Coronavirus The world has changed in a matter of moments, and with it, so has the world of online selling. And I don’t think things will ever be the same again.
If you’re an online seller, who like most of us, is overwhelmed at the state of the world right now and are wondering what it means for your online business and your livelihood, then keep reading.
I’m Kev Blackburn, the founder of Life Success Engineer, and today I’m going to be breaking down the current impact of coronavirus on Amazon sellers and what it means for our businesses in the long run.
Video: Coronavirus Impact on Your Amazon Business
The Current Crisis and Its Impact
But that was before coronavirus came along and changed everything.
The invisible virus has completely taken control of the world, and for the most part, pretty much shut it down. Everything apart from essential stores (grocery stores, pharmacies, supermarkets etc.) have been forced to close their doors, simultaneously cutting off a large percentage of the remaining 85.9% of retail sales that are not made online.
This has had a huge effect on the supply chain and as we can all see, online sales have gone through the roof!
Amazon itself has seen an enormous spike in sales and if you’re an Amazon seller, I’m pretty sure you’re experiencing this too right now. The company even had to place restrictions on certain categories as the demand for more essential items (food and groceries, medical supplies, health and personal care products, pet supplies and more) has absolutely exploded. Oh, how the tables have turned.
Although statistics aren’t available yet, I’m predicting that the percentage of online sales in these times at the moment, must have sky-rocketed to way beyond 14.1%.
With so many physical stores being closed worldwide, this number could even have reached 70%-80% or more.
The demand is absolutely crazy and I can honestly say I haven’t experienced anything like this before. Our prep centres are busier than ever, my private label supplement products are selling hotter than hotcakes, and a number of our success partners have made more in sales during this period than Q4 just gone!
What Does This Mean for Amazon Sellers Moving Forward?
Well, I’ve said it before and I’ll say it again: the world has changed and nothing is going to be the same again.
The whole landscape of business, in general, has completely shifted. With more people working from home than ever before, businesses are having to become more swift and savvy in their operations.
From using online management systems to virtual assistants; from online communication systems to online training methods, it appears that those that hadn’t yet made the leap into the online world, are now being forced to do so.
And do you think that once this has all passed, that they’ll be going back to their old ways? I certainly don’t think so.
For us as Amazon sellers, this is a crucial time. With being busier than ever before, flaws in our operations, systems and methods are going to be coming to the surface right now, and they need to be addressed if we want to be able to stick this journey out for the long run.
As sellers, we need to become swift and speedy. We need to innovate and streamline our businesses. Now is such an important time for taking massive action because it will most definitely lead to massive growth; it’s either this or risk being left behind.
Don’t Get Left Behind!
Charles Darwin once said, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change” and I think in order to survive the world of Amazon selling, this is how we need to look at things.
Although there are things happening in the world outside of our control, we must turn our attention and focus on those things that we can control.
We must adapt to the changes being presented to us currently and take massive action in the areas that will help us to survive, grow and thrive.
So if Amazon is something you want to continue to pursue long-term and it’s somewhere that you want to grow and expand your businesses, then it’s time to become a problem solver.
Think about all aspects of your business, think strategically and identify the areas where you can take control.
Here are some examples:
- If managing and prepping stock is an issue, get your business into a prep centre
- If you’re having issues with quantity of stock, look at additional supply
- If your categories have been restricted, become more flexible and look into getting into those that aren’t
- Make more phone calls! Wholesalers are still looking to open new accounts and there is massive opportunity out there
And then, I’d highly recommend spending some time thinking over your long-term contingency plan; how can you create multiple streams of income for yourself, without relying solely on Amazon?
The Future is Bright
So to conclude, the long-term impact of coronavirus on Amazon business could be pretty great and I mean that in every positive sense of the word!
We’re going through a quantum leap shift and the rapid growth that is happening for us in this current climate, on personal and business levels, is going to change the world and change the way we live our lives. When this all passes, everything is going to be on a whole other level and I for one, am very excited.
Although in some ways, times are dark for many right now, the future certainly looks bright for those with online businesses.