these mistakes have cost me thousands
what's popping people it's your boy the beast of ECOM back with another video
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I wanted to talk about some massive mistakes that I've made over the last
time of being in e-commerce and I wanted to explain them and what you can do to
avoid them so that they don't happen to you so number one is reliant on one
supplier now when you search them for products ideally you don't want to be
reliant on just one supplier I'm sure you've heard of the term don't put all
of your eggs in one basket and that is what you don't want to do
there's been times where I've literally just relied on one supplier and for
whatever reason you know maybe their product is out of stock they raise their
price or you know they're just really slow with shipping and handling returns
and stuff like that you want to be having at least two you know suppliers
on hand so that if something goes wrong with the first guy you know that you've
got the other guy to fall back on now your main supplier may be the best one
they may have the best price and all those sorts of things and the other one
may literally just be you know it's export they're they're more expensive
but it's always great to have at least two contacts in your bank that you can
go to when one supplier you know for some reason just messes or poo is no
longer reliable or even doesn't have any stock anymore when you are searching for
products on Aliexpress you know make sure you save them - save the suppliers
in your wish list or alternatively just create a Google Docs and have all of
your products and you supplies in there so you can go to them ASAP when
something may go pear-shaped now this leads me on to number two number two is
selling bad products now every single experience drop shipper will vouch for
me on this one I will say there has Thoms where you've just sold a bad
product okay there's nothing you can really do about it until it's kind of
too late and the customer gets the product especially if you're testing
things rapidly you haven't really got time to purchase the product have it
ship in from you know China and actually play with it and mess about with it for
a week or so and put it through its you know its hardships before you actually
then start running adverse so there has been times where you know our vanna
products and you know it has been doing great
but of course the returns the refunds the complaints and all those sorts of
things come in now what do you do when this happens okay first and foremost do
not chase the money and I know sometimes for some people they may think you know
this is their first winning product they're making sales but believe you me
it's gonna go more wrong and you're gonna lose more money than make money in
the long term now if you do this now Facebook and our clamping down on bad
products so if you are selling a bad products a you can get your page wiped
and of course B you can get your ad account shut down so what my advice
would be is if you are selling a product in you are starting to realize that you
know this product is just seeming to get too many complaints you customer service
you have to have that relationship with your customer service team who are
handling these questions on a daily basis and you know if it is the case
where this product isn't you know what it's supposed to be either a try and
find an alternative product and get you know better products made alright so
natively you know ask your supplier if they've got a better product or
alternatively don't scale it okay now it may seem hard for some people to think
you know I need to you know scale this product and get all this money in but
you know trust me you will just end up getting returns and of course on top of
that if you do get so many returns and refunds through PayPal that's a no-go
and of course if your dispute rate is really high on stripe then again they
can let you just shut your account down now that leads me on to number three and
number three is withdrawing it through PayPal now usually we draw quite a lot
through PayPal and of course the amount I was getting charged every single time
I used to withdraw was out of this world with currency conversion fees now you
know I probably easily give paypal so much money over
these years that is you know just out of this world but what you want to be doing
is minimizing the amount of currency conversion fees that you're paying so
what you need to be doing is what obviously not to do now is using your
PayPal balance effectively so we all can be doing is paying for suppliers if
you're not paying for you know inside any Express and you move outside of
Aliexpress pay for your suppliers most you know Chinese vendors will take
PayPal money so you can use it for PayPal alternatively use that money
inside PayPal to pay for your adverts that's another way and of course what
you really want to be doing is keeping that PayPal balance as low pretty much
as low as possible not completely flat line because that's kind of a red light
to PayPal but as low as possible so that if you do get any sort of reserves from
paper or anything like that then you haven't got to turn off money inside
there now what I like to use is something called Payoneer and the
conversion fees for Payoneer of a lot less than PayPal okay so prefer using or
converting my US dollars into pounds when I need to through Payoneer rather
than doing it through PayPal now number four kind of leads on and number four is
not having a backup payment on your ad accounts now there has been times where
I just haven't added a you know a backup payment to my ad account mainly just
down to just you know forgetting things get crazy you're always working on stuff
tons of different ad accounts here there and everywhere and suffer that sometimes
you just miss it out now when you do do that and for some reason you know the
payment doesn't go through what can happen is its Facebook can just turn
your ads and your campaigns off now this is an absolute nightmare because
depending on how long it's off and you don't realize it then you know you lose
that optimization which is a nightmare meaning that sometimes when you do turn
the campaign back on it just it just turns to crap so just add another
payment to your ad account now you can use PayPal accounts or you can use
credit or debit cards now if you do use a credit or debit card try not to use it
on different business managers because what will happen is Facebook will flag
it for security reasons and just ban your an account
finally number five and that is silent clothing
now I've sold clothing before this doesn't actually fall into like bad
products or switches you know they're faulty or anything like that but selling
clothes I've tried to sell clothes before now this is a print on demand
print on demand is something something completely different okay with print on
demand generally the products that you're sourcing from and the clothing
the sizes and those sorts of things generally from the US or the EU or
wherever it may be so the sizes aren't as bad okay but selling clothing from
China can be an absolute nightmare I've done it before and for personally for
myself I don't really think it's worth it only because the sizes are absolutely
bonkers to put things into perspective like an extra-large in China size is
like a extra small in US size it's crazy and you know when you even try and you
know make the right judgment when the customer gets the product nine times out
of ten it doesn't fit them they want to change it they want to get a refund and
stuff like that so I try to steer clear away from clothing if I'm selling online
but if I'm doing print on demand again you're totally fine you're all good now
if you want to do dropship clothing is from China okay the only way I can
really recommend it is if you get the supplier to send you over a chart that
isn't in sizes but actually has like you know the measurements the actual
measurements on it so you can kind of put that on your website and let the
customer then actually you know measure themself up alternatively if you want to
just sell clothes as well stick to things just like hats or you know scarfs
or socks accessories and stuff like that so there are my five things that have
cost me an absolute bomb over the years so I hope they help you and I hope you
can try to avoid them as much as possible if of course they've happened
to you then you know I share your pain and let me know down below in the
comments my upcoming course is coming very very soon so if you want to be on
the wait list to get updated before any body else is gonna be absolutely pure
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down below for that so that is it for this video I hope you've got some value
and I'll see you again in the next one take care and I'll see you later