Losing is an essential part of entrepreneurship, and we’ve all been there.
When you go to your favorite restaurant, put time into a project, or invest in a friend’s business, you’re making a prediction for success. Part of being an entrepreneur is knowing the value of your business, your ROI, and your contribution. The stars don’t always align in these aspects.
The greatest truth of entrepreneurship is that losing is just “part of the game.” The quicker you realize this, the sooner you can get over the paralyzing fear of making mistakes. I’ve been in the e-commerce business for years now, and have seen people take their product to many platforms and manufacturers. One predominant platform is Amazon. However, many get lost in inventory management and keeping tracking of all of their logistics. No one is undefeated when selling on Amazon marketplace, because every product can be duplicated and copied…especially when they start making a lot of money and getting more attention.
Amazon: One of The Greatest Online Retailers
Between the relentless email promotions and the two-day shipping, Amazon.com has become one of the largest platforms for almost every platform of retail imaginable. What started out as a humble online bookstore (something many were calling a dead media a couple years back) is now the largest internet-based retailer by total sales and market capitalization.
And everyone has the opportunity to sell their wares on it and manage it easily with the best software.
The Catch: Nothing is Unique Anymore
Beneath the seemingly seamless businesses on Amazon are a slurry of problems and headaches. Entrepreneurs and their businesses can be copied by mass producers looking to turn over their inventory and workforce for maximum profit. Crowding the marketplace can take one unique product and give it competitors from larger companies and corporations that turn products out on a constant basis, with prime shipping.
Try this: Find a product on Amazon and then search for it on AliBaba.com to find the source, and see if the prices are cheaper there.
Let’s take a look at phones, for example. At one point, a Blackberry was the ideal phone for doing business, with a unique messaging system and easy access to the Internet. Then, the iPhone came along, and everyone wanted the sleek look, unique processing system, and touch screen that revolutionized smart phones for the future.
Flash forward some 10+ years later, and now even Google has a smartphone with a flashy touch screen, unique processing system and messaging system unique to their product that some millennials are frothing at the mouth to buy. These features are no longer unique, because the market has seen what consumers want and was able to duplicate it.
Large selling platforms can be used to your advantage, and your unique product can stay a unique product with the right steps and knowledge.
What You Should Do
Whether you’re considering or already selling on Amazon, it’s safe to assume you’ll face some copycats. Let’s talk about ways that you can keep your product unique.
- Focus your efforts not only on sales but also on branding. By creating and marketing your product on Amazon as unique and one-of-a-kind, you’ll be able to tackle competitors with their own product.
- Make your product stand out using your customer base. On Amazon you’ll have constant feedback on everything from your shipping to reviews to the available colors of your products. Pay attention to your customer feedback and narrative, then use that to improve while telling that story as a form of marketing.
- Streamline your processes so you can focus on improving your product and growing your business, instead of just staying afloat.
Our Tip: Use Inventory Management Software
To help you with the last tip above, we’ve developed a platform for multi-market e-commerce businesses that will help you grow. Just input your data and the software will take care of order management shipping, inventory, ERP, and reporting metrics.
Sign up for a 14-day free trial to see how Skubana can save time, increase profits, and grow your business.