6 Secrets to Boost Profits
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Online sellers: Get a head start on the holiday rush!
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6 Secrets to Boost Profits
- 1. Get a head start on the holiday rush! 6 secrets to boost profits Darren Hutchinson - Head of US Sales Lucy Marshall - eCommerce Sales TJ Hyland – eCommerce Account Manager
- 2. GoToWebinar housekeeping: attendee participation Open and close your control panel Join audio: •Choose Mic & Speakers to use VoIP •Choose Telephone and dial using the information provided Submit questions and comments via the Questions panel Note: Today’s presentation is being recorded and will be provided within 48 hours. Your Participation
- 3. Darren Hutchinson Head of Sales US 737.209.4012 Darren.Hutchinson@worldfirst.com Lucy Marshall eCommerce Sales 737.226.5228 Lucy.Marshall@worldfirst.com TJ Hyland eCommerce Acct. Manager 737.226.5215 TJ.Hyland@worldfirst.com Meet the panelists
- 4. 1. Building a marketing plan for Q4 2. Amazon logistics and FBA optimization 3. Inventory management 4. The power of positive reviews 5. All about Buy Box 6. Being currency smart: bringing your profits home Q&A Topics to be covered
- 5. Building a marketing plan for Q4
- 6. Internet Retailer says there’s $3.1 billion of sales up for grabs in Amazon’s European markets. Almost 50% of all sales on Amazon come from outside the USA*. Less competition! Selling in Europe means that you could have anywhere between 50% and 100% less competition*. Reach new markets – some of which get up to five million visitors per day. Amazon operat es 11 onl i ne market pl aces worl dwi de Building a marketing plan for Q4
- 7. Building a marketing plan for Q4 Establish a Q4 Calendar
- 8. Establish a Q4 Calendar Building a marketing plan for Q4
- 9. Have promotions in place Analyze historical trends Use social media to analyze selling trends Use a repricing tool Increase your advertising budget for Amazon sponsored products Have a shipping strategy in place Adopt FBA into your strategy Building a marketing plan for Q4
- 10. Amazon logistics and FBA optimization
- 11. Amazon logistics and FBA optimization Know your top-selling and most-profitable products Consult the FBA pricing pages During the busiest time of the year, Amazon will pack, ship and provide customer service for your products. Using FBA, your products are eligible for Amazon Prime Free Two-Day Shipping, Free Shipping, etc. FBA will help you scale - more product lines in more markets. When selling in Europe you can fulfill orders from all 5 Amazon marketplaces (UK, Germany, Italy, Spain and France) Multi-Channel Fulfillment - you can fulfill orders from other sales channels using your inventory stored in Amazon fulfillment centers.
- 12. Account suspension could grind your online sales to a halt over the crucial Holiday season. Tips to avoid getting shut down: Make sure all of your products and descriptions are clear and accurate Check specific country regulations where you sell Make sure your seller info 100% matches your company info Resolve your customer complaints promptly Don’t have duplicate accounts If you do get shutdown: Hire an account consultant before taking multiple shots at reinstatement. Show Amazon that you are aware of why they have suspended you Provide a plan of action on how to fix it. If you do encounter shutdown issues with Amazon, Chris McCabe is an excellent resource. To get in touch please go to http://ecommercechris.com/contact or email Chris at chris@ecommercechris.com Avoid a shut down nightmare in Q4
- 14. Analyze your sell-through trends Look at your past seasonal sell-through rates and be sure you’re properly stocked for a busy Q4 Use an inventory software to help Skubana and teikametrics helps manage inventory across selling channels Set inventory alerts Be notified when you need to send more product to FBA Here are the top 10 desktop online sale days for 2015*: Inventory management *According to InternetRetailer.com
- 15. Shipping and Customs Ship your inventory early Add a buffer for customs Anticipate delays during the holiday rush Inventory management
- 16. Managing returns during Q4 If you have a generous return policy with your suppliers, it’s worth stocking up a little more for the holiday shopping season. Product Returns Be ready with staffing to process returned items and send them back to suppliers. Since customers don’t always return products in new condition with original packaging and materials, develop a process for reselling returned items in used condition — on Amazon or other channels. Inventory management
- 17. The power of positive reviews
- 18. The power of positive reviews of consumers choose to buy products from a company they trust and 59% will recommend those companies to a friend. 37% of consumers are also willing to pay more to purchase from companies they trust.* * Source:Endelman 2016 Trust Barometer. January 2016 of consumers refuse to buy products from a company they do not trust.
