What I Learned Q4 2018
No matter if you’re a beginner or an expert in eCommerce, you should always be learning.
• The marketplace is ever-changing. Sometimes it is a struggle just to keep up with the latest changes.
• Sharpen your skills; learn new tactics and techniques for a higher level of success.
I have to be honest with you. Q4 took me by surprise. We sold WAY more stuff than we were prepared for.
We never buy less than 500 units of product, but for Christmas season we stocked up on everything. But in the back of my mind there is always this doubt, a feeling that something will go wrong, the products won’t sell, or something horrible might happen. So, we’re always a little afraid to carry too much inventory.
Flashback to Prime Day 2016…
We were at around 500 units sold for the day when we realized Amazon had switched our referral fee from 15% to 45% because our smart plug was now considered an “Alexa Accessory”. We were losing money on every unit! Geez, what a battle that was.
Just last week we received this notice:
“We have recently restricted listings for the product(s) listed below on Amazon.com.
Please initiate a removal request for the ASIN(s) referenced below to have your inventory sent to a location of your choosing. If this inventory is not removed within 30 days of this notification (by 12/27/2018), we may dispose of it in accordance with FBA policies.
Thank you for your attention to this matter.”
So yeah, the fear that something could go wrong is justified.
The lesson learned is an old one, a lesson learned many years ago. A lesson I’ve heard a million times, but still affects all of us. Never let Fear or Greed define your actions.
In this case, I should’ve could’ve would’ve had more faith in my skills and products and carried a lot more inventory. Instead, I sold out of all my best sellers by early December.
Or maybe it’s the greed talking?