Scaling Your Business – Learn To Grow & Scale Your Amazon Business
Kris Gramlich and Dustin Kane bring back Yoni Mazor from GETIDA to talk about how to grow and scale your Amazon Business.
Yoni is the CGO & Co-Founder of GETIDA. Yoni began developing GETIDA after successfully operating a $20 million yearly Amazon FBA business, selling fashion brands internationally. GETIDA specializes in Amazon FBA auditing and reimbursements. By utilizing data visibility technology, GETIDA focuses on discovering and managing financial and inventory-related discrepancies with billions of dollars of transactions managed daily. Yoni also comes with military intelligence experience, having served in the IDF Special Navy Intelligence.
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Scaling Your Business – Learn To Grow & Scale Your Amazon Business
– Hello everyone and welcome to episode 91 of Two Amazon Sellers and a Microphone brought to you by Sellozo. Today we bring back one of our favorites to join Kris and myself, Yoni Mazor from GETIDA, your one-stop shop for maximizing your refunds and reimbursements on Amazon. Also fellow podcast host, we’ll talk all about this.
– Yoni, how are you doing man?
– I’m doing great guys, Kris, nice to be here, Dustin, great to see you. I really want you guys to come to my podcast.
– I know, I know.
– It’s overdue.
– I’m gonna squeeze you, I’m working on it, you have a great team and you guys are busy but I’ll try to speak some time when we get a chance.
– Well, we’d love to, I like your format. I mean, you just like to get, you know, just sort of learn the story of people, what they’re doing, so, we’ll do that, and if you like roller coaster rides I’ll tell you my story.
– Yeah, I love it, I love it. My show is more about like, you know, instead of reading the Wikipedia page about a person you sit down, relax and hear all about it, that’s kinda my style when I unravel the story of the people. So I’ll be happy to, you know get both of you on stage and dive in, I think it’ll be fun.
– Yeah, well that’s good.
– Oh, yeah.
– For sure, yeah, it’s always nice–
– Well now it’s your show, so take it home, yeah.
– Well, it’s fun to be casual. I mean, that’s sort of how we like to have it here is casual, just learn. That’s the whole point of what we’re doing is to try to network and learn from each other and learn from people’s mistakes and failures and get to know them and become a community we’re all in the same boat. We’re trying to do the best we can with our businesses, so it’s a lot of fun but before we jump in, let’s just do the the brief overview of people that weren’t listening on it. When we had you on last time or don’t know you tell us the brief story of Yoni and what you do at GETIDA?
– Okay, so I’ll give you the short and sweet essentially, you know, obviously my name is Yoni Mazor, actually I changed the title since I was here last. So before I was the COO, the Chief Operating Officer but we just got a new investor and a new CEO who invested in the company, his name is Ethan Winner. So we did a bit of a role change. So I’m now the CGO, which is Chief Gangster Officer I’m just kidding it’s actually now Chief Growth Officer, just having having fun with some G’s oh sorry, this G behind me, or Chief GETIDA Officer, or whatever you want to spin it with. So yeah, currently the CGO of GETIDA but also one of the co-founders. GETIDA, you know, our claim to fame is our ability to help Amazon sellers get the maximum FBA reimbursement or refunds that they’re eligible to receive. We’ve been around since 2015 this is our mission and purpose right now. But GETIDA was born from my experience with e-commerce as an Amazon seller started about 11 years ago I started selling online on eBay and then 2013 we started selling on Amazon and very very quickly the business grew from zero to 20 million in annual sales. Then we became a part of a larger group that together as a group, we did about a hundred million in sales and GETIDA was born from the pain points that we’re having with all the FBA discrepancies and issues we were experiencing. So in 2015, we created this technology and a service solution for ourselves where we have a technology and a dedicated team just to tackle the issue and make sure that the recoveries are always coming back to our pocket or the pocket of the organization. It was so successful we told our friends from the industry that we have this ability they told us help us, we’ll pay you. That was the early genesis of GETIDA and throughout the years it grew so much. So we cashed out of our retail positions, now our, our full focus is just with GETIDA we became in the past few years, the largest organization in the world dedicated just for this, this is the niche or the purpose of Amazon FBA auditing and reimbursements. That’s it in a nutshell, what we are what we’re about and where we’re at.
– I use GETIDA, I used them probably for about six, seven months now, maybe a little bit longer. First couple of weeks, I got back like two grand just last week I think I got back another $500. What’s nice about it is I don’t have to do anything. I literally just plugged it into my Amazon account and they take care of the whole thing your team takes care of whole thing. So anybody who hasn’t had reimbursements, I would just go get it, it’s super easy. It’s super easy to install or even add. So I love it, but we were talking a little bit about traveling, you just got back from Florida, went down there to a local meetup. How was that, what was going on there?
– It was really great, really refreshing. So thankfully I got my two shots of the vaccine. So I took a leap of faith and spread my wings on an airplane, took my first flight after the pandemic, I went to do an event actually focused on advertising believe it or not, it was more on the Amazon DSP side. It’s not my usual circle of competency, ’cause I do more, I focus more on the auditing of reimbursements, but yeah it was a hybrid event where people came physically to the location, but also they tuned in online. I was at the meetup group of South Florida. I believe it’s the largest Amazon meetup group in the world, more than 2000 members. And it’s led by the great Carlos Alvarez. Refreshing, fun, exciting as the good old days. So hopefully these are the sprouts of What’s coming to all of us, you know getting back to normal living.
– Yeah, and he’s got his own pod what the name of it is but you can find Carlos Alvarez.
– Yeah, Wizards of E-com,
– Yeah, there you go.
– Wizards of E-com that’s his group, that’s his podcast. A massive machinery of connecting and networking helping sellers, really learning, you know, educating, so, I like it, I love it.
