How to Make Your Amazon Business More Attractive to Investors

March 4, 2021

Meet The Speakers

Jim Mann

Director of Acquisitions at Thrasio

Listen to the podcast

Jim Mann is a serial entrepreneur, brand creator, Amazon FBA expert, and creative digital marketer. Currently, he is the Director of Acquisitions at Thrasio, the largest acquirer of Amazon businesses and one of the top 25 sellers on Amazon. Before Thrasio, Jim was an FBA seller for six years, managing and running all aspects of a travel brand on Amazon across the US and Europe. He specializes in e-commerce, private equity, online retail, third-party sellers, and more.

Here’s a glimpse of what you’ll learn:

Jim Mann discusses the growing interest in FBA private label brands and his predictions for the next two years
What differentiates a good FBA aggregator or investor from a bad one?
Jim talks about the ins and outs of finding potential deals through brokers
What Amazon brand owners should do to make their businesses more attractive to investors
At what point does an Amazon business become a brand?
Thrasio’s process for purchasing businesses to expand its catalog of companies
What sellers should expect from the first 90-180 days after selling a business to Thrasio
How Thrasio stands out from similar companies and what its team looks for when evaluating a brand for sale

In this episode…

As the Amazon marketplace continues to grow, more and more entrepreneurs are joining the platform to start new businesses. While many of them can build very profitable businesses in a short period of time, these businesses may not have much brand recognition. So, when exactly does a business become a brand on the Amazon marketplace—and how does this impact its ability to sell?

According to Jim Mann, the Director of Acquisitions at Thrasio, an Amazon brand is a business that sells its product at a certain price, converts well, and receives good reviews from its customers. As he says, a good brand is extremely attractive to investors because it has a proven track record and a promising future trajectory. With this in mind, what is Jim’s advice to entrepreneurs looking to build and sell a successful Amazon brand?

Jim Mann, the Director of Acquisitions at Thrasio, joins James Thomson in this episode of the Buy Box Experts podcast to talk about his firm’s process for investing in FBA private label brands. Jim explains the criteria he looks for in an Amazon brand, what differentiates a good FBA investor from a bad one, and how Thrasio stands out from other aggregators in the market. Stay tuned.

Resources Mentioned in this episode

Sponsor for this episode…

Buy Box Experts applies decades of e-commerce experience to successfully manage their clients’ marketplace accounts. The Buy Box account managers specialize in combining an understanding of their clients’ business fundamentals and their in-depth expertise in the Amazon Marketplace.

The team works with marketplace technicians using a system of processes, proprietary software, and extensive channel experience to ensure your Amazon presence captures the opportunity in the marketplace–not only producing greater revenue and profits but also reducing or eliminating your business’ workload.

Buy Box Experts prides itself on being one of the few agencies with an SMB (small to medium-sized business) division and an Enterprise division. Buy Box does not commingle clients among divisions as each has unique needs and requirements for proper account management.
Learn more about Buy Box Experts at BuyBoxExperts.com.

Podcast Episode Transcripts:

Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.

Intro 0:09

Welcome to the Buy Box Experts Podcast we bring to light the unique opportunities brands face in today’s e-commerce world.

James Thomson 0:18

Hi, this is James Thomson from the Buy Box Experts Podcast. Today’s episode is part of a special series of interviews that we’ve done to dive deeper into the recent phenomenon of private equity companies and FBA aggregators investing in private label brands that are leveraging the Amazon sales channel. As part of this series, we interview a wide range of investors, brokers, consultants, and entrepreneurs that have recently sold their private label brands. We peel back the layers on what’s happening in this new investment space, and look at how private label brands are finding financial success through the building and eventual sale of their online businesses. For three weeks from mid February through early March, we will release a new episode every weekday on this topic. Sit back and enjoy today’s episode.

