Profit maximization on Amazon  ("Protect Your Amazon Profit" Series Part 1)


Manage episode 332892541 series 1461986
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Maximising your Amazon Profits Profit Maximisation on Amazon has always been a nice to have. In the current tough economic times, it’s become a must-have. Is it the 1970s again? In the current climate of global economic uncertainty, it is more important than ever for ecommerce businesses to focus on profit maximisation. With inflation on the rise in both the UK and the US, and recent reports of strikes and walkouts in both countries, the need to maximize profits has never been more apparent. Here are some of the 1970s resonances: Oil price shocks due to war UK, esp US Inflation edging into double digits (currently 9+% annually in UK) Strikes: nationwide train strikes in UK (biggest since 1989) ( RMT union members voted to strike after their demand for a 7% pay rise was rejected in favour of a 3% offer) London Tube (Underground aka subway) multiple strikes staff at British Airways voted for a walkout again over pay USA: Strikes by Southwest Airlines pilots Why does profit maximisation matter? While it is important to increase revenue, this should not be done at the expense of profit. In fact, in difficult economic times it is even more important to focus on profit maximization. This is because profit is the best source of cash flow, and cash flow is the most important factor for business survival. Businesses without profits have little to no value. This is because profits are essential for businesses to grow and be successful. Finally, businesses without profits mean you can't pay yourself! How to increase your Amazon profits There are a number of ways to maximize profits, but one of the most important is pricing. Pricing matters pricing is a key factor in ensuring that your product is profitable. It is also important to understand how branding can impact your conversion rate and the price you can charge for your product. Business Model Another important factor to consider is the private label/custom business model. This is a model where businesses create their own products and sell them under their own brand. This can be a great way to maximize profits, but it is important to understand the limitations of this model. Clear financial numbers The best way to maximize profits is to have a clear understanding of your financial numbers and to make informed decisions about your business. A mastermind or community can help you understand the reality of your business and your colleagues' businesses. There are quite a few things that need to be considered when selling a business, even for advanced sellers. Profit maximization is important, especially in uncertain times. Running a lean ship is key to maximizing profits. The Amazon Profit Killer Quiz can help you determine which factors are causing the biggest loss of profits in your business. Solutions to these problems will also be provided. If you want to learn more about how to be successful in the digital ecommerce marketplace, tune in to the next episode of the 10K Collective Podcast What’s coming up in this mini series on Profit Maximisation - Make the most revenue per unit - pricing and re pricing - Stay in stock - Stock control - See things coming, double down on what works, stop things that don’t - Profit/numbers clarity - Save wasted money, get ROI - Amazon ads - Get more sales per 100 visitors, & better price: Branding - Get YOUR cash out of Amazon - Reimbursement - Understand how you make profit, what you’re doing: Business models - Understanding what the PL biz model can and can’t do for you: Private label model clarity Diagnose Your Own Biggest Amazon Profit Killer Take our precision engineered assessment especially for 6-, 7- and 8-figure Amazon sellers to find out your own biggest Amazon Profit Killer - and what to do about it:

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