– And that whole world of DSP advertising is wild. What you can do now, and so we had Joe Shelerud on with us a little while ago, he’s a DSP absolute expert, and it’s fascinating, I mean, it’s just gonna really open up the amount of control sellers have over advertising. It can be a little difficult to get into ’cause of the expensiveness of it right now, but I think it’s gonna be coming out of the park. So yeah, it’s so fun and it is nice to be traveling there’s no, I mean, it’s so nice, hopefully-
– It’s nice to travel to Florida well, coming from New Jersey because the weather just strikes you and so beautifully when you get the sun you get the vibe it’s, I don’t know what it is but it was like, it almost feels like a little bit of a heaven over there. So for me it was really, really nice to get out.
– That’s good stuff, well today we-
– You guys are in Kansas, right? Sorry to cut you like that.
– Missouri is , yeah.
– Kansas city with curry.
– Yeah, how’s the weather?
– Are you guys close to Florida vibes or it’s in between?
– Nah, nothing like that.
– I don’t know, it’s gonna be like 65 or 70, I don’t know, something like that.
– I got you.
– It’s not bad.
– We get all four seasons, so it’s, you know it’s.
– Like seriously, two weeks ago, it snowed two inches here.
– You’re kidding?
– Two weeks ago, it snowed?
– Wow, wow, wow, well, you guys have good, good temperament, so I guess something’s good over there in the water you guys drink, so. Something is good.
– Oh man, no doubt about it, that’s funny. Well, we’d like to just talk a little bit cause we could talk forever on and we did it before about the refunds reimbursement. I mean I just think in general, most sellers have no idea how much money Amazon actually owes them. They don’t even know that that’s a possibility that there could be, like Kris said, I mean $2,000 is a chunk of change that was owed to him. But I mean it could literally be sitting on the warehouse floor.
– Yeah, yeah, so that’s what’s interesting what we do with GETIDA we’re heavily focused on education seller education because, if you don’t know, not to know, you never fix the issue, so the overwhelming majority of sellers are not even aware that they’re owed anything. So the first thing we do is boom, raise the awareness. Now we’re also very flexible and very customizable. We encourage you to do as a seller, as much as you can do on your own to get the maximum reimbursement you can get. And the more you tapped out, we can come in we’re gonna to go back 18 months whatever it’s been left behind, we’re going to flush it back into your organization and the way that we’re structured as a business, we don’t charge any subscription or any contract or anything like that. We only charge a fee from successful recoveries. So only if we’re successful getting you but you back money only then will we’re going to get paid. So it makes it, you know, a nice partnership it’s fully customizable and very flexible and very convenient. So, you know, you can really focus forward on really what matters and moves the needle and creates the business, which is the sales, you know, the marketing, the branding whatever it is that you need to fire on our job is more like being archeologist, we always look at the past, we come with our little toothbrushes, you know, rubble in the sand, only if we find a golden coin, we put ’em back in your pocket and only there are you gonna reward us with, you know, a fee for our solution. So yeah, it works great, it’s all about being helpful. And hopefully once the sellers get back that money they can really juice it out. They can invest more into PPC, right? More into the next campaign maybe invest in their next product launch, or I don’t know what you did, Kris, with $2,000, but, you know, you could probably do a few things, I don’t know.
– Yeah, I immediately put it back in advertising but I never knew it was there, And it’s just a no brainer, it’s a no brainer, yeah.
– Yeah, that’s the wow factor, sellers are not, all that money was about, I want to highlight something. Guys, if you’re selling on Amazon FBA and you have 18 months to recover everything that’s yours after 18 months, if you don’t recover it, you lose it. That’s just it, it expires for good, and you’re gonna lose two things. The first thing that you’re gonna lose is your money, right? The investment that you put into the products and the second thing you’re losing is your profit. And why, because when Amazon pays a reimbursement an FBA reimbursement, they’re really nice. They’re paying you the retail value of the product. They’re not paying you the cost value. So our mission is pretty simple, is to shift the double negative momentum, to a double positive momentum, like Kris, so we able to get back your cost of goods, right? Your investment, but also that profit, and that’s it. That’s how we do our little mission and job and we move on.
– It’s why you’re the Chief Gangster Officer.
– That’s right.
– Chief GETIDA, or yeah but.
– I’ll never forget right around when I was first starting, something must have happened at the warehouse a forklift, I guess just poked one of my boxes and destroyed the whole thing it was, and Amazon caught that, sometimes they catch it and they refund you automatically. And sometimes they don’t, but, yeah that was my best sales day.
– I sold the whole case!
– Yeah, that’s actually a great point, guys, I want you guys to understand, all the sellers out there, so, Amazon will automatically reimburse you for everything that they find, which is great. That’s the first layer, but they need about 30 to 45 days to do so, after that, they expect you, if you look into their terms of service they expect you as a seller to audit them, and if we find a discrepancy, open a case and then we’ll give you the reimbursement that is when we can come in and only then we don’t do it on the expense of Amazon. We come in as a secondary layer after everything was pretty much missed out by Amazon. So it’s important also for you guys to understand that as well.
