George Yang, Author at Goody Feed

Everyone—including the cat in your house—would have seen at least one advertisement online that teaches you how to be a millionaire with just a few hours online daily. All you need to do is to attend a free course and you’ll be able to afford the Mercedes you’ve been eyeing for years. Why work for others when you can work for yourself, right? And these helpful people whose life purpose is for the betterment of society despite their busy travelling schedule (heck, some of them even film these videos while holidaying—talk about dedication!) would usually tell you that it’s all due to Amazon. You just need one product, one says. You just need a laptop and an Internet connection, another says. You just need to have the drive, the last one says. So, how does it really work? And with Amazon in Singapore now, are you going to be a billionaire instead of a millionaire? Here, we list down the secret to be a millionaire for free and simplify everything, because that’s what we do best. If you prefer to watch a video about this trick instead, watch this to the end: https://www.youtube.com/watch?vbJbXEIddO1Q Of course, if you still want to go for the courses conducted by those millionaires, go ahead. Basics of Everything: Selling in Amazon If you’re an online shopper, you’d know about online marketplaces like Shopee, Qoo10 or Lazada. In these platforms, the sellers aren’t the platforms themselves, but individual sellers or companies. For example, if you need to buy a new wallet, you’d search for one in Shopee, find a seller with good reviews and buy it. The seller will then send the wallet to you himself. Pretty simple and clear-cut, right? So, the seller might have bought the wallet for $3, and sell it to you at $10. The seller would’ve earned $7. What the seller needs to do in order to earn that $7 are these steps: Find a wallet that cost $3 and can be sold at $10, and buy it in bulk List the wallet in Shopee and market it When you buy it, the seller will pack the wallet and send to you Sounds pretty easy, right? It’s just like starting a Goody Feed. Start a website that writes crappy articles and produces low-quality videos Earn money from advertisements and clients who engage you for branded content Everything’s easy, eh? Well, no. Read on and you’ll understand. But first, a little about Amazon in other countries. Amazon Does the Same Thingy Unlike Shopee, Amazon does things a tad different. They do sell their own products and also allow individual sellers to sell their products. But here’s one thing that’s attractive: they can also handle the logistics. Remember the step “the seller will pack the wallet and send to you”? A system called “Fulfillment by Amazon”, commonly known as FBA, takes care of that entirely. The Amazon staff will do the packing and delivery of the products to the customers themselves. All the seller needs to do is to send a bulk of the items to Amazon. Here are the steps involved in an Amazon sale based on the same wallet: Seller finds a wallet that cost $3 and can be sold at $10, and buy it in bulk Seller sends all the wallets to Amazon and list the wallet And that’s it: Amazon will take care of everything from then on. Pretty lit, isn’t it? No wonder Amazon sellers are millionaires. To put it in a nutshell, this is the system that millionaires with low-quality video production peddle. On the surface, it looks quite easy, but there are some problems. Wise Old Man: If It’s So Easy, Everyone’ll Be a Millionaire Why is it difficult, you ask. Is it difficult to find a cheap wallet to sell? No, that’s the easiest part. With Alibaba, you can source for cheap products in wholesale prices, and also deliver those products direct to Amazon. Take, for example, this: Image: Alibaba You can buy this clock in Alibaba for as low as USD$5. And check out how much it’s being sold in Amazon (I've checked the dimension and material; it's the same clock): Image: Amazon A whopping USD$24.09. We’re talking about a profit of about USD$19.09 (~S$26.21)! Now, hold your horses before you head to Alibaba. That’s a theory. Remember how anyone can just anyhowly start a Goody Feed, but there’s been no Goody Feed clone? Here’s why: in reality, things don’t work that smoothly. Before you even earn a single dollar from Amazon FBA, you’ll face these problems: There’s a minimum order for the clock; you need to buy at least 100 pieces, which means you need a USD$500 investment (we’ve not included the shipping cost yet) You need buyers Usually, the first problem can be solved with an initial investment, but the second problem is tricky. While many would advocate selling things that are already popular and being searched for regularly (i.e. with demand), that’s actually not a solution. In theory, it is, but in reality, it sucks. Remember how you online shop? You check the seller’s reviews first. If you’re new, you’d not have any reviews at all. And secondly, the competition is crazy. I used “reverse clock” as a search phrase in Amazon and it shows 174 results. Remember, this isn’t a highly sought product (who the heck buys this clock?!) and the competition is already crazy. Here, I tried a new search that’s highly sought for: cat calendar. Image: Amazon Simply put, it’s so competitive that you can’t even put a number to how many competitors you’d have. The Real Risk: Marketing The real work is marketing your products: while there are millions of users in Amazon, there are also equally countless sellers. With Amazon being in Singapore, would it work even better? NO. The reason is simple: the market’s simply too small. Unless you’re okay with selling just one wallet every two months, then go ahead. But everyone using Amazon FBA is saying that they earn money and even show their sales figures: how can leh? Can. Very easy. You see, in any business, generating revenue is a walk in the park: I can buy 100 new iPhone 11 Pros at $1,649 each, and sell them at $999 each. I’m pretty sure people would be queuing up to buy it. By the end of the day, I’d have generated $99,900 worth of revenue. I can boast that to all XMMs about my monthly revenue for my business and I’ll have many steads. What they didn’t know is that I spent $164,900 on that. In other words, you can be a millionaire seller, too, if you just look at revenue. Can It Really Work? In theory, yes, it can. In fact, there are people who make it work. But here’s the thing: it’s not about the system, but about you. If you can market a product well, you don’t need to attend a course or use FBA. If you’ve got the marketing skills, you can market almost everything: so why not market stuff like insurance policies or be a real estate agent? Or start a Goody Feed clone? We’re not stopping you. Of course, we’re not here to judge. We’re just here to provide you with the simplified facts. If you still want to pay thousands of dollars to learn how to sell a wallet on Amazon, go head. Just remember: if you’re good, you’ll earn money even if you sell toilet paper outside a public toilet. Featured Image: Gargantiopa / Shutterstock.com

George Yang

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