- 19. Check your listings for top-selling and most-profitable products The number of reviews that you hold as a seller and on your listings is vital A couple of ways to manage this Packaging gifts Review communities Tools/companies out there to help you gain more reviews – https://www.sellerlabs.com/feedback-genius/ The power of positive reviews
- 20. All about the Buy Box
- 21. What is it? An algorithm that promotes the best products by balancing high seller performance and low cost price. All about the Buy Box
- 22. Why it matters? 85% of all Amazon sales are made through Buy Box according to Appeagle.com How to optimize your chances Professional Seller account, selling for at least 2 to 6 months Effective repricing tool Have positive reviews New products Availability – FBA or seller fulfilled prime A great resource on Amazon’s Buy Box, is the “Buy Box Bible” put together by our partner Feedvisor. All about the Buy Box
- 23. Being currency smart: bringing your profits home
- 24. Events to pay attention to during Q4 US interest rate hike US elections Brexit risk remains strong as pressures grow UK inflationary pressures Being currency smart: bringing your profits home
- 25. Being currency smart: bringing your profits home Used with permission from Bloomberg Finance LLP Note: These forecasts are the views and opinions of various investment banks and research houses and should not be construed as advice. You should act using your own information and judgement. GBPUSD
- 26. Used with permission from Bloomberg Finance LLP Note: These forecasts are the views and opinions of various investment banks and research houses and should not be construed as advice. You should act using your own information and judgement. EURUSD Being currency smart: bringing your profits home
- 27. Forward contracts A forward contract will allow you to fix a rate for up to 3 years Rate alerts Get an email or text notification when your target rate is reached Firm orders Automatically trigger a payment if a certain rate is achieved Market watch Let us be your eyes and ears on the currency markets Being currency smart: bringing your profits home
- 28. A forward contract can be used by a seller to their control profit margin and pricing for a chosen period of time. . 1Month: 2 3 4 5 6 7 8 9 10 11 12 Forward contracts Cons You do not benefit if rates moves against your purchased rate. If rates move against you, you may need to pay a margin call in order to keep the forward contract open Pros Allows you to forecast your disbursements Budgeting your pricing to protect profit margins Allows focus on other areas of your business Being currency smart: bringing your profits home For example: you disbursements are £50K per month, and your profit margin is 5% with GBPUSD rate at 1.30. Should GBPUSD rate move 5% to 1.2350, you will have therefore lost your profit margin and have to adjust all your pricing to be profitable.
- 29. Questions?
- 30. Contact Us Darren Hutchinson Head of Sales US 737.209.4012 Darren.Hutchinson@worldfirst.com Lucy Marshall eCommerce Sales 737.226.5228 Lucy.Marshall@worldfirst.com TJ Hyland eCommerce Acct. Manager 737.226.5215 TJ.Hyland@worldfirst.com
- 31. • These comments are the views and opinions of the author and should not be construed as advice. You should act using your own information and judgment. • Whilst information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. • All opinions and estimates constitute the author’s own judgment as of the date of the briefing and are subject to change without notice. • Any rates given are ‘interbank’ i.e. for amounts of $5million or more thus are not indicative of the rates offered by World First. • World First USA, Inc. is a Delaware corporation, registered as a Money Services Business in the United States with FinCEN (Registration number 31000086798651), and holds licensing as a non-depository financial institution with the National Mortgage Licensing System (NMLS#1018479). World First USA, Inc. is also registered in Canada with FINTRAC (registration number M11393445). Disclaimers
Editor's Notes
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- TJ 2. Consult the FBA pricing pages on Amazon to check how this will affect you. 3. Why to use FBA 6. Pan European Account. 7. More channels for sales- Single-source your inventory to streamline your fulfillment operations.