– Yeah, and anybody who’s listening should just go ahead and sign up with GETIDA and not try to do the… I mean, if the way you structure it, you mean you’re only getting paid when people get refunds and, I don’t I even know how you do it. I mean, I can’t even imagine reconciling all these different reports to find the discrepancies and pull them up, I mean, it’s, it’s so much, like you said, it’s like archeological work, you’re digging-
– Yeah, you gotta dig, yeah, so what happened to us early on we were doing it with our spreadsheets and everything, and as we were growing in volume it was so intensive or labor intensive, it actually pushed us to do two things, right? The first thing was to develop a technology that can handle the load, the volume. And the second thing is to create a dedicated team to just handle this. This is all the team knows and understands. This is all the purpose they live for. So today I’m glad to say that, you know our team is based out of ex Amazon employees used to work in those departments. They’d be in reimbursements departments, so we know what we’re looking for, how to manage the issues how to handle the cases and stay compliant throughout the whole step of the way. This is their lingo, this is their mindset. So this is where they’re at. That’s on the service side because every case actually gets handled by a person not a robot or it’s not automated or anything like that. It’s a person, so when our case managers open the case on your behalf, if everything has got okay and you got paid, you’re good to go. But if it’s not and Amazon replies and needs more information our case management team will review that information understand what Amazon wants and reply to them if needed. and they’re gonna reply in such a lingo that Amazon also understands. So it’s all in the game in terms of the handling, but yeah, from our pain points, it pushes to develop the technology so on a massive scale we’re able to identify the issues first component second component and dedicated team. So the technologies and services together creates a solution. I want to highlight, we’re not a tool and we’re not a software, we’re a solution that uses software and a dedicated team to create the solution, I hope that kind of explains a little bit more about the dynamic. But as you said, Dustin, it gets very hard to manage all the load as you grow as you scale. And you know, I haven’t heard I haven’t met like the more successful sellers who do eight figures, seven figures, and beyond that are just doing it alone, they don’t have any type of help, you need to scale. You gotta open up, and usually when you do and you do with the right solution providers or team members and you find a large scale success, it’s really liberating, and it gives you the appetite to go for the next ride, or you know, go to the next peak, I hope.
– Yup, you bring up a really good point about how, if you’re looking to scale you can’t do everything on your own. And, you know, using a service like yours is one of the first steps into scaling. I mean, how are you supposed to run your business, if you spend a week trying to find $200 that Amazon owes you or 2,000 or whatever, you can’t do it, so, and that’s what I want to talk about is just strategies for sellers to scale their business and improve their business nonstop. And it’s very easy, I’m guilty to start fading away. I mean, it’s very easy, like I, a mistake I’ve made in my past is I’ve sort of gotten complacent with the amount of sales I was making and product was rocking, you know not staying on top of all these things. And all of a sudden you start slipping and you slip and you, it seemed you don’t know why but then all of a sudden that slipped can go fast especially if you’re in a competitive niche, and so constantly, tips for like constantly improving and scaling your business is what we’d love this to talk about pick your brain about, you’ve done it yourself, I mean, with your own business, I mean, it’s, you know?
– Yeah, I have a feeling in our industry, it might be also applied to other industries but I think really this age of e-commerce if you’re not growing, it means you’re dying, honestly. Even if you’re a plateauing doing the same thing and you’re not gonna be able to grow it again. it’s just a matter of time, because it’s, it’s getting more crowded, more competitive as we speak right now, as we speak right now, there’s probably a few more sellers that enter into the mix and they’re targeting you, because the more you become successful your ASINs and your parties become successful and they get some rank, guess what? You’re in the charts, everybody’s eyeballing the charts and your ASINs and your products, so we’re saying, “Ah, look at all this data,” because everything is very visible. That’s, what’s amazing with e-commerce, and especially with Amazon, the data visibility. So it’s really, data-driven everything that’s around. It’s really empiric for better or worse. It’s really good because you can really project what you’re going to be able to to give for all your investment, all your hard work but everybody else can do it the same time. So, you don’t know at the same time who is really, you’re heading against, right? ‘Cause it’s coming from all directions that is kind of the surprise that you get entering the Amazon jungle. That’s a real terrain of a jungle. It’s pretty amazing how they chose that name, Amazon because it really is a digital jungle of, you know you need a good machete, you need a shotgun you need whatever, whatever help we can get to pave your way into the right places in the jungle where there’s a juice, food, you know, whatever it is that you need to sustain you as human financially and spiritually and emotionally, it’s a terrific ride, and our little part, we help on the recovery side, but yeah, for what you’re saying, Dustin, you need all the help you can get.
– You’ve mentioned a few things there to as an Amazon seller to stay in the game, you know, a lot of sellers, you’ve got a lot of relationships in the space. I’ve seen you on Facebook, I follow you. I know, you got a lot of connections. But what I want to touch on is like what do you see the successful sellers, the, you know, eight, nine figure sellers, what are they doing, or what are they doing to scale that, you know like a four figure five figure seller should be doing to get to that level. What are those sellers gonna be doing to get to the eight, nine figure?
– Got, it, I love that question. It’s a bunch of components not just one thing, but I guess the most fundamental thing that they’re doing is realizing that this is not a hobby. They’re professionals, you got to make that switch. They say, that’s it, same thing like you go to law school or dental school become a doctor, whatever, you know you’re gonna invest all this time, but once you’re in that profession, this is you. You’re not going to say, “Ah this is a side hustle. “I invested all this time and effort “just to be a dentist on the side or a lawyer on the side,” nobody does that, right? Because that’s common sense, with e-commerce is not, it’s not so clear that you actually, at least at the beginning of the way, that’s like your tuition, it’s like going to med school, right? Or going to law school, that early beginning where you paving your way in you’re getting all that experience. You know, you’re never going to get a diploma, you know, on the back of your wall saying certified e-commerce professional seller. But if you make that mental switch saying, I’m doing all of this and that’s it, this is going to be my profession, this is gonna be my job. You’ll all of a sudden realize that, you know, the ones that I see they’re up there, they’re just pros. They’re really hardcore professionals, less emotions, more about data, more about what’s available? What are the opportunities, what are the options? Staying open, because they realize it’s hyper dynamic, things always evolve and change, so the best solution of today might not be the best solution of tomorrow, so acknowledge that, but also try to realize the ones who are providing solutions today who is looking to the future? You know, sellozo, if you guys are looking to the future they know you guys have realize that you guys, A, on top of the game currently, but for you guys, it’s not a hobby, sellozo’s not here to make a buck today. It’s here to help sellers go into the future, so you acknowledge that, you recognize that you partner with them. A lot of elements of partnerships on the solution side, but of course as they grow their own teams, good educational systems, SOP’s standard or procedures, right? How do you deal with this an that? There’s a roadmap for everything, it’s standardized, it’s like factories, they become like factories or industries on its own right on how to make products reach to the hands of consumers, that’s all we’re doing, right? This whole industry is about having a consumer get your product. And how do you do it in the most efficient, brilliant, smoothest way possible, and to get there, you gotta be a professional.
