This episode features a mother-son duo who built a 7-figure Amazon business in just one year, focusing on the "Replens" model. They share their journey from an initial private label failure due to COVID to successfully sourcing profitable products from retail shelves for resale on Amazon. The episode offers practical tips on product sourcing, using tools like Keepa, and navigating the nuances of Amazon FBA for rapid growth and high-profit margins.
Key takeaways
Leverage the 'Replens' model to quickly build an Amazon FBA business by sourcing high-demand products from retail stores.
Utilize tools like Keepa for in-depth product research, analyzing sales velocity and profitability to identify winning products.
Don't be afraid to pivot strategies (e.g., from private label to Replens) when market conditions change, as demonstrated by their COVID-induced shift.
Invest in hands-on workshops or mentoring programs to accelerate learning and implement advanced strategies like wholesale and effective outsourcing. Always be testing new products. Not every product will be a winner, but failed tests provide valuable data and are part of the learning process.
Start small with tools like eBay to test product demand and gain ungating permissions on Amazon for specific categories like groceries before fully committing to FBA for those items.
For family businesses, clearly define roles and capitalize on individual strengths, such as one partner focusing on sourcing while another handles operations, to optimize efficiency.
Actively seek out advanced training specific to your selling model, like Kate Chadwick's Replen Classroom, to refine sourcing methods and optimize business structure with professional tools.
Implement an effective repricer (like Aura) to stay competitive on Amazon and maximize profit margins on fast-moving inventory.
Consider attending workshops like Rich and Shelly Potter's to learn advanced strategies for wholesale, palletization, and outsourcing, which can significantly scale your operation.
When reviewing products on Keepa, analyze the sales rank graph for consistent drops, indicating steady sales, and understand how to distinguish profitable items from "losers."
Today's guests have quickly built an incredible seven figures+ business out of a spare bedroom. Early in their Amazon journey they sold a single private label product that had a degree of success, but they were suddenly forced to pivot away from their single product when covid killed the sales. They knew they needed a more stable and sustainable approach to achieve their bigger goals. They jumped into the replens model as taught in the ProvenAmazonCourse.com course at this point and things took off fast! Topics discussed with this mom/son team include; finding new replens using only free apps and keepa, how they test new products with minimal risk, a review of their recent trip to Arizona to the ReplenWholesaleWorkshop.com training with Rich Potter as they begin to expand into wholesale replen sourcing, the dynamics of having a family business, how they found local "prep help" just a few days ago (their first workers), and plenty of additional tips and advice for experienced sellers and newbies alike! They hope to hit $1.5million in sales for 2021! Today's guests: Collin Foote and his Mom Laura Foote Check out this episode on our YouTube channel: https://youtu.be/638ObZHnGeU Check out this episode sponsor - Payoneer.com. Skip the credit checks and learn more about bringing your eCommerce vision to life by visiting https://Payoneer.com/funding. Our podcast listeners get a special 10% fee rebate on their first offer! https://SilentJim.com/podcast - Jim references the "Keepa episode" - that's episode #369 at SilentJim.com Proven Amazon Course - https://ProvenAmazonCourse.com A
What does this episode say about amazon & marketplaces?
Leverage the 'Replens' model to quickly build an Amazon FBA business by sourcing high-demand products from retail stores.
What does this episode say about supply chain & operations?
Utilize tools like Keepa for in-depth product research, analyzing sales velocity and profitability to identify winning products.
What does this episode say about finance & fundraising?
Don't be afraid to pivot strategies (e.g., from private label to Replens) when market conditions change, as demonstrated by their COVID-induced shift.
What does this episode say about founder & leadership?
Invest in hands-on workshops or mentoring programs to accelerate learning and implement advanced strategies like wholesale and effective outsourcing. Always be testing new products. Not every product will be a winner, but failed tests provide valuable data and are part of the learning process.
What does this episode say about amazon & marketplaces?
Start small with tools like eBay to test product demand and gain ungating permissions on Amazon for specific categories like groceries before fully committing to FBA for those items.