Hi, I’m James Thomson, one of the hosts of the Buy Box Experts Podcast. I’m a partner with Buy Box Experts and the former business head of the selling on Amazon team at Amazon, as well as the first account manager for the Fulfillment by Amazon program. I’m the co-author of a couple of books on Amazon including the recent book Controlling Your Brand in the Age of Amazon. Today’s episode is brought to you by Buy Box Experts. Buy Box Experts takes ambitious brands and makes them unbeatable. When you hire Buy Box Experts, you receive the strategy optimization and marketing performance to succeed on Amazon. We also support investors with due diligence services. Go to buy boexperts.com to learn more. Before I introduce our guest today, I want to send a big shout out to the team at Disruptive Advertising. For off Amazon advertising, Disruptive Advertising offers the highest level of service in the digital marketing industry, focusing on driving traffic, converting traffic and enterprise analytics. Disruptive helps their clients increase their bottom line month after month. Check out disruptiveadvertising.com to learn more. Our guest today is Jim Mann, Director of Acquisitions at Thrasio, a firm that buys and grows Amazon businesses. Before Thrasio, Jim was an FBA seller for six years, managing and running all aspects of a travel brand on Amazon, across the US and Europe. Jim, welcome. And thank you for joining us today on the Buy Box Experts Podcast.

Jim Mann 2:31

Hi, James, good to be here. Thank you.

James Thomson 2:34

So let’s let’s talk about these private label businesses. FBA private label businesses are definitely a hot commodity. Right now. Let me ask you, what do you think has happened to create this recent interest in these businesses, companies that have been around since the start of the Amazon Marketplace nearly 20 years ago,

Jim Mann 2:51

I think it’s bigger than just Amazon. I think there’s a McKinsey report that came out you might have seen. You have the big number, right. So 10 years growth in three months on e-commerce in 20 2010 years growth in three months in 2020. That is going to change the world we live in in terms of e-commerce and that’s driving a lot of changing behavior from the consumer through to the e-commerce seller and through obviously to the acquirers that have a lot of interest now.

James Thomson 3:19

What do you think’s going to happen over the next two years as the number of FBA aggregators increases? I’m seeing literally every other week, somebody new shows up. They’ve got 50 million, they’ve got 100 million they want to buy businesses. Where do you see the whole market going?

Jim Mann 3:35

Yeah, a lot of chest beating who can raise more money? A few things have happened. So the big driver is retail has been struggling for a long time. Amazon has just gone crazy. I think our CEO probably raised a lot of eyebrows when we bought this unicorn valuation back in August 2020. Suddenly, there was this aggregator people I think, I mean, I was in the Amazon space. I remember Thrasio started and everyone raised their eyebrows. And so what are these guys doing? Buying brands and wrapping them up? No one really quite understood what a why. And what they’ve done since I mean fast forward to the end of last year, they bought 100 brands 500 million in revenue, with very, very impressive growth stats. So that inevitably gets people looking at this business model getting a billion dollar valuation and profitability in two years is very, very hard to achieve. When that happens, of course, private equity looks down and tries to work out what they can do. That as a result, drives emulators copycats. On the face of it, it’s quite a simple model, you raise some cash money’s cheap, Amazon’s hot. And Amazon in theory is automated. So there are a lot of people now coming in with a similar idea to find brands, put them into an operational team driven by technology inefficiencies, and try to scale and accelerate those brands greatly.

James Thomson 4:52

If five years ago, we were having this conversation and I told you that I wanted to buy an FBA Amazon business, most investors would have said I have no idea what you’re talking about. And there were there were a few little companies that bought a few companies here and there. But but it was completely under the radar and the types of investors they had, were unusually well versed in the ways of Amazon. Today, quite frankly, I’m seeing silly monkeys jumping in saying, I need to get in on Amazon. And while obviously your company has created a lot of visibility, and investors are saying, I can do the same thing because I can raise money, and how difficult can it be to manage a bunch of Amazon businesses? As you and I both know, there’s a lot more to it than that, as you think about all these companies coming in? Where do you see the good ones separating from the not so good ones when it comes to operating all these businesses?

Jim Mann 5:47

Yeah, good question. I mean, look, I started in 2013 14. And when I told my friends, I had a career in consulting, I have quite a profession, and said I was going to start selling on Amazon for a living. Yep, people felt sorry for me, you could see the face. And that’s really interesting, Jim, that’s great, really exciting. But the body language is crazy. Yeah. You know, a year later, I didn’t sell a million dollars, people started to have a bit more interest in this whole Amazon FBA thing. And that, you know, that’s the journey thing for a lot of people on Amazon. You know, sorry, James, give up that question.