– That gave me chills, that first time, I mean that every time, I mean I was like, “Oh, damn!”
– I was going to say, I was trying to write notes really fast from all the all the motivation I was getting from what you’re talking about there, and I really like how you put it is, when you start this journey, whatever you’re doing, starting e-commerce, I mean, I know, I mean, Kris and I we’ve talked about this all the time, I mean it doesn’t even have to start with e-commerce, it could be like affiliate marketing whatever you’re doing to like get in this space, and then you start growing and growing and you start launching products, at some point, you do have to make that switch. But I like what you said, is that the beginning part is your education. So you’re, and it’s like, I got these diplomas over here, I mean that I can throw them in the trash.
– Good job.
– I could throw them away.
– Those can go
– Don’t tell me you’re supposed to be a doctor or a lawyer, I doubt that you’re, huh?
– Those are business degrees, they can go straight in the trash because I did, I learned, my education started when I started actually working. You learn terms and stuff on there but I really liked that part, and so you’re talking about when you’re ready, you commit, you just make you say I’m all in, I’m a professional, this is my business, and that, just that thought process by itself is a differentiator you’re going to automatically do better with that thought process, I like that.
– I believe so, yeah that’s what I was able you know, in my humble years here in this industry to recognize how the big guns, how they work. They’re really fine tuned into the game and they do it. And the ones that catch it early, they get a chance to rise and shine because it’s a really beautiful moment for the industry. The growth momentum is, I really believe it’s historical, so it’s a good time to be in.
– That’s a big job, I mean, guilty, making that jump to jump full in Amazon, it’s kind of scary, right, like it’s fearful.
– If I can flip the table, Kris, take it, you know, I’ll take the lead on this question to you, Kris, take us there, what’s your status right now? Are you in this full-time or part-time or what was your trajectory?
– Good question, so I have my, I guess you call it a hobby, right? Like I’m doing about 30K a month in revenue but I have yet to take that leap of faith and make it my full-time gig. And I think it’s more because of just the fear of like what happens if it falls then I’m stuck with no income, right? And I don’t have any health insurance.
– What’s your main gig, if you don’t mind sharing?
– oh, so you work for Sellozo, so that’s your income and then you sell on, I got it, okay.
– And do you
– do the same thing for you Dustin, or no?
– Yeah, same thing for me.
– You guys are hybrids, but yeah, what’s interesting because, yeah, but it’s not like you work in real estate or some other industry, it’s inter connected it’s interrelated, so, your professional life is in the world of e-commerce. So it is good, so, you know, this is your profession, this is where your bread is. And as a seller, you keep on developing it, which is fine. I think you guys, because you guys are a bit different because it’s very unique, I haven’t met too many in your position, which is really amazing where you are helping others by definition as professionals. But you also trying to develop your professional experience as entrepreneurs, is this your company by the way, sellozo?
– No, so Dustin and just work, yeah. I mean believe it, we would love to own it.
– I recommend a raise.
– We are the sales team here at sellozo, but it actually, I mean, an interesting point is it’s beneficial, I feel like for us being on both sides of this, being sellers, we speak the lingo, we know the pain points, we know, you know, we’re actively trying to grow our own personal businesses on Amazon, but we are also a really good resource for other sellers. ‘Cause we, we’re deep into the advertising world, I mean, we talk about it all the time, we’re managing our own, we’re with a phenomenal team that manages people’s ads. One thing that I think has actually been helpful is since doing this, since being with sellozo, great company that has forced that professionalism. Like this is all in, I, you know, you get the feeling like you’re spending all time with it. You becoming more of an expert on it. We’re really well networked now, I can’t tell you, that’s to me is the key. Like you, you can’t know everything, but if you know all the people that do know all the things you do know, everything.
– You have the ability to handle the terrain because all the people that, you know, for the most part, you’ll find that they’re very generous with their time with they’re willing to help. And then as you’re in the jungle, hitting that issue you’re going to all these forums, all these Facebook groups or just call them or whatever it is, WhatsApp groups, telegram groups, it’s a beautiful thing. And then, “Hey I’m experiencing this” also of a sudden you get flashed with, you can do this and you get all, it’s like a toolbox that you have with all these connections everybody’s offering all the hammers, you know? So you can basically use that tool to knock out the issue. So, you guys are very privileged to be sellers and solution providers and connected like that, I think it’s a really cool combination.
– One thing that’s really, and I like, it’s nice to, ’cause Dustin and did this on her own for years. We watched YouTube videos, we didn’t have groups who were in-
– So what came first, sellozo or selling or selling and then sellozo?
– Selling and then sellozo.
– Selling then sellozo.
– Nice, all right, so you guys are really hardcore players helping others, very cool.
– Yeah, so that’s what’s fun is like our day consists of talking to sellers that were in the position that we were in years ago, and we can say, “Hey, don’t do that,” because we’ve done that, “Go do this instead “because you’re going to put yourself “behind the eight ball if you do that.”
