Monthly Amazon Update: February 2017
February was certainly a lot better than January when it comes to selling on Amazon. I’ve gotten all my inventory checked in and stuff is selling. I’ve also managed to start replenishing some of my inventory which is great as it makes sourcing so much easier.
I purposefully went broad with everything (buying only 1-3 of lots of different items) I was purchasing in order to help me identify replens faster and get a quicker turnaround. It has also helped me reduce risk as I have made a bad decision or two which was inevitable. Especially after Amazon merged the clothing and shoes category. :/
I’ve also made some key decisions on how I’ll be moving forward with Amazon this month.
I got my final sample back from China and while I liked it I was still a little uneasy. It had been over 3 months since I last did research on the product and things would only get worse. The product was just on the high end when it came to competition and time was only going to hurt things.
Sure enough, when I went through and did the research again things looked a lot more competitive. The competition seems more entrenched now and I just don’t feel comfortable investing thousands of dollars into it. Especially since OA is going much better now.
I would not consider myself particularly successful yet and definitely not at a place where I need to diversify income streams. As such, I am going to focus more on OA. This will let me get better at and scale something that’s already working. Until I leave work I wont have the time to be heading in so many different directions.
February was my best month so far which is saying a lot considering it’s the shortest month of the year. Looking at Seller Central now I’m doing almost $5k in the last 30 days with about 5-6 days that had zero sales. So there’s room to grow.
The one thing I have to do now is continue to send in inventory and make sure that I am identifying any losers so I can liquidate them and get my cash back faster.
Here’s the sales for February.
That’s about it, pretty straightforward month. I’m hoping for another one now with more sales and sending in a lot more inventory.
Naturally, going broad has presented me with a new problem. I’m still manually repricing everything. I now have over 100 separate live SKUs which means it takes right around forever to reprice things. I own the buy box on some items but there’s a lot that have to be constantly changed. I’ll have to start giving the repricers a long and hard look now so I don’t drive myself insane.
Until next time..
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