James Thomson 6:20

But I’m just curious, as you see all these different types of investors coming in. And some of them are looking at this saying, Well, how difficult can it be? Because everybody seems to be jumping in. So I’m interested in your thoughts on how you see the aggregators and the investors separating each other in terms of who’s good at this and who’s not so good. It seems to be raising the money is not the hard part at this very moment, putting it to good use and knowing what to do with it. And there’s a lot of distinction there.

Jim Mann 6:48

Yeah, so I think there are different players coming in, the guys I think that have the best chance of doing well are the ones that really understand operating on the Amazon ecosystem. So if you don’t have that, it’s pretty tough. And then I think, you know, the more acquisitions you have under your belt, the broader the team, the greater depth of scale, the more experienced the more data, and you get to a point where you’ve got a higher chance of success, the longer you can stay in business for, but with a number of people coming in, I think there’s gonna be some might struggle. It’s inevitable.

James Thomson 7:21

Yep. Yep. So let’s talk about the Amazon Marketplace for a minute. Here’s a place where there is a constant appetite for better cheaper versions of products. And add to that an awful lot of manufacturing capacity available both domestically in the US as well as overseas. And how does a company like yours, leverage all that enthusiasm that’s there. Among these, what I’ll call micro entrepreneurs, micro investors, who are looking to start up little businesses, obviously, everybody wants to become the next millionaire online. But how do you see yourself capitalizing on all that enthusiasm?

Jim Mann 7:59

I think, you know, at the moment, there isn’t a viable trend to Thomson in terms of scale, as a marketplace. So in that environment, there’s going to be a lot of people trying to come in, and it is getting harder. And I think, over time, what we’ve seen the skill level go up year on year with Amazon, FBA sellers. And that’s happening with the aggregators as well. And at the end of the day, like everything in any service or product these days, it’s about the data you have to hand allows you to make good decisions. And the solopreneur, or the micro entrepreneur, I think is gonna find it harder and harder for that reason.

James Thomson 8:34

So let’s talk about that at some point. Recently, I suspect in the last year or so, firms started rushing to you saying I’d like you to buy my firm, as you think about all these companies that are rushing forward looking to be sold. How do you start to become interested in a brand? At what point do you say, Who are these companies that have come to us, we’re seeing certain characteristics that we like, we want to spend more time digging in, you do acquisitions for Thrasio? So I imagine you spend a lot of time looking at an awful lot of companies. Good, bad and the ugly?

Jim Mann 9:10

Yeah, so we have an offer of about 10 to 20% of what we look at. And what we’re trying to find is quite simple. In principle, we’re trying to find brands that we can invest in and scale. So we have a team of 700 people, we have unlimited cash flow, and we’re looking for opportunities to take a brand from the solopreneur and really take it to the next level. Yeah, that’s the simple model that we have.

James Thomson 9:32

When you think about all these investors jumping in, do you think there’s enough firms available for sale for all of these different investors to be able to make legitimate appropriate investments?

Jim Mann 9:46

At the moment, James? Yeah, there is. I mean, there’s a lot of appetite I think for solopreneurs to cash in. It is getting harder. The skill base to run an FBA business now between the SEO VPC, the logistics the supply chain, it’s pretty hard for one person to do that well, and for a lot of solopreneurs, you get to a certain level, they accept that they either invest in building a team, which is not really why they started their business, right? Or they or they look at a way of exploiting, take some cash off the table. And there are some that actually do want to start again, more aggressively. They want to capitalize the table, they’ve loved the last 2345 years and start again, with all what they’ve learned in the last few years. But it’s getting harder. And that’s why I think a lot of people are choosing to move on.

James Thomson 10:31

Two years ago, if you wanted to buy an Amazon business, the place to go was to go talk to the brokers. There were a handful of brokers, and everybody had deals available. The investors started looking at the brokers. Now you’ve got so many companies looking at the same deals through brokers, how do you see the game of finding potential acquisition targets? How do you see that game evolving?

Jim Mann 10:56

It’s changing fast. So we get a lot of people coming to us directly, and I get the question the whole time, like, why would I talk to you? or Why should I go to you rather than go to a broker, and the broker will do a great job of preparing your numbers. So if someone is anxious about the numbers, brokers will do a great job of preparing the numbers. And they’ll also take the cell speed dating aspects out of the process, and they should take some of the workload of the transaction out for you. But in reality, you know, they will argue that they’ll negotiate harder and try and get you a better price. And obviously, you pay for those different brokers, the size of the deal will drive the commission, but you know, typically eight or 10% of your sale price will then be given to the brokers, that’s they earn a decent chunk of change for the work they do. And you know, their value proposition is to get your price up and take the stress out of the process.

