In this week’s episode, we dive into a lively debate: should you launch your product on Amazon or your own website first? Our guest, Alex, the Founder of Profit Whales and the Witi Witi Brand, shares his entrepreneurial journey and insights into e-commerce and Amazon selling. Alex’s story from a middle-class family in Ukraine to a successful entrepreneur is inspiring. He discusses the pros and cons of launching on Amazon vs. your own website, how Amazon's advertising algorithms work, and his personal entrepreneurial journey. Highlights include the power of Amazon’s platform vs. the control of your own website, case studies, shipping costs, and Alex’s journey from Ukraine to founding Profit Whales. Don’t forget to like, comment, and subscribe for more insightful episodes every week!
Takeaways:
- Visibility and Competition: Amazon provides immediate access to a large customer base and high visibility. Selling on your own website reduces competition but requires significant effort to drive traffic.
- Advertising Costs: Amazon's ad costs are high if your product doesn’t convert well, while your own website allows controlled ad spend but requires investment to drive traffic through other channels.
- Customer Acquisition and Retention: Amazon offers instant trust through reviews and ratings. Your own website allows direct customer relationships and personalized marketing.
- Pricing and Profit Margins: Amazon's fees impact profit margins but simplify fulfillment. Your own website avoids these fees but incurs fulfillment and customer service costs.
- Brand Control and Differentiation: Amazon makes brand differentiation challenging but ensures visibility. Your own website offers complete branding control and unique marketing opportunities.
- Operational Challenges: Amazon handles logistics and customer service via FBA. Your own website requires managing these but provides greater control over operations.
- Risk and Investment: Amazon is less risky initially due to its audience and trust. Building your own website requires upfront marketing investment but can yield higher long-term rewards.
- Strategic Flexibility: A hybrid approach can be effective: start on Amazon for reach, then build your own website to diversify sales channels and reduce dependency on Amazon.
Quote of the Show:
Launching a product on Amazon requires a strategic investment in verified reviews, which can cost over $100 each. Without this, you risk losing visibility and facing high advertising costs. That's why I'm choosing to launch my product outside of Amazon for better traffic and growth opportunities.
Links :
LinkedIn : https://www.linkedin.com/in/nyezhnyk
Instagram : https://www.instagram.com/nyezhnyk/
Website : https://profitwhales.com/
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