– And that’s what it’s all about 100 percent.
– That’s what makes it tough, right? Like I would love to be full time Amazon FBA selling and going and playing golf every day. But it’s really fun to put, like, not even sellozo just to talk to the other sellers and help them out.
– Yeah, I love that. By the way, Amazon has also kind of the same dynamics. They encourage a lot of their, you know, employees to sell. And this is internally, that’s how they kind of expect to refine their own platform and marketplace. I remember selling on Amazon, we had an Amazon rep and then, you know, he was telling us, “Yeah, I sell.” So they can really understand how to help us better, so it’s also something that Amazon has adopted which signals that, you know, this is your stuff the ability to be part of the solutions, but also being a seller, it’s a killer combination.
– And you’re seeing that now with like things like brand registry brand post, brand analytics, Amazon is kind of making that switch where years past, they didn’t really care about all that brand stuff. It was just, you know, throw a product up and you were to sell it, but now they’re like adding things, like brand registry, where you’re going to be able to like send an email to people who follow your brand on Amazon soon, that’s like, I saw that was coming, you have brand analytics. So it’s kind of nice, you’re right. They’re making a switch where they’re like more brand centric where like, “Hey, come join the Amazon platform. “You can sponsor your brand here, “and we’ll support you with things like brand analytics.”
– Yeah, I was talking actually to one of our clients today, actually, yeah, so we’re just talking about the history a little bit because I’m a little bit of a history buff, so, as you just mentioned, Kris, it seems like very clearly that the center of gravity inside the Amazon marketplace platform is shifting towards the brands or the private label brands or, you know, so, you know, “We are a viable marketplace “where you can really touch a massive amount of consumers, “build yourself, build your business.” And then on the other side, you have all these brand aggregators are validating like it and saying, “Yeah we’ll pay you for this brand “if you do really well and you’re very successful, “we’ll cash you out for millions of dollars.” Many, many cases, so makes it very viable for any entrepreneur to focus just on Amazon instead of others. ‘Cause I remember, you know, when we’re selling we’re always worried about we’re really building a business on Amazon, you know, we should also have our .com website selling on a Walmart and other channels that is the business. But today, you know, the reality is that, you should probably be everywhere. I think the fiduciary duty of any retailer or brand is, you know, reach as many consumers as possible throughout all available channels. But Amazon being the 900 pound gorilla of the scene just focusing there and doing well there can be a life changing event where, somebody cashes you out, you have a liquidity event, you can really gain financial freedom in a major serious, significant way. So yeah, once again, it adds to all the excitement, but you know, looking 10 years back I think the dynamics were like, 90 plus percent of the sellers were all resellers, Amazon was just growing as a marketplace, they wanted products of any kind, especially the Nike’s the Adidas and all these brands that you can’t really find over there. And, you know, fast forward to over a decade later I think today probably if I had to guess or guesstimate it’s 70% plus of all the sellers are private label brands and I don’t even know, less than 30% of resellers. And it’s a kind of a shrinking category, the resellers because the money, the real value is in creating products that it’s branded it’s your own, and you’re touching the hearts and minds of consumers and, you know, delighting them, right? How do you create that effect? And if you do well, it’s gonna have an awesome time.
– And you’re gonna get that payday at the end.
– Or not, you’re just gonna make a good living, you know, either way, you know, it’s a… I know that one of the aggregators mentioned to me before that, you know, only about 10% of what they get, ’cause they get all these offers from everywhere, everybody wants to sell, they screen and filter. Only maybe about 10% of what comes in actually converts into an exit for the sellers. So that should not be the main focus. It is cool that there’s the ability if it’s really viable. But once again, I always say, I also say to myself whatever business that I’m in, I got to construct it in a way it’s gonna survive 30 years from now. 30 years. this is whatever we’re doing, every day whatever you’re doing everyday how do we make this organization be in a quality and level that it’s gonna survive 30 years. If somebody comes tomorrow and gives me an obscene offer, right? And a major offer that I can cash in and just go out, I’ll take it, right? But that shouldn’t buy the… That should not be the main issue. The main issue is like, how to create an organization that will financially support me for the next 30 years. Have a good income, have a good balance in life and I’m happy with it, I’m comfortable with it, I’m fueled, I’m fired, I think that should be the fundamental thing. Of course, if there’s somebody comes and can add a cherry on top and cash you in early, then you consider it.
– Yeah, I’ll tell you the whole aggregator and they’re popping up everywhere. They’re buying like you said, even though it’s 10% of ones that are looking to sell, there’s still there’s so many of them they’re buying and to me, as this started evolving as this started, you know, like with Thrasio, and it came out and then it got huge and they’re buying all these companies up. That’s to me when that switch changed, it’s like, okay what we’re doing, these are very real businesses that are that are very marketable. People want them, every aspect needs to be treated that way because at some point, you want to grow your business but you also have this opportunity to present it as something that can be sold. And that’s where this improving and scaling and doing everything the right way, the best way possible. I feel like becomes the new mission and passion as opposed to just income that’s coming in.