James Thomson 11:50

As you think about where deals are going to come from, if they’re not going to be coming from brokers, how do you see investors warming up potential acquisition targets, so that in time when those companies are ready to buy, or excuse me are ready to sell? They know there are viable exit options. And B, they know who those viable exit options are? Yeah,

Jim Mann 12:14

I mean, James, I talked to a lot of companies, and some of them, every interaction we have, so we will offer to buy 10 to 20% of what comes across the desk. Yes, every one of those interactions involves looking pretty closely at their business and giving them some advice. And sometimes when often, you know, it’s come back in six months, 12 months or a year or two, when you’ve hit those key metrics that we’re looking for, because we’re all looking for similar metrics, whether it’s as a broker for another third party or another aggregate. So even private equity for large deals, most people are looking for similar metrics.

James Thomson 12:48

I’m a small business owner, I’m looking to eventually sell my business. How should I be thinking about the next year to two years to get my business in order so that I start to become attractive to potential acquisition investors?

Jim Mann 13:03

Yes, good question. I mean, this is a big question. So I mean, on Amazon, I think there are two, two classes of product, there’s the commoditized price driven product. And that’s increasingly going to be dominated by the Asian factories and Chinese sellers is very simplified. And then there’s a slightly more premium brand driven product on Amazon. And there’s a story, there’s a quality of the differentiation, you can afford to push the price and have a bit of a premium. And I think that is where that’s been the big shift in the last couple of years of selling on Amazon’s marketplace. It used to be about sticking stuff up manipulating the algorithm metoo products. Now you’ve really got to up your game and look about differentiation through story through product design. Yes, remarketing. On platform. You know, SEO and PPC are critical now as well, content creation.

James Thomson 13:56

One of the things that I find a little bit confounding is that there are still people who were able to start a business in two to two and a half years, they’ve built something big enough that they can exit. And when we start talking about, well, you need to build a brand. And quite frankly, two and a half years on Amazon, the brand may not have very much name recognition, but you’ve you’ve played the game, right? When it comes to building up social proof, making sure you’ve got a decent sales rank and so on and so forth. But is there in fact, actually a brand here? Or is it essentially you’ve figured out how to accelerate a cash flow that someone’s buying and they’re gonna put more cash into that and figure out how to continue to grow it At what point does the brand actually become a real entity?

Jim Mann 14:41

Yes, a good question. So I get a lot of sellers, negotiations, I have a brand and I say okay, if you turn to Amazon and just had your DTC website, how much would you sell? Yours is normally a fraction of what comes off Amazon. So sure, yeah, I say that for me the acid test of if you have a brand and in and then show me how much you’re selling, and that tells How much we’re planning to have. So I’m using a brand new context of Amazon, a brand on Amazon as a brand that shows you have a product that can sell a certain price profitably convert, well has a review, you know, a review around it. And people use this term to be my turn to be like, but you know, there are some pillars there that have shown a track record. And then we look at what is the future trajectory? Like, are there a lot of competitors coming? Is it a nation that seems to be growing long term and all the other sort of market forces at play, and all of that stacks up, then we have something we think we can invest in and scan.

James Thomson 15:37

Your company has bought firms in all sorts of categories. And quite frankly, you know, many of the first 30 or so investments that you made that are publicly talked about, they literally were all over the map. As you become larger and larger, do you see yourself building categories of expertise, whereby, in certain areas, you’re going to continue to look for firms to be add ons to organizations you’ve already purchased?

Jim Mann 16:06

I think there’s two questions that you mean, as in, I think, all services in terms of ancillary services for Amazon,

James Thomson 16:14

Let’s let’s start first by talking about the incredible breadth of different types of companies that you’ve purchased. Yeah. Just yourself continuing to go completely broad, and look for companies based on financial criteria, versus building up sectors of companies that have different types of commonalities across them.

