Maximize Your Profit Margins When Selling Online

The Sales Podcast

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13d ago 55:53

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#12WeeksToPeak #ecommerce #onlinebusiness

David Schomer and I discuss the evolving landscape of e-commerce, focusing on the competition between Amazon and Shopify. (One is much better than the other, and it's not even close.)

We explore the importance of data-driven decisions, profit margins, and customer relationships in building a successful online business.

David shares insights on the challenges of selling on Amazon, the benefits of owning customer data through Shopify, and the significance of diversification in business models.

We also get into the importance of hiring the right team and the value of veterans in the workforce. (We know the Air Force is best!)

We also discuss David's journey from accounting to entrepreneurship. He discusses the importance of e-commerce and conversion rates in business growth, as well as redefining what it means to be an entrepreneur in a team setting.

00:00 Introduction to E-commerce Success

03:10 The Amazon vs. Shopify Debate

06:11 Understanding Profit Margins in E-commerce

09:05 The Importance of Customer Relationships

12:12 Diversification in E-commerce Business Models

15:12 Hiring and Managing a Team for Success

24:22 The Value of Military Experience in Hiring

28:31 From Accounting to Entrepreneurship: David's Journey

33:04 E-commerce Insights and the Future

39:00 Redefining Entrepreneurship: Working for a Team

43:54 Connecting with the Audience: Resources and Closing Thoughts

Key Points

Data-driven decisions lead to better performance.
Amazon's dominance in e-commerce is being challenged.
Owning customer data is crucial for long-term success.
Profit margins on Shopify can be significantly higher than on Amazon.
Customer relationships enhance the e-commerce experience.
Diversification is essential for a healthy business model.
Hiring veterans can improve team performance.
Good help is hard to find, but it exists.
Building a brand is more valuable than drop shipping.
Engaging with customers adds humanity to e-commerce transactions. Military experience can provide valuable skills in the workplace.
Using traditional methods like newspaper ads can yield reliable hires.
E-commerce offers a better shopping experience for consumers.
Building a business requires grit and resilience.
Documenting your entrepreneurial journey can inspire others.
Conversion rates are crucial for business growth.
Working in a team can enhance entrepreneurial efforts.
There's no shame in working for someone else.
Taking risks in your career can lead to new opportunities.
You can always return to your previous job if new ventures don't work out.

Guest Site: https://firingtheman.com/

Guest Site: https://buildgrowscale.com/Not for the mediocre majority: Learn how I get more done in a quarter than most achieve in a decade in 12 Weeks To Peak™ https://wesschaeffer.com/12wConnect with me:X -- https://X.com/saleswhispererInstagram -- https://instagram.com/saleswhispererLinkedIn -- http://www.linkedin.com/in/thesaleswhisperer/#12WeeksToPeak #ecommerce #onlinebusiness

684 episodes