In 2013, Matthew Giordano embarked on a brand new journey, and with lots of determination and some seed money, opened his own store on Amazon. However, he soon began experiencing the same headache-inducing issues that plague many FBA sellers.
The store quickly became too large to effectively manage purchasing, shipping, pricing, and reordering manually. Matthew knew it was time to make a change, and after a lot of research and exploration, found a solution to his problems.
Keep reading to find out how he’s tripled his revenue and the size of his inventory in one year using Teikametrics!
Tell me how you got started selling on Amazon.
I learned the ropes of ecommerce, especially Amazon, through an internet sales job I had at a pharmaceutical company. From there I started my own store two years ago, selling health and personal care items, with a personal investment of $13,000. Within the first year I generated over a million dollars in sales, with no additional investments.
What was the biggest challenge you faced as an Amazon seller?
There were many issues across the board, one being cash flow. I had money tied up in inventory that just wasn’t selling, and needed to figure out a way to identify products that would have a faster sell through rate.
Inventory management in general was a problem. I was spending a lot of time figuring out reordering, which was always based on previous orders.
Pricing was also done manually, so as you can imagine it became tough to keep up with my inventory.
Describe what your workflow looked like.
I did everything manually with spreadsheets, created my purchase orders through Evernote, would have to reorder based on previous orders, and product scouted manually based on product rankings.
In addition, purchasing was also a hassle for me, and Teikametrics’ purchase order capabilities have made a huge impact in saving time. I can print it out and send directly to my supplier.
Teikametrics allows me to manage every aspect of FBA – purchasing, shipping, receiving, Amazon reconciliation, repricing, etc. It’s really unique and nothing else out there can incorporate the whole system. I wouldn’t be able to run my business without it.
If I had to put a number on how much time I’ve saved I would have to say at least 50 hours per week. If I didn’t use this software, I would have to hire 2-3 more employees. I would have to hire another purchaser and maybe a couple people to manage my inventory for sure.
Have you noticed an increase in revenue?
It’s been incredible. In 2013, my revenue went from $1.8 million to $5.3 million in a year, while maintaining around the same profit margins because the software helps me maintain the margins I want.
I’ve also tripled my inventory.
What stood out to you about Teikametrics over other platforms?
When I was doing my research, I looked at many platforms and I wanted one that specifically targeted FBA since my business is 100% Amazon-fulfilled.
What’s the one feature in Teikametrics that you can’t operate your business without?
Teikametrics is now so engrained in my business it would be difficult to pick. I couldn’t live without Insite for FBA, specifically.
Do you have any advice for other sellers?
If you are an FBA seller, I would 100% look into Teikametrics. It’s an extremely remarkable platform that is very unique for FBA sellers and there is nothing comparable on the market. And my account manager, Jonathon, is awesome!