Amazon Business – Page 3

How Canadian Amazon Sellers can get paid in USD? AMZ One Step

Posted on October 16, 2018 by adminoo

How Canadian Amazon Sellers can save up to $1000/month?

Are you selling on amazon.com from Canada? If yes, you need to read this till the end. In this article, I am going to show you how Canadian sellers can get paid in USD from amazon.

When I first started selling on amazon.com I was using my personal TD Bank account for payments from Amazon. After a year of selling, my business started to grow and I was getting bigger deposits from Amazon. I noticed that I was losing up to $800 in conversion rates.

Then I made a rookie mistake, I went to TD bank and opened a chequing account in USD. That month I lost even more money in conversions.

How?

When amazon transferred money to my account, the currency got converted from USD to CAD and then it got converted twice from CAD to USD. I got dinged by Amazon first and then by TD with conversion rates.

This is how I started to save money on conversion rates……..

CROSS BORDER BANKING

Currently, there are three banks in Canada that offer cross-border banking.

You can save money in these three ways

AMAZON LOW CONVERSION RATES AND EXTRA COMMISSION

If you are still a small seller then any of the first three options will work for you. A cross-border account acts as a US account. It allows clients to have a US routing number so funds stay in USD. In other cases, transit or routing is Canadian so funds get converted to another currency.

RBC business account is expensive but it is the way to go if you are planning to grow your Amazon online business.

Let’s take an example if amazon pays you out $10,000/biweekly.

3% conversion rate = $300

Amazon usually pays less than the market rate that can add up to $100.

So total you are losing $400/biweekly and it comes to $800/ month.

WHEN DEALING WITH SUPPLIERS IN CHINA

When making payments with Canadian credit cards to Alibaba or any other country. You are suffering there too with conversion rates. zolpidem online south africa https://www.livermedic.com/ generic ambien coupon Having a USD credit card or visa debit card will help you save thousands of dollars in long term. Even a few cents difference can be huge when you are dealing with a higher quantity.

Cross-border banking has saved me thousands of dollars which allowed me to reinvest in my business.

If you are still using a Canadian chequing account for Amazon payments, now is the time to switch to cross-border banking.

FOREX BENEFIT

Let’s say now you have some amount deposit in your USD cross-border account. You can always transfer money to a CAD account. This will help you make some extra dollars when the American dollar goes up compared to the Canadian Dollar.

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5 Things To Do Before You Pay Your Supplier on Alibaba

Posted on October 16, 2018 by adminoo

You have done your product research and found a supplier of your product and now you are ready to pay your supplier on Alibaba. Wait read this first. Here are 5 things to do before you pay your supplier on Alibaba. I assume that you have ordered sample unit. If not order a sample no matter if you are a beginner or an expert.

Check for Trade Assurance

You may find many suppliers on Alibaba who are gold suppliers and ranked on top of page 1 of search results. But some of them do not support trade assurance.

Trade Assurance is a free service by Alibaba.com designed to create trust in trade. Alibaba provides a set of protections to give you assurance that suppliers will honor key terms of your contract. You can read more about trade assurance here.

Sometimes suppliers may ask you to pay via western union, bank wire transfer, or any other method of payment. If you are dealing with your supplier the first time then you are better off paying by Alibaba trade assurance.

Check Hazmat and Patents Products

As you guys know that Amazon does not store Hazmat products in their warehouses and Hazmat items are not eligible for FBA. Sometimes Amazon’s system thinks that item is hazmat but it is not in reality. I highly recommend all sellers to create a product listing and make a shipping plan first before you pay to your supplier on Alibaba.

Examples of Hazmat items are lithium batteries, fluids, chemicals, gasoline, antifreeze, fire extinguishers, etc.

Also you should double-check if there is patent or trademark on that product. I know many sellers find out about patents after they have made a payment on Alibaba. You can hire someone from Fiverr, Upwork to do a patent search for you or you can do it yourself by checking on Google Patents or the USA official patents website. Remember checking patent yourself is sometimes tricky so do your due diligence before paying Alibaba.

Check Shipping Details

Another thing you should keep in mind is shipping terms attached to your order. Commonly used shipping terms are EXW, FOB and DDP. Identify which term you are paying for and understand the difference between all these terms. Here is brief information on these terms.

EXW– Supplier is not obligated for shipping. You are responsible for shipping from factory to FBA or your warehouse.

FOB – You and Supplier both are obligated for 50% of shipping. i.e shipment till port is supplier’s responsibility and from port to FBA or your warehouse is yours.

DDP – This means door-to-door shipping. Duties and taxes are covered in this term. You don’t have to worry about anything. But this term is expensive and secure than others

You can watch this complete video and this will help you understand these terms much better.

Not only shipping term, Also verify shipping weight, dimensions of cartons, and no. of cartons included in the shipment.

In case packed boxes, product quantity should not increase 150 units and Amazon will not create shipment plan.

Read your Purchase Agreement thoroughly

This is quite obvious but trust me many FBA sellers do not read their contract or Performa before paying. Always check quantity, size, variations mentioned in contract. Verify how much time does supplier needs to make your order. These are quite basic things and cannot be ignored. There is nothing worse than realizing that you should have read it before. Alibaba trade assurance works only if you have enough proof to prove if there is something wrong.

Understanding Customs

There are some products which are prohibited to import from other countries. Make sure your product is not one of them. Check your country’s border regulations.

If you chose to go with DDP term shipping and duties and taxes are included in the shipping price.

In EXW and FOB consult with any custom broker or call you customs department for more information.

Taxes depend on category of goods you are importing, total declared value of your goods.

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Strategies to Gain More Reviews on Amazon FAST!

Posted on October 13, 2018 by adminoo

Strategies To Gain More Reviews On Amazon – Verified reviews and unverified reviews have become very imperative for the sellers as they facilitate in gaining more traffic and perk up your sales. However, getting verified purchase reviews is a challenge in itself. In the past, sellers could get good reviews by giving away their products free or at a much-discounted rate. The customers started showing a lack of trust in these reviews.

Therefore, to regain the trust of consumers and stop this malpractice Amazon banned incentivized reviews. This has made it a fair game among sellers.

Now, gaining Amazon reviews is more important than ever because customers rely on them and purchase products keeping them in mind.

To get more reviews on Amazon, sellers can adopt the following techniques.

Create Email List

An email list is a tedious and slow process. It will take time, but it is worth the wait. Amazon does not allow sellers to contact Amazon buyers outside Amazon. You can ask them to give reviews on Amazon itself. More the reviews, more the customers will be keen on buying your products.

For this, we can start with a simple order confirmation email. Before the customer leaves a negative review on site, it is better you ask them about the product and how satisfied they are on email. By solving their query on the email itself, you may be able to convert a depressing feedback to a positive one.

Product Insert

Product insert does not mean to incentivize the customer. Good packaging with product inserts will help reduce the negative feedback. In this insert, you can thank the customers for buying your products and appeal to them to pen down an Amazon review.

Professional Help

Customers are quick to write negative feedback than a positive one. This makes the situation worse for sellers. Review management tools help you get feedback and increase the reviews in a legal way.

There is a lot of Review management software available in the market that would help you boost your reviews and in turn sales. AMZ Finder, Feedback Five and Feedback express are just the names of few of them.

In addition, one can join the Amazon Vine Program or Early Reviewer Program to get honest and unbiased feedback from customers.