Lessons Learned from Walgreens, Sharktank and Facebook Marketplace

Amazon partnered with Shark Tank. They now have a Shark Tank store. It’s easy to see being on a show like Shark tank as a good platform for launch but it’s really too late. Products will need to have bigger budgets and a large following to even get on that show as competition heats up. This points to two really different launch strategies. If your idea or product is patentable then a big launch might make sense but if it’s more of an idea that is timely and there’s no ability to legally protect it, then focus on a strategy such as a keyword oriented launch for example, and just make as much money from it as you can in the first 12-18 months and then move on. Also, keep in mind that Amazon and other big companies are only interested in copying or acquiring products that have mass appeal so smaller niche ideas are still lucrative for small businesses. There has never been a better time in history to create and build a private label product or brand.

Walgreens is showing the power distribution through partnerships. They already have a crucial assets, a lean store model with many locations. They have a large network of customers that stop in to buy a few necessities and even do their full shopping there. The partnerships will increase the quality and desirability of their product selection and grow both the number of sales and the asp or average selling price. They will carry Kroger private label products in store as well as serving as a pick up location for online Kroger orders. Walgreens also acquired an equity interest in Birchbox and will create retail experiences that are based on the popular monthly beauty box including curated products and added prestige brands in store. They are adding lab work to their services with a partnership with Labcorp and phone services with Sprint. All of these companies are able to access Walgreens customers and the win for Walgreens is in increased desire by the customer to be in store and buy more things per visit. Ease of distribution is as vital to success now as the actual product. This is something that small businesses are great at. What strategic partnerships can you add to your business? Look for opportunities that are a win for every party involved.

Facebook is growing too. They made some major investments in their Marketplace in Oct. with tech and the addition of buyer and seller ratings. Purchasing can now be done through the platform with no third party provider. Facebook has shown that they want to be the only place their users go with the addition and emphasis on native video. It’s only a matter of time before they work to become a major e-commerce platforms as well. Will they go the eBay route and stay inventory free or slowly introduce their own products over time? They did their first dive into product production with their new device called Portal. It’s a video chat device that is sort of a hybrid between a phone and a tablet. It works seamlessly with Instagram and Facebook and is one more way that customers are encouraged to stay on the platform. For sellers looking to be in on a ground floor of the next big marketplace, now is the time to invest time and resources into learning Facebook shops and marketplace. Facebook will pour resources into these areas as they work to capture customer attention. You can’t go back and be an early FBA adopter but you can dig in to Facebook as an e-commerce platform.

We sit down with the experts in the industry

Jeff from Seller Labs sits down with us to discuss the Amazon search engine.

Jaya Patel is an Atlanta based entrepreneur. She started selling on Amazon and eBay and sourced via arbitrage.

Rob from Payoneer is going to show us how to save money on your international shipments.

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We sit down with the experts in the industry

Jeff from Seller Labs sits down with us to discuss the Amazon search engine.

Jaya Patel is an Atlanta based entrepreneur. She started selling on Amazon and eBay and sourced via arbitrage.

Rob from Payoneer is going to show us how to save money on your international shipments.

2018-11-12T13:40:32+00:00 E-Comment E-Commerce News, Scanner TV|Comments Off on Lessons Learned from Walgreens, Sharktank and Facebook Marketplace