S1 E3: How to Choose The Right eCommerce Credit Card / Sales Tax Black Hole / The Truth About Prime
Limited Supply · with Moiz Ali · August 3, 2022 · 68 min
Summary
This episode offers practical financial and operational guidance for DTC businesses. It dissects the complexities of choosing the right e-commerce credit card to maximize rewards and minimize fees, and untangles the "sales tax black hole" for online sellers, highlighting compliance challenges and the urgent need for reform. The hosts also reveal the real impact of Amazon Prime on independent brands and equip listeners with strategies for negotiation, leveraging mobile apps, and optimizing post-purchase customer communication.
Key takeaways
Evaluate business credit card options based on rewards relevant to e-commerce spend (e.g., ad spend, shipping) and avoid cards with high fees that negate benefits.
Proactively understand and manage sales tax nexus and collection obligations across states, as non-compliance can lead to significant financial penalties for online businesses.
Leverage branded mobile apps through platforms like Tapcart to achieve higher conversion rates and 7x better engagement via push notifications compared to email.
Implement a robust post-purchase email strategy that extends beyond basic order confirmations, focusing on customer retention and future engagement.
Adopt a negotiation mindset for all business expenditures, from supplier contracts to service agreements, to significantly impact profitability.
How do you choose the right credit card for your business? Nik and Moiz have strong opinions on this and more in this no fluff, no PR deep dive into DTC.
Nik and Moiz get straight into comparing the best deals on the market when it comes to eCommerce credit cards. You’ll also hear the truth around sales tax and the need for reform, and buying with Prime.
You’ll also hear why the pair believe you should negotiate at every step, and why TikTok is eating Snap for lunch.
And if you’re looking to create an app for your brand, you need Tapcart. Using a drag and drop builder makes it super easy and you can be up running in days, rather than weeks. You’ll start seeing crazy high conversion rates and a push notification CTR that’s 7 X higher than email. Check out www.tapcart.com today.
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Follow Nik:
Twitter: twitter.com/mrsharma Follow Moiz:
Twitter: twitter.com/moizali
Timestamps: Intro (00:00) Nik’s Credit Card Take (01:17) The Sales Tax Black Hole (11:19) The Truth About Prime Pricing (18:19) Nik’s Life Lessons From Moiz (20:18) Is Jeff Bezos a Genius? (26:30) Snap Slow (26:56) The Biggest Waste of Money In The World (29:58) Personalized Help Desks (46:36) The Best Post Purchase Email (51:39) Nik and Moiz are Workweek friends, working together to produce amazing podcasts. Find out more, visit: www.workweek.com
What does this episode say about finance & fundraising?
Evaluate business credit card options based on rewards relevant to e-commerce spend (e.g., ad spend, shipping) and avoid cards with high fees that negate benefits.
What does this episode say about dtc strategy?
Proactively understand and manage sales tax nexus and collection obligations across states, as non-compliance can lead to significant financial penalties for online businesses.
What does this episode say about amazon & marketplaces?
Leverage branded mobile apps through platforms like Tapcart to achieve higher conversion rates and 7x better engagement via push notifications compared to email.
What does this episode say about customer retention?
Implement a robust post-purchase email strategy that extends beyond basic order confirmations, focusing on customer retention and future engagement.
What does this episode say about finance & fundraising?
Adopt a negotiation mindset for all business expenditures, from supplier contracts to service agreements, to significantly impact profitability.