– Yeah, it’s exhilarating 100% it’s exhilarating, and I want to reconnect this ’cause you asked me Kris earlier “what do you see with the big guns?’ So take these aggregators, they’re the big guns. They’re not here to do it to fade away tomorrow. These are hardcore professionals, assassins. They come in, they take these brands that they buy, they make it as efficient as possible, they do the economy of scale. You know, they’re very smart about it and strategic, ’cause they might buy a few brands that are all centered in some sort of a category, and then when they go, let’s say source it overseas, they have more purchasing power with all these factories. So all of a sudden the cost of goods is down, more profit. They know hot tweak and refine all the advertising, right? Cause they, just have all the metrics, all the data, boom refined. So they’re able to take your lemon and make not just one lemonade, they create an industrial scale amount of lemonades out of it or more lemons, they’re really, really smart, really savvy, and the, the proof to that is I don’t know if you guys know this but, at the last round, I believe of Thrasio, there is another few hundred million dollars and they already hit the big, big guns meaning their institutional money. BlackRock, BlackRock is a major institutional organization that is in charge of everybody’s pensions, you understand, everybody’s money? So everybody’s money is in the game as they saying, “Okay, this is how it works,” You know, “there’s good margins there “there’s viable business models over there, “here’s a few hundred million dollars.” By the way, it was BlackRock, I believe it was Goldman Sachs, JP Morgan, everybody’s money pretty much. They’re the gatekeepers of our everybody’s money, and they’re saying, “Here you go, guys, “you’re aggregators, your model is something that we like. “This is where the money is at “because traditional retail is either plateauing “or minimizing depends on you will look at it “and you guys are on the rise.” That’s it, now the institution money institutional money is trickling in. And that’s another point of validation where it’s a professional game, you want to grow in it, you want to succeed in it? Treat it like a pro and a lot of opportunity to just stay focused.
– We need to get those guys on Thrasio, just ’cause they’re like, it’s never ending. Every time I see like there’s another 100 million in Japan and then probably they’re going to go public within the next six months, like it’s crazy.
– Yeah, yeah, so I think yeah, the main thing for them, I think, I believe even early on when I met them two, three, over two years ago, actually they were kind of getting started and I’m like, “Okay, I understand the vision, I understand the dream, “but what’s going on after.” And they’re like, they explicitly said “We know we’re going to create a certain amount of revenue “top line, is probably gonna be profitable “and we’re gonna package it into an IPO.” Once again, mercenaries, they know exactly what the mission is. They, have the resources to to get it done and they just go at it and they’re very focused and they do it. And that is something to learn from. But yeah, so it’s impressive how quickly they’re doing it. A small note about that is that remember like, I saw on LinkedIn, the CEO, he did this nice, really cute video about, you know they have the 500th employee of Thrasio, so he wakes up in the morning he goes, he buys a I think like Dunkin Donuts and some, Dunkin Donuts or whatever it is, and he got a breakfast for the 500th employee and he knocked on his door and the house said, “Hey, welcome to Thrasio, here’s your coffee “here’s your a donut, whatever.” So I’m like, “Oh, that’s cool.” Then I went to sleep a few days later the 600th employee, the same video. I thought I’m watching the same video, I’m like, “No, that’s a different number, instead of 500, 600.” So shows you the speed of, these guys are going like beasts. Once again, factories are arising large bodies and organization are taking form. There’s good news and bad news. Good news is if you create something that is valuable to them you get a good shot at being purchased or sometimes actually when they purchase you and you recognize you as a talent you might develop your career there. So let’s take this to the days of the early seventies or maybe late seventies, early eighties with Silicon valley. You know, the computer industry is booming, it’s growing you’ve got all these people that created small companies and they, they sold it to, now we know it, all know it as the big guns, you know, they got them IBM and Microsoft and they become executives there, and that’s a big thing you know, Tim cook is an executive in Apple making a lot of money. You know, he has a stock options, whatever this guy is not hungry for bread, right? So look into the future, you know, some of these companies will become public and some of them are public. I know at least one of them they’re called Mohawk, they already are a public company in the the NASDAQ. So a lot of these entrepreneurs, they might find them themself as you know, big shot executives either because they sold and after they sold, they actually stayed in the organization because they’re recognized as in talent, and they developed this high-level corporate career based on their own experience, and exciting times, just looking into the future as a ammeter historian how things will probably evolve in the future, so, you know, stay tuned.
– It’s this amazing place, really, e-commerce, this is so cool, there’s a lot of things going on.
– It starts from the garage’s, the eBay, you know, stuff with this with that it matures, it grows and creates itself as a great thing. I don’t know how to, else to explain it.
– Yeah, well it is, I think this is great for anyone who’s listening especially people that are starting is you don’t know where it’s gonna go, but if you’re really shooting for the stars, you can get there because well I can tell you when I started, I thought, “Oh here’s this,” I was taking a course, “Here’s this great way to-”
– Which one you took, ASM?
– What’s that?
– Which one do take, ASM?
– The Amazing Seller was who I was following Scott Voelker, I don’t know if you know him and he had a podcast, which he like broke everything down, listened to it all the time, and then there was another one. Oh my gosh, it was something CEO that I did, I can’t remember, it was so long ago.
– You guys both took the same courses by the way or not?
– No, I don’t think, but yeah.
– Kris, how’d you get in? So Dustin took a course.
– I took YouTube, how to make money online. First thing I did was sell clothes on eBay. Second thing I did was make a KDP book. Third thing I did was do retail arbitrage. And then I did private label.
– Right on, right on, you wear it with pride. All the needed badges.
– Yeah, I mean it’s bootstrap. I think, I think both of us, we didn’t know each other when we started, we obviously met in the last couple of years but we have a really similar story in just how we started just trying to, but my of that is, when I was doing that, I was thinking, “Oh, okay I’m going to be able to “maybe get some products created to sell on Amazon.” I didn’t realize I was gonna basically get a real world degree in online marketing, how to run ads on Amazon, how you know, end up becoming an expert sort of in that in those fields. So I think it’s really interesting where it goes as you take these journeys and it all starts with just the idea of trying to sell something online, but to your point is that’s not even even close to the end journey. I mean, you could-
– You could be an aggregator at the end of the day.
