Good news – I’m super excited to announce that we will be launching the THIRD edition of the 7 Figure Seller Summit online this August 17-21, 2020.
Given the pandemic and the fact that many of you are in lockdown and all in-person events are on hold indefinitely, now is the best time to level up and scale your e-commerce business ONLINE.
As you know, E-commerce is one of the few industries experiencing a huge growth spurt during the pandemic. And this Q4 will probably shatter all records.
So I invited THIRTY 7 Figure Sellers and Ecommerce experts to teach you the different phases of scaling your ecommerce business to 7 Figures:
- The Mindset and Fundamentals of a 7 Figure Seller
- Branding and Marketing Strategies
- Scaling your Business
- Increase Profitability so you keep more money in your pocket
- Exits – Building your business to maximize your selling price
Details will be coming very soon so please stay tuned!
Meanwhile I would like to take this opportunity to thank our Platinum Sponsor GETIDA which helps many 7 Figure Amazon sellers to claim their Amazon FBA reimbursements back from Amazon through their automated services.
They came highly recommended by an 8 Figure Amazon Seller friend of mine and I am testing them out now with my own Amazon business.
Rather than offer you a sales pitch, I asked them to provide you value so here are the 5 Key Things to Claim Your Amazon FBA Reimbursements so you aren’t leaving money on the table.
As a special bonus for the 7 Figure Seller Summit attendees, GETIDA will help you get your first $400 in Amazon Reimbursements from Amazon at no cost to you.
5 Key Things About FBA Reimbursements
Here are 5 things about FBA reimbursements that can be useful in turning a loss into a profit. Especially for Amazon sellers that are in need to access more cash. Maximizing FBA reimbursements is a powerful way that assists many FBA sellers in growing their revenue and getting cash back from Amazon that is rightfully yours.
FBA reimbursements – is there more to recover?
1) Know the Rules
Amazon provides an 18-month window period for sellers to audit all the FBA related transactions. Sellers can open cases for any eligible discrepancies and get reimbursements under Amazon’s FBA reimbursement policy.
2) Know your Numbers
According to research by the technology company GETIDA, the discrepancy rate of products shipped into Amazon FBA fulfillment centers can range between 1% to 3%.
This means that for every 100 units shipped to FBA, between 1 to 3 units will get affected. In other words they may have fell off the truck, got miscounted, or just went missing!
All in all, Amazon does an excellent job of handling the inventory of third-party sellers between 97% to 99% of the time. This is a remarkable achievement considering Amazon are dealing with a colossal scale of tens of billions of dollars worth of inventory.
But on the other hand, if you are an Amazon FBA seller generating $1 million a year in FBA sales, your 1% to 3% discrepancy rate can range between $10,000 to $30,000 which you can claim back which is significant.
If you are not contacting Amazon about these discrepancies, you are literally leaving a ton of money on the table!
Amazon and Jeff Bezos are probably not going to inform you about this… So it is your responsibility as a seller to maximize the recovering of all your eligible FBA reimbursements.
3) Know the Types of Discrepancy to increase chances of getting your money back
Type 1: A common logistical discrepancy includes inventory that gets lost during the initial FBA inbound receiving. Once in the FBA center, your FBA inventory can also get lost, damaged, destroyed, or disappear.
Type 2: A major financial discrepancy that can reduce FBA fees once resolved, is when Amazon incorrectly overcharges sellers on FBA pick and pack fees.
The reason is due to the incorrect information on the weight and dimensions in Amazon’s data. Amazon allows a time frame of only 90-days for providing such reimbursements.
Note: This has happened to me before in terms of the dimensions of my private label products inbounded into Amazon FBA.
Sometimes Amazon may inaccurately measure the products and use measurements LARGER than the actual product size. This means increased storage fees, pick and pack fees, and Amazon fulfillment fees.
Sometimes I catch the error and contact Amazon to get reimbursed. But when I’m busy it’s easy to overlook this.
Therefore, today more than ever before, Amazon sellers need to keep auditing their Amazon FBA transactions at least every 90-days to reclaim any FBA reimbursements you may qualify for.
4) Turn Losses Into WINS
Amazon sellers need to maximize the FBA reimbursements that they are eligible for under Amazon’s terms and conditions. If they don’t, they experience a double loss.
The first loss is the cost of inventory. Meaning the cost a seller pays to source an item. Essentially you are paying for inventory that has gone missing.
The second loss is the loss of profit. The reason is when a seller gets reimbursed, Amazon is “purchasing” the affected inventory from the seller as if the product sold on Amazon’s platform. For most Amazon sellers, selling products on Amazon includes a healthy profit.
Thus, if you recover the maximum available FBA reimbursements, you will shift the double loss into a double win. The FBA reimbursements that recover your cost of goods AND your profit effectively turns a weakness into a strength.
Amazon sellers must maximize unlocking FBA refunds
5) Take Action
Whether you have never audited your account, or already have an Amazon FBA auditing process put into place, or rely on Amazon to auto-reimburse your account, you owe it to your business to get maximum reimbursements.
To make sure you are recovering everything you are owed, you can reach out to an Amazon FBA auditing service such as GETIDA.
One of the cool things about GETIDA is that they only charge fees if you get money back.
More specifically they only take a recovery fee from successful FBA reimbursements.
If no reimbursement is secured, there is no cost. Every dollar of recovery is a pure value add for your business.
This is especially critical during challenging times we are experiencing right now.
In addition there are no monthly subscription fees and you can cancel at any time.
In fact, signing up with GETIDA takes about 4 minutes and you will get instant access to a free dashboard that will provide you with data analytics and visibility into your Amazon account. The dashboard will also give you a free estimate of how much FBA reimbursements potential you can recover on your account. If you wish to unlock these FBA reimbursements, you can then upgrade your account to the GETIDA FBA recovery service, and enjoy all the benefits of maximizing your FBA reimbursements.
Next steps: Get up to $400 back from Amazon reimbursements for Free (no fees)
GETIDA has partnered with the 7 Figure Seller Summit to help FBA sellers get access to more funds. Simply click on GETIDA and you will get the first $400 in reimbursements free of charge.
Obviously your mileage may vary and how much you can get back (if anything) depends on the details of your business.
We hope that you find the 5 things about FBA reimbursements helpful to recover your Amazon reimbursements during these challenging times.
In addition the folks at Getida have recorded 2 Bonus Quick Tips about what NOT to do when opening cases with Amazon and a way to get a reimbursement from an area not many people talk about… (hint – Shipping).
Bonus GETIDA – 7 Figure Seller Summit – Quick Tips – Watch Video
Thanks and stay safe!
PS: Get up to $400 back from Amazon reimbursements using GETIDA using this link here.