Jim Mann 16:37

Yeah. So I think this is what happens is, over a period of time, you start off being driven by numbers, because you have to make the numbers stack up. Now, fast forward two years, but the team is 700 people, we have brand directors being organized into verticals. So we’re building specialist teams internally for different categories. But that wasn’t possible with 10. Acquisitions now with 100 brands. Makes sense. And it’s happening.

James Thomson 17:05

Buying companies and figuring out how to extend their brands, is a model commonly used across many these aggregators. Some of these investors are now looking at how do we add new selection to the portfolio companies we already have? How do you see that part of the equation playing out as companies recognize that if you’re buying a company that has certain manufacturing capabilities, they may be making these 10 products, but they could be making the next 10 products in the same space? How do you see that playing out? Because that’s a whole set of different skills. And you haven’t been an FBA seller yourself, you know how hard it is to continue to expand the catalog and do it responsibly? Take me through your thinking there.

Jim Mann 17:47

Yeah, I mean, the process is quite simple. When we acquire a brand, the first thing we do is go through a whole optimization process. And we look at how we can increase conversion and get the basic apps, right the copy, the SEO, the images, the A plus, we look at advertising, we invest heavily in sponsored videos, which are getting great results, and it’s all about optimizing the current ascent. We then look at line extensions. So before that, we then also look at cross market pollination. So if we’re selling heavily in the US, can we go into EU seven? Yes. Can we the EU sevens, the US so that’s where we get a very quick uplift. We optimize, and we cross pollinate. The next thing is line extensions and new products. And we’ve got a sourcing team. And we have an industrial design team. So those are the three parts that we have in market analysts who are looking with the brand directors at possible opportunities in a niche that then feeds back on the keyword, the SEO team, look at the keywords, the PPC team, look at the cost of advertising, all of that looks positive. And then the supply chain and product design team get together and look at those new products in line extensions. And then the product gets developed, comes back and then like any other FBA brand, it goes through a whole launch process. Right. So there are quite a few specials. Yeah, we got there, all the special teams come together to drive that growth into new product lines.

James Thomson 19:09

Let’s talk about

Jim Mann 19:11

James one thing I said it’s all data driven. I mean, we’ve got a huge, we’ve got a tech team of 67. There’s a lot of data scientists in there. Everything we do is driven by the data now. And I think that that’s probably what De-risks a lot of the decisions for us. The more things we have the better we can act.

James Thomson 19:27

If you think about an entrepreneur who’s deciding that he or she wants to become an FBA seller. There’s often some rudimentary data analysis that happens. Let’s go read the product reviews of competitor products. Let’s figure out how big the market opportunity might be. When we start hiring data scientists that’s a whole different level of sophistication where you’re literally boiling parts of the ocean to find all the interesting pieces that make sense. Yeah, how do you see yourself in time you know if you collect enough data Quite frankly, I’ve seen firms that collect all this information. If you look at Amazon first, for example, they themselves have said, we have all these data scientists, we’re just going to go build our own private brands, we’re not going to buy companies, we’re just going to build them ourselves. How do you see the luxury of having data scientists? At what point will you need to be buying as many firms versus just developing and filling product gaps that you find

Jim Mann 20:24

a fit? Well, you know, one of the key drivers for Thrasio’s speed of growth, and we can’t grow top line revenue, at the same speed as if we’re at the same speed we currently are just by launching our own brands. So the speed is, the main growth driver is always going to be acquisition. But then every product, every brand has life cycles. So it will be dead in the water if we don’t invest in the brands we buy. So it’s the balance between, you know, leveraging and growing the assets you have. But the speed and scale is through acquisition.

James Thomson 20:58

That makes sense totally makes sense. I want to take more time to talk about the specifics of if I’m a brand, and I sell to your company, what should I expect happens in the first 90 days, 180 days after I sell to Thrasio?

Jim Mann 21:18

That depends on you, James, that depends how quickly you want to get to your island and sit down and have a pina colada. So what I’m observing is that there’s an it there’s a big piece, which is driven by trust early on. So once the numbers have been agreed, the lie has been signed, and we’re going through diligence. And owners are rightly so very nervous about whether threats to his team are as good as they hope they’re going to be. And the onboarding process during diligence. So initially, we have to check all the numbers and get a little boring stuff out the way then it gets interesting. Then their onboarding calls with the marketing team, the PPC team, the supply chain, supply team, the creative team. And when the seller or the you know, the entrepreneur starts to see the breadth of skill in SEO, you watch them just totally relax. And they just say, take it and run with it. And they sit down with the brand director, they download their vision for the brand. Most FBA entrepreneurs are very clear about the opportunity for their brand, the thing that has always held them back is their own time and theirs and the skill set and their team and what they love. And I say this, they love watching, that they love being able to download the vision for the business and let someone else take it and make it happen. And that’s when they have that moment. Most sellers then just sit back and pull away from the business.

