as whey-based, keto, and plant-based.
They all make money on high-margin products. A lot of them didn’t even have to redesign their goods, they just had to rebrand to target a specific, small niche with their marketing. You can do that too with your own products!
Don’t be discouraged by the changes to the ecommerce world. Embrace the change and be the change!
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