How To Get Into Retail with Steven Pope and Allen Iov | Summary and Q&A

TL;DR

Learn from Alan, an expert in retail, about how to successfully expand your online business into brick and mortar stores.

Key Insights

• 🏛️ Building a brand is crucial for success in physical retail stores.
• ❓ Retail packaging is essential and may require adjustments from Amazon-centric packaging.
• 💦 Working with reps or agents can facilitate the process of getting into retail stores.
• ❓ Target is considered a promising online seller with great potential for expansion in physical retail.
• 🤩 Being retail-ready and having the necessary certifications and knowledge are key to impressing buyers.
• 👨‍🔬 Researching similar products in target stores can provide insights into packaging and market viability.
• ☠️ Commission rates for reps may vary but often range from 5 to 15 percent.

Transcript

foreign welcome to the my Amazon guy podcast today we're joined by Alan and Alan is going to talk to us today about how to get into physical retail stores and a lot of brands that we work with over at my Amazon guy are natively born on Amazon so that means they're digital only Brands and so one of those extensions that makes sense for a lot of Bran... Read More

Questions & Answers

Q: What is the biggest mistake when trying to get into physical retail?

The biggest mistake is not being retail ready and not having the necessary certifications, retail packaging, or knowledge to satisfy the buyers' requirements.

Q: What is the commission structure for working with reps or agents?

The commission structure typically ranges from 5 to 15 percent, depending on the industry and the relationship with the rep. Negotiating a percentage based on performance can be beneficial.

Q: What are some good pitch ideas to get stores interested in selling your products?

Highlight the innovation and uniqueness of your product, emphasizing its potential to attract customers and generate sales. Show that your product fills a gap in the market and can bring value to the store.

Q: What should be included in a contract with a wholesale buyer?

Include terms such as MAP (minimum advertised price) to prevent underpricing, payment terms, and clear cancellation or refund policies. Seek advice from a professional or experienced agent to ensure the contract covers all necessary aspects.

Summary & Key Takeaways

• Alan shares his journey from selling on eBay to starting his own brand and successfully getting into major retail stores like Home Depot and Nordstrom.

• He emphasizes the importance of being "retail ready" and having the necessary certifications and packaging to meet the requirements of buyers.

• Alan recommends targeting stores like Target, which are actively looking to partner with online brands and offer a better online sales experience than Walmart.