E253: Getting a Business Back on Track after Running Out of StockMay 30, 2019 in Ecom-Crew-Podcast
Many successful ecommerce businesses are born out of necessity. And some of the most successful ecommerce entrepreneurs are selling products that they’re truly passionate about.
A Business Born of Necessity
Eight years ago, Jason Hsieh’s son Keanu was diagnosed with autism. Living in Japan at the time, Jason struggled to find support services and products for him. So the family moved to Seattle. In 2017, Jason himself would start developing products that would help children diagnosed with autism and ADHD. Today, his company LakiKid sells three physical product lines – each addressing different areas where kids with autism and ADHD can benefit from the most.
The Struggle to Get Back on Track
Sales have been going fairly well for LakiKid until the end of 2018. A supply chain issue caused two of its best-selling SKUs to run out of stock right before Christmas. From averaging close to $50,000 in monthly sales, the business has been struggling to get back on track.
At present, LakiKid is over 90 percent Amazon but Jason has been exploring marketing avenues off of the platform to gain back the momentum that was lost. These efforts include a Shopify store, a blog, and hosting a weekly live talk show on Facebook.
Listen as I navigate this niche business with this passionate dad and entrepreneur and offer insights on how LakiKid can get the groove back, get more exposure and have those sales figures pick up.
Under the Hood is a segment where we do an hour-long coaching call with one of our listeners. We take a look at their businesses, provide honest feedback, offer our best business advice, and answer whatever questions they have. In exchange for the free coaching, we will turn the call into a podcast episode so that our community can benefit as well. It’s a win-win!
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Michael started his first business when he was 18 and is a serial entrepreneur. He got his start in the online world way back in 2004 as an affiliate marketer. From there he grew as an SEO expert and has transitioned into ecommerce, running several sites that bring in a total of 7-figures of revenue each year.