– You can be part of it, you can be it, you can keep nourishing it. ‘Cause I see the phenomenon of the ones that already sold it to the aggregators. Guess what, replay they wash, repeat, rinse and repeat. And it’s amazing, it’s just, “Oh, this is my model. “I’m really good at taking products from zero “to a million or two, then I’ll tap out too, much for me. “I sell it, I move on, I do it again, again. “I love the thrill, I love launching products, “I love to excite consumers.” So you got all these micro niches, you know all these business models jumping in between of all the storm that’s cooking happening and more variations will come. So also part of my documentation with my own podcast is I always like to call it the moment where e-commerce comes knocking on your door and you don’t know what’s coming, it just sucks you in, and then this whole adventure starts to roll out and everybody experiences in a different unique way. So hopefully I’ll be able to learn Dustin’s and Kris’s when the time is right.
– Oh, that goes back to young childhood. I remember slinging stuff on eBay. Like what the heck is this all about? So it goes back a while.
– I think uh….
– We all got to give a credit to eBay, to introducing the game to the world.
– Yeah for sure.
– Oh yeah, for sure. I think e-commerce world got thrown on a lot of people unexpectedly recently ’cause of this pandemic. I think it really opened the eyes to a lot of people. So there’s, I think that’s going to be a whole new wave and we’re seeing it, Kris and I see it all the time, a whole wave of people that we’re sort of traditional retailers, you know they were selling to the big box stores or their local people selling to their local grocery stores. And now they had to go, they had to go onto Amazon to replicate that. And I think that, the people that are gonna do that really well are gonna see their businesses flourish. I mean, nothing like what they were doing before. So I think that’s gonna be sort of the next wave it’s gonna be, it’s really fun to watch.
– I want to touch that point, I want to touch that point in two tracks. Dustin, because it’s brilliant, So first of all, there’s two tracks that happened here with e-commerce where the COVID exasperated the dominance or the expansion of e-commerce right? The first layer I want to touch is on the consumer side. It forced consumers to shop online, there’s no other way, you’re stranded at home, you’re not going anywhere, and all of a sudden e-commerce especially Amazon came like a superhero. We’re here for you, we got your back. You know, you want to eat, you want snacks, you want what, besides tissues or toilet paper? That was like the hottest commodity ever, forget about it. Nobody can get you that you need corruption for that. That’s when you already have to pay $100 bucks for a toilet paper roll. But, you know, so they have layers and layers of age groups that we’re forced to, and especially on the older generation they were forced to shop online and guess what? They did it again and again, they got hooked, right? And so this is a great opportunity for all the sellers out there to introduce products to those age groups, those you know, that demography, right? They got money, they have all these types of interests it could be things of the more on the luxury side, they’re more costly, it doesn’t have to be competing on the $10, $20 mark. it could be more than $60, $80 and up, right for your products that you’re creating out there or even hundreds of dollars. It could be even luxury products. So stay attentive to that, the sellers out there, there’s new layers of new money that are in the game, shopping on the platform. That’s on the consumer side, what’s happening. But as you mentioned, Dustin, the brick and mortar businesses realize that, you know, “Unless I’m selling food” which a lot of them were not, “I’m stuck, “I don’t have a viable venue to offer my products.” They were pushed into the game. Okay, so also not just, it’s interesting, not just the retailers the people who sell products but also other businesses that were, you know we’re not able to, open, like let’s say if you’re a barbershop, or whatever, or you’re a nail salon or whatever it is, you got stuck, you couldn’t, at the height of the pandemic, when everybody’s standard at home, everything was closed down. These guys realized we gotta start a hustle, start selling online, you know, do that, so that pushed them in. And lastly, the ones who are on the real estate side realize, “Oh my God, our tenants can’t pay,” because all these things are happening. And a lot of these real estate guys are in venture capital, private equity, so what do they do? Aggregators, “Ah, look, there’s a nice model, “we can put real money, 10 million here, 50 million there,” so there’s more money looking for e-commerce than can e-commerce can actually, you know aggregators as can swallow. That’s why every Wednesday and Thursday, you got new Aggregator popping into the game, but that’s kinda the the reality of things behind the scene of all these forces, all, you know, grouping together to our industry, which that’s why it’s exhilarating, It’s exciting, and you know, more and more craziness is coming, I see it. I can almost touch it.
– You mentioned the older generation figuring out Amazon and e-commerce in general and that’s totally true. Their experience, my brother’s father-in-law never bought on Amazon before and now he’s like an addict of it. It just shows up all the time and he never did it before. And he’s like 70 some odd years old.
– And he can shop much more than somebody who is struggling to make a pay, right? So they’re scrutinizing any penny on Amazon. You got all these window shoppers that are able to buy, and it was fun. It’s fun to buy, you’re stuck at home, nothing really to do. You already retired, everybody settled. You can spend much more, significantly much more, and you’re that price sensitive and that’s opportunity.
– And it’ll happen like, he’s like “Hey, just go buy it on Amazon.” He’s like, “What the hell is Amazon?” “Just go download this app, buy this” and the product shows up, and now he’s amazed by it. Like, so you’re right, the whole marketplace is just getting bigger and bigger the customer is getting more broader and more people are coming on is because it’s so easy to do. And you’re seeing Amazon, people that thought that Amazon was actually the one selling the product. It’s not the case because you’re seeing Amazon coming out with commercials that focus like, “Hey, I’m a small business, my business is on Amazon “go to Amazon to help me sell my cream or something.” You’re seeing Amazon rollout commercials that are more centric on small businesses are having to adapt because the doors have been closed. And now they’ve got to sell the product on Amazon. And you’re just seeing Amazon say, “Hey, look we’re not the only one selling it. “There’s a lot of small businesses “that are surviving on our platform “and to help them out go buy more product on our platform.”
