Protect Your Amazon Inventory – Episode #30
How to Protect Your Amazon Inventory!
The latest buzz over the past few weeks, in the Amazon Seller Facebook community, has centered around How to Protect your Amazon Inventory. New sellers are particularly at risk for losing their inventory because, like it or not, some established sellers or marketers, take advantage of new sellers.
In this podcast episode, we talk about how to protect your Amazon inventory, through the latest buzz in the Amazon Seller Facebook community…people’s inventory getting cleared! To avoid this painful experience, we share tips on ways to list promo codes correctly, as well as what we feel are the responsibilities that established sellers should have toward new sellers. We also share our experience at ASD, and ways we explore the power of networking strategies and how they can benefit your business in the long run!
The story that created a stir this week came from a seller who found himself in a devastating exchange with a leader in the Amazon Facebook community. This new seller set up his promo codes incorrectly and it allowed another person to wipe out his entire inventory. He failed to set up a max order limit, and did not make the promo code exclusive, so one customer depleted his entire inventory. Who was the customer? The customer was a leader of the Amazon Facebook community–a software service provider who should have established himself as someone who serves new sellers through advice, tips and warnings. Instead, this leader chose to take advantage of a new seller because of the mistakes he made. It resulted in thousands of dollars of inventory being essentially given away to primarily one customer for free.
We can empathize with this new seller, because we, too, made the same mistake when we first started out as brand new Private Label sellers. So we rallied around this new seller by creating a Go Fund Me page to help him get some of his hard-earned money back. We also provided to him a scholarship to our Amazing Freedom Course, because we recognize that it can be such a sickening feeling to lose so much inventory, but the tips we share in this podcast will help you make sense of it all. The follow ways can help protect your Amazon Inventory.
#1 – Customers can stack multiple codes and get 100% off your inventory! If you’re setting up a deep discount on a single-use coupon code, make sure that the default box is unchecked so that the single-use coupon code doesn’t show up on the page. A group code, by default, will show up on the page.
#2 – Customers can deplete your inventory!! If you don’t set up your max order quantity under the offer page, on your listing to only 1 or 2, then somebody can buy as many units as they can. If your category doesn’t allow you to set a max order quantity on the back end, then take advantage of some of the software tools available that will allow you to set up max order quantities on the back end or you can do it through a flat file.
#3 – Customers will take advantage of your coupon codes that are not exclusives! If you’re setting up multiple coupons on the page (or a group code), then you want to set your coupons as exclusives, to avoid customers stacking your coupons and getting 100% off your order.
If you’ve never set up a coupon or discount code, you might be thinking: Why am I setting up these discount codes in the first place??
As a Private Label Seller, you want to set up coupon codes to drive traffic to your listings, to get ranked, and to launch your product onto the marketplace. It’s a form of promoting your brand–especially if you are marketing your brand at 50-90% off. It makes it much easier to get some sales going for your listing and rank your product higher in search.
What have we learned from this experience?
The Amazon Seller community is powerful to be a part of, and as leaders in the community, our actions should not reflect something that others would disapprove of. There was outrage from the new seller community and rightly so. We feel that established sellers can help build up new sellers by making sure we have the integrity to do the right thing, even in tempting situations.
LEARN HOW TO AVOID THESE MISTAKES by attending our Amazing Freedom Private Label Retreat, which will take place October 6-8, 2017 in Orlando, Florida. ONLY 6 spots left!! Hurry and sign up at: http://www.amazingfreedom.com/retreat
Las Vegas ASD Trade Show Review:
We had the opportunity to speak at the ASD Trade Show last week! We also hosted an event for our Private Label Inner Circle Mastermind Group in the beautiful Encore Hotel.
Some of the highlights we gain by going to these events:
- Talking “shop” with other sellers through face to face interaction
- Sharing “tips and tricks” to the e-commerce world
- Networking is the key to growing your business – it helps to build trust
- There’s strength in numbers because entrepreneurship can be challenging for others who don’t understand what it is we do.
The ASD Trade Show was hugely beneficial to Private Label sellers and is not something that just whole-sellers can glean from.
- The International area from China and India grew substantially
- The Smoke section was huge due to the new marijuana laws
- The Sourcing section was beneficial, but sellers should avoid being impulsive at these shows by doing your research.
- There are a lot of closeouts at ASD, but sellers should avoid listing these closeouts without bundles.
- Position yourself as an expert to brands and try to get exclusive relationships with suppliers.
- Consider becoming a consultant with suppliers as well.
- Get plugged into the Facebook groups that are attending and join up to network.
What can new sellers learn from ASD?
- New sellers can definitely benefit from the ASD show, but it can be very overwhelming.
- The amount of Amazon Sellers is quite extensive, so use your time wisely to network.
Look for the Amazing Freedom team at the Retail Global Conference in Las Vegas, from September 12-14, 2017, where Liran Hirschkorn will be a featured speaker!!!