The Insider's Guide to Killing Amazon Dependency
Congratulations on the success of your Premium Product Launch! With an 80% profit margin and a massive number of sales, you are on the cusp of taking your brand to the next level.
But to reach the coveted status of a Unicorn brand, there are a few key decisions you must make.
Don’t depend on a single manufacturer.
First and foremost, you mustn’t depend on a single manufacturer for your product.
While it may be tempting to bask in the early success of your launch, relying on one supplier leaves you vulnerable and dependent on them.
Not only that, but your competitors may also find your manufacturer and offer a better price, putting your sales at risk.
To avoid this, it is recommended that you find two to three more manufacturers for your product as a backup.
You can also start deals with these manufacturers for variations of your product to build a strong relationship.
And once you have sold a significant number of units, ask your manufacturer to share the formula or design of your product with other suppliers and gather feedback on how they can improve it.
Kill your dependency on Amazon.
Another important step on your journey to becoming a Unicorn brand is to kill your dependency on Amazon.
While relying on Amazon’s FBA program and sending your inventory to their warehouses may be tempting, it is risky.
Instead, it is recommended that you have your own warehouse in your targeted marketplace to keep a safe stock.
This will protect you from the following:
✅ Unpredictable China-America relations
✅ Shipping issues due to Pakistan political issues (if shipping from Pakistan)
✅ In case your product goes out of stock
✅ Your competitors dry out your stock
✅ Amazon restricts you from FBA for any reason
But that’s not to say that you should completely avoid Amazon.
Instead, utilize the platform to build and uplift your brand voice, but don’t restrict your eCommerce business to Amazon only.
Drive potential customers from Amazon to your website through social media marketing and build your own brand identity.
Sell in the retail market.
Another key tip for reaching Unicorn status is not to take the retail market for granted.
Statistics show that only 18% of customers buy from Amazon, with the majority still shopping from retail stores in the USA.
As soon as you have built a strong brand authority on Amazon, introduce your product on the shelves of retail stores.
Distribute your product variants to stores that target your relative customers and watch your brand soar to new heights.
In conclusion, the Premium Product Launch series has been a valuable learning journey for those looking to grow their eCommerce businesses.
By avoiding dependency on a single manufacturer, killing Amazon dependency, utilizing the platform to build your brand, and not taking the retail market for granted, you can reach the coveted status of a Unicorn brand.
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