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š$12M Drop Shipping One Fruit
Plus storytelling to billions in revenue & Amazon CEO comments on AI Revolution.
š Itās Thursday! Today weāre exploring a $12M dropshipping win from just one fruit, storytelling that's driven billions in revenue, and the Amazon CEO's take on the AI revolution.
This issue takes 6 minutes to read. If you only have one, check this:
AI Revolution: Amazon CEO on Ecommerce Transformation
Exploring the Power of Perfect Ecom URL Structure
Amazon sellers grow sales 41% on Day 1 of Prime Big Deal Day.
$12M Selling A Fruit: How Steven Guo Made Millions by Age 24
Storytelling to Billions: Why it matters & how to implement it
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Ecommerce In Focus š¦
š° News:
AI Revolution: Amazon CEO on Ecommerce Transformation
Amazon sellers grow sales 41% on Day 1 of Prime Big Deal Days
DHL Global Forwarding Launches New Cross-Border Ecommerce Solutions
Ecommerce sales grow for first time since April 2021
Dropshipping Market to reach $1.51 Tn by 2032.
Mid-Tier Ecom Marketplaces Are Trying ā And Failing ā To Make The Numbers Work
TikTok Shop wants U.S. sellers to learn from Asiaās booming ecommerce market
š Resources:
COMPLETE Guide to Print on Demand for 2024 (21+ Hours).
Top 28 Pet Dropshipping Suppliers & Products Ideas
Top 35 ChatGPT Business Prompt Ideas for eCommerce
7 Biggest Google Shopping Hacks (Cheat Sheet included)
How to find $10K/day Winning Products
š” Pro Tips:
Exploring the Power of the Perfect Ecom URL Structure
Use Midjourney V6 to Create Ultra Realistic Product Photos
Steal This SEO Strategy for 2024 (+ Free Template)
How to Make $40,202 Per Month Selling Mugs With A.I
Inspiration
$12M Selling A Fruit: How Steven Guo Made Millions by Age 24
Today, we're diving into the inspiring journey of Steven Guo, a 24-year-old entrepreneur who has built over 15 e-commerce businesses, generating more than $12 million in revenue. His story is a testament to how passion, strategic thinking, and frugality can lead to remarkable success in the competitive world of e-commerce.
The Beginning: Selling Fidget Spinners in High School
Steven's entrepreneurial journey began in high school with a simple yet effective idea: selling fidget spinners. Utilizing Reddit subreddits to reach potential customers, he quickly realized the power of online marketplaces. The moment he heard the first "cha-ching" from his Shopify store, he was hooked. This venture wasn't just a fleeting success; it grew to generate $250,000 in revenue, laying the foundation for his future endeavors.
Niche Markets: Anime Figurines & Celebrity Customers
While attending college, Steven expanded his horizons by selling anime figurinesāsmall collectibles featuring popular characters wearing stylish sneakers. Despite navigating the complexities of copyright issues, this venture was a significant milestone. The business even caught the attention of Justin Bieber, who purchased directly after seeing one of Steven's Facebook ads. This experience underscored the potential of niche markets and the importance of targeted advertising.
Building Diverse Brands: From Dates to Car Accessories
Today, Steven runs multiple successful e-commerce businesses:
MedjoolDays.com: An online store specializing in premium Medjool dates, sourced directly from farms and delivered to consumers. This venture taps into the health and wellness niche, catering to customers who appreciate high-quality, natural products.
K-Pop Jewelry and Fashion Brand: A business that offers unique jewelry and fashion items inspired by K-pop culture, appealing to the passionate fanbase of this global phenomenon.
Car Accessories Brand: A specialized brand offering customized car accessories for enthusiasts. While details are kept confidential, this venture represents Steven's ability to identify and capitalize on underserved markets.