– Yeah, that once again, that superhero presentation Amazon presents itself as a superhero in so many angles, right? To the entrepreneur, to the consumer, to whoever, right? So that’s really interesting. I also want to mention, I don’t know if you guys saw this but a few weeks ago I saw that Amazon, it’s in beta, they’re trying, they’re testing it out but it’s a very interesting concept, they call it Amazon Explore chill you can look at it afterwards, Amazon Explore, essentially you can hire a tour guide many places in the world where they take you with the camera to sightseeing, right? So somebody’ in Japan, in Tokyo you’re stranded in your house, in the pandemic, you can’t travel, air travel is really down, you go to Amazon, you buy a package, you buy, I don’t know, for a hundred bucks, somebody, a real person live, you’re going to connect to their camera, they’re gonna have their phone probably, and they’re gonna take it to the shrine in Japan, somewhere on a mountain or whatever, right? They’re going to show you around Amazon Explorer. You can travel the world and you talk to that native person who is your tour guide and here’s, you ready for this? Here’s another edge, if there’s a store around, if they’re walking in the streets, and there’s a store, you can tell them, “Hey stop in the store.” They’ll buy something for you at the local store. They’ll package it and ship it to your home country. So that’s more on the FBM side. I can’t help if there’s a discrepancy on the fulfilled by merchant, but that tour guide, that local tour guide became an Amazon seller because they’re coming to the store, they’re buying it, they package it and they ship ship it out to you, so you have that experience of, you know, visiting somewhere in the worlds, but also shopping locally in all these places. So they’re testing it out, interesting concept. I wonder how far it’s going to go or not but opportunity again, where do they find-
– Oh yeah.
– Opportunities creeps itself in all these little angles there, so. That’s why another taste of how it can be really exciting.
– This is why this is all fun, every like day there’s something new like just boom, boom, boom.
– I don’t know what it is over there, they got some bunch of geniuses. I don’t know what it is, somebody told me that, you know, Jeff Bezos is probably some sort of a super-smart alien, they’re just coming and just he has all the cards already just releasing it as you know, it comes along. He just, he already knows, yeah. “Oh, you thought I didn’t? “Oh here’s another one, here’s another one” You, know, dropping all of these bombs and so, but he’s trying really, really hard onto get to mars, maybe that’s his home country, I don’t know. I think it’s called Blue Origin or something. So, you know, something that’s really out of space there, you know, that quality is, they really thinking out of this world, so I give him a lot of respect for that.
– Oh, for sure, and that’s, I think that’s the epitome of that, what you’re talking about, like shooting for the stars a guy who started selling books in his garage is now exploring Mars.
– And they said it would never work.
– Yeah, across the board.
– Yeah, yeah.
– I think early on Barns & Noble offered to buy him out, said, “No,” he had the vision, he had the mission. I don’t know, it just a phenomenal story on its own merit Jeff Bezos, so I have a lot to learn. A lot to learn really, every time I hear all these stories about his path, it’s just remarkable but he’s relentless, he’s fearless, relentless. He’s a killer, he killed all the businesses, he swallowed them just to eliminate competition. Once again, a lot of lessons to learn try to take the ones that are, you feel are good enough for your business to scale on your own merit.
– Such good stuff, I mean, I should’ve known because every time we talk to you, it’s inspiring and motivating
– You know, I’m ready to shut this laptop and start to do some work.
– Yeah, yeah, we got to get cranked up. We got to some improving and some scaling over here. We’ve got the motivation going, but Yoni, seriously it’s always fun having you on and having these chats and, before we head off, I know I’ve got to, we’ve got to run here in a little bit but tell everybody who’s listening, how they can get in touch with you and how they can get started and set up with GETIDA so they can start getting all this money Amazon owes them?
– Yeah, so thank you so much for that, so pretty straight forward just visit getida.com or getida.com you land on the page, it says free sign up, free to join, costs nothing, only if we get your money, only then we get paid. If you want to reach out to me, you know, on our website there’s a chat box over there. You can always reach out, there’s a nice friendly team, and if you really need me, tell them, “I need Yoni” and they’ll in end the backend, they’ll the hammer me to grab my attention. But also I’m pretty active on social media, just look from your Facebook or also Instagram, but more LinkedIn. Just write my name, it’s Yoni Mazor Y-O-N-I M-A-Z-O-R, you know, at your service. I spent some time in the Navy, we talked backstage before we went live on this, in my Navy days, I was in the navy intelligence, so still carry that mission purpose, you know, being very purposeful, having a mission, so whoever’s out there ever need help at your service at your mission.
– So great, and everyone should check out your podcast as well, Prime Talk E-commerce podcast. I love the format, love what you’re doing and we’re going to keep having you on as long as you’re willing to keep coming back on to talk with us, we’re going to keep having you on because like we said, there’s always new stuff to talk about, it’s always changing to me, this is what’s helping me scale and improve my business, hopefully it’s helping who’s listening and it’s helping each other is just this network, this community, it’s a blast, Yoni, we appreciate it, we’ll do it again and for everybody listening out there if you like stuff like this, if you want to hear Yoni when he comes back on with us in the future make sure you subscribe to the podcast, leave us a review, we’d love to hear what you think. Also, you can see these live streams on sellozo’s Facebook page, we live stream it there and sellozo’s YouTube channel. So go there, subscribe to those as well, turn on notifications, so you get notified, when we go live with amazing people like Yoni, we do it. We try to do it almost every day, we don’t always get there but we try to, so make sure you do that. Thanks everybody for listening. Thanks Yoni for your time, it was amazing, we’ll be back at this again tomorrow. Have a great day, everybody.