If you sell on Amazon I’ve got to congratulate you.
You have climbed the highest ecommerce mountain on earth. And if you have established a foundation on Amazon it is time to diversify.
In this episode of The Amazon Files, I’m holding your hand and diving into the benefits of selling on multiple platforms. It is easier than you think!
Diversifying E-Commerce: A Path to Financial Stability and Wealth
Hey Hey everyone, I'm Kristin Ostrander, the voice behind the Amazon Files podcast and the founder of Mommy Income. Today, I want to share with you a topic that's close to my heart and crucial for anyone in the e-commerce space: the importance of diversifying your income streams.
The Journey to Multiple Platforms
As many of you know, I've been selling on Amazon for quite some time, and it's been a fantastic journey. But I've learned that putting all your eggs in one basket, even if that basket is as big as Amazon, isn't the wisest move. That's why I've expanded my selling horizons to platforms like Walmart, Etsy, eBay, and most recently, Whatnot.
Whatnot is an exciting live stream auction-style selling platform that I've recently joined. It's a vibrant marketplace where I'll be auctioning off a variety of items, from jewelry to toys and collectibles. The thrill of live auction selling is something I can't wait to share with you all. If you're interested, sign up for a buyer account using my affiliate link, and you'll get a free $10 credit – and so will I!
Sign up for WHATNOT here: www.mommyincome.com/whatnot
The Millionaire's Secret: Multiple Income Streams
Did you know that having multiple income streams is a common trait among millionaires? It's true, and it's not just about having more money – it's about financial stability and building wealth. Diversifying your e-commerce income can protect you against market fluctuations and changes in consumer behavior.
Planning for Excess Inventory
One of the challenges we face as sellers is dealing with excess inventory. My strategy involves having a plan for every type of item and knowing which platform is best suited for it. For example, I use Amazon as my primary platform, eBay for used or unique items, and Etsy for handmade and vintage treasures.
Choosing the Right Platform
It's essential to understand that not all customers are the same. People look for different things on different platforms. That's why it's crucial to choose the right platform based on the condition and type of your inventory. For instance, while Amazon may not allow the sale of cannabis-related products, platforms like eBay and Etsy might be more accommodating for such items in states where it's legal.
Expanding Beyond Amazon
I've had success selling on Mercari and eBay, and I've found that these platforms are great for listing products quickly and reaching different audiences. High-end makeup, niche products, and even liquidating excess inventory through Liquidation.com are all viable options.
Building Your Own Brand
Creating your own website with platforms like Shopify can open up additional income streams. Affiliate links and referral programs are fantastic ways to earn extra income. By recommending products, you can earn commissions from sales without having to handle inventory.
The World of Online Selling
The e-commerce landscape is vast, with platforms like Poshmark, Depop, Amazon Handmade, Facebook Marketplace, and many more. Live selling components on platforms like Poshmark and eBay are gaining popularity, though they often require an invitation and a ready audience.
Recovery and Donation Options
When it comes to unsold inventory, it's important to recover as much cash as possible. Options range from flea markets and yard sales to donations to organizations like Goodwill, food banks, and local charities.
Taking Baby Steps and Trying New Things
I'm a firm believer in taking baby steps and embracing new experiences in e-commerce. If you're feeling overwhelmed or unsure about how to navigate these platforms, I'm here to help. I offer training and support to guide you through the process.
Finding Joy in E-Commerce
At the end of the day, it's about enjoying what you do. I'm passionate about e-commerce, and I want to help you find that same excitement and success. I'm grateful for the opportunity to speak into your lives and support your e-commerce endeavors.
Join Me on Whatnot and Beyond
I invite you to join me live on Whatnot and to try something new. Let's explore the unlimited earning potential together and live on our own terms. Thank you for your continued support, and I look forward to having you join me on future episodes of the Amazon Files podcast.
Remember, diversifying your e-commerce income isn't just a strategy; it's a pathway to a more secure and prosperous future. Let's embark on this journey together!
“Not every customer is on every platform, and there's billions of customers on the planet. If you're only selling in one place, you are actually missing out on a ton of customers.”
Diversifying E-commerce Income (00:00:00)
Kristen discusses the benefits of selling on multiple platforms and the importance of diversifying e-commerce income.
Joining Whatnot for Live Selling (00:00:57)
Kristen invites listeners to join her on the live stream auction-style selling platform called Whatnot and shares her excitement about selling her jewelry collection in a new and interesting way.
Offering a Variety of Items (00:01:53)
Kristen talks about the diverse range of items she will be selling on Whatnot, including jewelry, toys, and small items, and encourages listeners to sign up for the platform.
The Importance of Diversifying Income (00:05:58)
Kristen discusses the benefits of having multiple income streams and how it can enhance financial stability and wealth-building potential.
Selling on Multiple Platforms (00:09:01)
Kristen emphasizes the need to sell on multiple platforms to reach different customers and avoid missing out on potential sales.
Utilizing Different Platforms for Selling (00:13:08)
Kristen explains her strategy for selling different types of items on Amazon, eBay, and other platforms, highlighting the importance of diversification for maximizing profits.
Fulfillment and Inventory Management (00:17:49)
Discussing the benefits of multiple channel fulfillment and the importance of choosing the right platform for reselling excess inventory.
Selling Restricted Items (00:19:38)
Exploring the restrictions on selling certain products on Amazon and the opportunities on platforms like eBay and Whatnot for selling such items.
Diversifying Inventory (00:21:22)
Highlighting the potential of selling on platforms like Mercari for items not suitable for Amazon, such as high-end makeup and discussing the challenges and advantages of using different platforms.
Liquidation and Auctions (00:23:02)
Exploring options for liquidating excess inventory through platforms like Liquidation.com and participating in live auctions on platforms like Whatnot.
Platform Diversification and Income Streams (00:25:00)
Emphasizing the importance of diversifying income streams by selling on various platforms and utilizing affiliate links to generate additional revenue.
Affiliate Links and Double Dipping (00:32:19)
Discussing the potential of earning through affiliate links and leveraging Amazon's affiliate program to maximize profits.
Exploring E-commerce Platforms (00:35:02)
Various e-commerce platforms and their unique selling points are discussed, from eBay and Etsy to social streaming and live selling on platforms like Whatnot.
Diversifying Income Streams (00:35:59)
The importance of diversifying income streams and the options available, from low-cost recovery items to donating for a write-off, is highlighted.
Encouragement to Try Something New (00:36:50)
Encouragement is given to diversify income and try new ventures, with an offer of support and training for those interested in learning new platforms.
Passion for E-commerce (00:37:46)
The speaker expresses passion for e-commerce, emphasizing the importance of enjoying what you do and finding fulfillment in the industry.
Invitation to Join Live Stream (00:38:32)
Listeners are invited to join a live stream on Whatnot and encouraged to explore new opportunities in e-commerce.
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