The Numbers:
š° Total Revenue: Over $12 million across all businesses
šļø Number of Businesses: 15+ e-commerce brands
š¦ Orders Fulfilled: Over 50,000 orders across all brands
š„ Team Size: Employs over 20 VAās from OnlineJobs.ph & Upwork
š² Order Value: Over $80 to maintain profitability amid rising ad costs
š Profit Margins: Targets at least 30% net profit across all brands
š¤ Collabs: Micro-creators for organic growth & content generation
How Steven Built His Empire: The Four-Step Plan
1. Identifying Underserved Niches
Steven believes that "the riches are in the niches." Instead of chasing viral products, he focuses on passionate, underserved markets. For instance, with MedjoolDays.com, he identified a demand for high-quality dates among health-conscious consumers. By sourcing directly from farms, he offers a product that's both premium and unique, setting his brand apart from generic competitors.
2. Emphasizing Quality and Customer Loyalty
Quality is at the forefront of Steven's business model. By offering exceptional products, he encourages repeat purchases, which is evident in the high returning customer rates of his brands. This approach reduces dependency on constant new customer acquisition and builds a loyal customer base that sustains long-term growth.
3. Building Efficient Systems and Remote Teams
To manage and scale multiple businesses, Steven invests in robust systems and remote teams:
Project Management: Uses tools like Notion and Slack for effective communication and organization.
Customer Service: Employs Gorgias, integrated with Shopify, to handle high volumes of customer inquiries, ensuring customer satisfaction.
Talent Acquisition: Hires skilled contractors through platforms like OnlineJobs.ph and Upwork, allowing for scalability without significant overhead costs.
4. Staying Frugal and Reinvesting in Growth
Despite his success, Steven maintains a frugal lifestyle. He avoids unnecessary expenses and reinvests profits back into his businesses. This financial discipline provides a cushion during market fluctuations and allows for continuous innovation and expansion.
Key Takeaways:
Find and Serve Niche Markets: Success often lies in catering to specific, passionate audiences overlooked by mainstream competitors.
Prioritize Quality: High-quality products lead to customer satisfaction and repeat business, crucial for long-term success.
Implement Strong Systems: Efficient operations and remote teams enable scalability and effective management of multiple businesses.
Maintain Financial Discipline: Keeping expenses low and avoiding flashy expenditures ensures stability and sustainability.
Adapt to Industry Changes: Stay ahead of market trends and be prepared to adjust strategies in response to increased competition and rising costs.
Looking Ahead: The Future of E-Commerce
Steven acknowledges that the e-commerce landscape is becoming more challenging with the rise of giants like Temu and increasing ad costs. He advises entrepreneurs to focus on:
High Average Order Value: Aim for orders exceeding $80 to offset rising advertising expenses.
Customer Lifetime Value: Build brands that encourage repeat purchases and foster customer loyalty.
Unique Value Propositions: Offer products that stand out from generic alternatives, reducing direct competition with large marketplaces.
Final Thoughts
Steven Guo's journey from a high school student selling fidget spinners to managing a $12 million e-commerce empire by age 24 is inspiring. His success underscores the importance of niche markets, quality products, efficient systems, and financial prudence. For aspiring entrepreneurs, Steven's story is a roadmap illustrating that with the right strategies and mindset, significant achievements are possible at any age.
For more insights into Steven's methodologies and experiences, check out this interview on Alex Ulbinās Youtube channel
Which region are your main suppliers located in? |
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Recommended Resources
š Dropshipp.com Community: Join Now
š» Ecommerce Website - Shopify: Start Free
š Online Courses - Udemy: Dive In
š Domain Names - Namecheap: Get Yours
šØ Graphic Design - Looka: Begin Now
š Dropship Suppliers - Spocket: Discover More
āļø Email Marketing - GetResponse: Learn More
š SEO Tools - SEMrush: Start Here
š° Sales Funnels - ClickFunnels: Explore Here
š§āš» Virtual Assistants - Fiverr: Get Help
š£ Ads Agency - That Company: Check It Out
šµ Business Broker - Flippa: Find Out More
Storytelling
Storytelling to Billions: Why it matters & how to implement it
Alright, letās get real for a second. If youāve been following us, you already know that in the dropshipping and eCommerce game, just having a good product wonāt cut it anymore. Itās how you connect with your customers that makes all the differenceāand trust me, storytelling is one of the most powerful ways to do that. One guy whoās absolutely nailed this is Sabri Suby, founder of King Kong, one of Australiaās biggest marketing agencies. His approach to using storytelling to build brands and drive sales has transformed businesses, and I want to share some of his top strategies with you today.