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- Seller performance isn’t just about winning customers or the Amazon buy-box, it’s also about managing risk, particularly around the end of the year when Amazon is so hot on any delays or poor service that customers are experiencing. For any private label sellers, now is the time to look at your product range and check that you’ve built up a significant positive review base.
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- Darren To put it very simply, the Amazon Buy Box is an algorithm that tries to give the customer the best possible value for money. It does this by determining which product offering promises the best balance of high seller performance and low cost price. This status was formally known as Featured Merchant and was visible to anyone. Any buyer or seller could see who was a Featured Merchant, by looking at the Offer Listing Page for a particular product. Today, this information is only disclosed to the seller themselves within their Seller Central account.
- Darren US elections Key movements in House and Senate races may limit Executive Branch overreach but perpetuate legislative gridlock Similarities between Trump campaign and Brexit are obvious and numerous and therefore limit the efficacy of polling for predictive purposes. We do not expect much change in US policies (fiscal or monetary) that will impact global growth under a Clinton administration. Under a Trump Presidency, increased fiscal spending and a lower tax regime may allow for a spill over of growth into the global economy. There is certainly more chance of FX market volatility in the event of a Trump Presidency than there is a Clinton one. Clinton would likely see a stable to weak USD as flows to emerging markets increase on improved risk sentiment. We believe a Trump win would promote USD strength after an initial knee-jerk lower. JPY would likely be the overall G10 winner on a havening basis. Trump’s focus on trade allows for a stronger dollar as have his hawkish hints on monetary policy and seeming reticence to reappoint Fed Chair Yellen or her Vice Fischer. Trump’s tax window to corporates looking to repatriate dollars could easily prompt large scale dollar gains as a pre-cursor did in 2004. BREXIT The UK economy is bearing up well from the vote but given we haven’t left anything yet, that is not a drastic surprise. A statement from the Japanese government on the possible withdrawal of Japanese investment from a post-Brexit Britain will ensure that the economic impact of Brexit cannot be partially, let alone fully, measured until we gain an insight into business investment levels. Politics of negotiations start in October but focus on immigration limits ‘wiggle room’ on trade relationships with the wider EU and therefore confidence. Difficult to see a world within which the pound has hit its bottom. Obvious risks remain to all forecasts with political risk increasing in the US as we close in on the Presidential Election. We like to think of the future for sterling as a series of shoe drops, alternating political and economic pressures. The first political shoe to drop was the Brexit vote, the first economic shoe to drop is upcoming economic data and the reaction of the Bank of England, We then follow with political news in the form of viability studies on certain negotiations and then likely doubts over our ability to rebound economically. It is our opinion that there is currently 6-7% more for GBP to fall in most crosses contingent on recession, stimulus and political risk elsewhere. China A myopic and monomaniacal market view on Brexit and the European political arena has seen focus lost on the world’s 2nd largest economy. We expect further news from the Chinese corporate sector in the coming months as to the levels of credit and whether further bubble-like conditions are being seen as this will weigh on the likely policy response from the People’s Bank of China. That being said, we are almost entirely in the dark as to how well the Chinese economy is growing at the moment. We are of the opinion that it is not just us who doesn’t know where Chinese GDP is; we doubt the Chinese authorities really have an idea of what is going on. Likewise in wider emerging markets we have to bear in mind that if Chinese growth is stagnant at the moment so if you’re looking at emerging markets, investors will we be thinking about countries that are not tied to the Middle Kingdom – places like Indonesia, Malaysia, Argentina or Mexico as opposed to places like Australia or South Africa.
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- Darren A forward contract will allow you to fix a rate for up to 3 years, based on the interbank exchange rate at the time of booking – this gives you a guaranteed rate at which to transfer up to the point at which the contract expires Your forward rate will always be based on interbank rate on the day of purchase. The difference between the interbank rate and your forward rate is a function of the interest rates applicable to each currency, the tenor of the forward contract you wish to buy and the spread World First charges for the transaction.
- Lucy