EP 67: Advise from Yagoozon, 8-figure Amazon Sellers: OWN the Supply of your Products to ensure good margins on Amazon
March Amazon Seller Success Series (Guest #1): Justin Ligeri is the founder of Yagoozon: the fastest growing online retailers of toys, costumes and party accessories on Amazon.com to date. Here are some figures to give you an idea of the level of scale Yagoozon has been able to achieve over 5 years:
Yagoozon was founded in 2010 with a $50 cash loan;
By the end of 2011, revenue skyrocketed to $4.5m;
Then in 2012 revenue more than tripled at $18.6 million - Inc. Magazine voted Yagoozon #1 fastest growing company in the retail industry, with $18.6 million in revenue and a staggering 16,689% 3-year growth rate.
In 2013 they hit $22 million in revenue and
Then both in 2014 and 2015 grossed $38 million in revenue each year.
More recently in 2015 Justin has gone on to set up a manufacturing firm, Kangaroo Manufacturing – to develop his own-branded items for wholesale accounts and to control his supply chain. Over this interview Justin stresses on the importance of controlling your supply chain in order to sell on Amazon as well as maintain relationships with suppliers if you sell other brands on Amazon.
Amazon is not for the faint hearted...
You need to have a thick skin…learn from your mistakes…and move on
Read the show notes for this episode on http://2xecommerce.com/podcast/ep67/
Message from Our Sponsors:
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As a 2X eCommerce listener, you can get to trial Salsify for free at Salsify.com/2x
However, as your store starts to scale the harsh reality is that maintaining product description content becomes more and more of a challenge to ecommerce teams.
Enter Salsify...
Salsify is a SaaS based product content management platform built specifically for online retailers and brand owners.
I recently took Salsify on a test drive and here are the glaring advantages etailers stand to gain:
- Your entire product catalog can be accessed by any department in a centralised hub,
- There’s a workflow setup that ensures no fields go amiss when product data is published to multiple channels such as Amazon, your Google Merchant account or just directly to your ecommerce store
- Salsify tells you when it spots missing critical fields across your product catalog
It is really a modern, flexible and robust product management platform I recommend if your store and brand's product catalog changes often and if you publish to numerous channels often.
As a 2X eCommerce listener, you can get to trial Salsify for free at Salsify.com/2x
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