Why Sabri Subyās Advice Matters
Sabri didnāt start out in a plush office or with massive investment backing. Raised in Byron Bay, Australia, and from humble beginnings, he built his digital marketing agency, King Kong, from the ground up. Today, his agency has driven over $1.33 billion in sales for more than 400 businesses. Sabriās emphasis on the power of storytelling in marketing has made him one of the most respected voices in the eCommerce space. Whether youāre looking to grow a dropshipping business or expand an existing eCommerce store, his insights offer practical, actionable strategies that you can implement to achieve success.
Now, letās dive into the core of Sabriās adviceāhis four-step plan to build a successful eCommerce brand through storytelling and other strategic tactics.
Sabri Suby's Four-Step Plan to Build a Successful eCommerce Brand
Master Storytelling to Drive Sales
Storytelling is the foundation of successful marketing. Whether in a viral TikTok video, a product page, or a dropshipping ad, engaging stories connect with customers on a deeper level and boost conversions. Focus on how your product impacts the customerās life, not just its features.
Actionable Tips:Uncover your customerās pain points and highlight how your product solves them.
Use real customer stories or testimonials to create trust and build credibility.
Craft emotional hooks that make your audience feel connected to your brand.
Leverage TikTok for Organic Growth
Sabri recognized TikTokās potential early on. This platform allows businesses to create viral, organic content without huge ad budgets. Dropshippers can use TikTok to build their brand quickly by creating relatable, engaging content that resonates with their audience.
Actionable Tips:Keep content authentic and relatableāfocus on storytelling, not just selling.
Use trending music and hashtags to increase the chances of going viral.
Engage with your audience through comments and collaborations to build community.
Test Organically Before Scaling with Ads
Before investing in paid ads, Sabri suggests testing content organically to see what resonates with your audience. Once a piece of content performs well, scale it through paid advertising on platforms like Facebook and Instagram to maximize your return on investment (ROI).
Actionable Tips:Use organic content to test customer reactions before pouring money into ads.
Identify which videos or posts have the highest engagement and repurpose them as ads.
Gradually increase ad spend based on the performance of your best content to scale efficiently.
Fast Execution for Long-Term Success
Sabri is a strong advocate for fast execution. Many entrepreneurs wait for the perfect moment to launch, but Sabri emphasizes taking action, learning from mistakes, and iterating quickly. For eCommerce and dropshipping, this means launching quickly, gathering customer feedback, and making improvements as you grow.
Actionable Tips:Donāt wait for perfectionālaunch your product and refine it based on real feedback.
Stay agile and make adjustments to your product, story, and ads based on customer responses.
Focus on fast, actionable improvements rather than long-term perfectionism.
Key Takeaways for eCommerce and Dropshipping Success
Sabri Subyās journey from grinding peanut butter to building King Kong, one of Australiaās largest marketing agencies, offers invaluable lessons for eCommerce and dropshipping entrepreneurs. His focus on storytelling, fast execution, and organic growth has generated billions in revenue for his clients and provides a clear roadmap for success. By applying these principles, you can elevate your eCommerce business and boost your sales.
For more insights on Sabriās journey and actionable tips for growing your eCommerce or online business, check out his interview on the Foundr Podcast.
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That's it for this week, hope you got some value out of it.
Cheers,
The Dropshipp.com team
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