James Thomson 22:34

Do you typically buy companies and have the owner operators migrate out very quickly? or do some of the owner operators decide to stick around for a while? And how does your company typically work with some of these entrepreneurs?

Jim Mann 22:49

We genuinely have people after that, that initial moment when that moment happens? And they and they trust the brand director to start becoming the new them run? Yes, yes, my retired back out of the business. There are some caveats. If it’s a particularly complex business, we might ask them to stay on for three months or six months,

James Thomson 23:10

understood. Three to six months is not a long time.

Jim Mann 23:14

No, no. But generally our model is for them to move out and let us run it. And most businesses, even you know, FBA businesses, 10 2030 40 million, we can pick it up and run with it within weeks, you know, so it’s really down to the sellers belief in our team. And it’s our job to make the seller believe in our team as quickly as possible.

James Thomson 23:36

Let’s talk about some of the other points of differentiation for your company relative to other types of investors out there. What would you want private label sellers listening to today? What would you want them to know about your company that you believe is important as a differentiation?

Jim Mann 23:52

No, I mean, the aggregator model, like you said, you kind of bang your desk and another one pops up at the moment. And I understand that, you know, it’s exciting and full of opportunity. I think what we have is a bit of luck and a lot of time and a bit of time on our side. You know, we’ve gone from zero to 500 million in two years, we’ve now got a team of 700 people 100 brands under management, all the data that that gives us on how the algorithm behaves. Yes, the ability to hire data scientists, the ability to have motion graphics animators just pumping out sponsored brand videos, sponsored brand videos now are the highest performing adverts on Amazon on the platform. Yet most people really have a lot of people struggle to re-execute them well. So what we have is the ability to execute on a level that I don’t think any other Amazon operational unit has yet others will get there I’m sure but right now I back our team to be if not the best one of the best teams operating hands and brands right now.

James Thomson 24:53

Two different investors can look at the same business and see different value in that business. When you Look at a business, you talk about some of the criteria you are looking at for future growth. Are there things that you look for that you suspect are not typical for many of the investors that are evaluating these companies?

Jim Mann 25:18

I know I mean, we know what we’re looking for. And I keep coming back to the same thing, we’re trying to find brands that we think we can put our team of 700 behind, and really accelerate. Because I think, as you know, James, our typical deal structure has a two year earnout period. And so for that, to be exciting for the seller, we have to be able to invest and scale that business, if we don’t deliver on that, we don’t give great earnouts. And if we don’t give great earnouts, this fasea reputation gets killed overnight. So we have to make sure that we are picking an offering to buy businesses that we can accelerate. And you know, I think, you know, our top 10 last year grew 397%, top 20, on average to 91 and our top 30 grew 226% after we’ve acquired them, you know, that’s what we’re trying to deliver. And we can’t deliver that on every business we look at. And that’s why we don’t offer everything we look at.

James Thomson 26:11

Yep, yep. Make sense? Great question.

Jim Mann 26:14

I don’t think there are many teams out there that can deliver that growth. And the other thing that’s exciting around Thrasio is that we’re delivering those growth numbers. And on average, we’re increasing EBITda by 4.53%. So we’re driving massive top line growth, and increasing up to about 4.5%. That’s not easy to do.

James Thomson 26:37

Let me ask you, when you look at the types of entrepreneurs that you get to deal with today, what are some of the aspects that have surprised you the most about the Amazon FBA entrepreneur, versus all the other types of folks you might have worked with in past careers? What makes them stand out for good, bad, ugly, you know, what makes them different?

Jim Mann 27:02

You have to be able to take anything that comes at you as an FBA seller. And, you know, it’s a broad Church of skill sets as well. So, you know, you have to be competent, if not amazing at supply chain and negotiation, you then have to get products into FBA, which we know now is very difficult. So people have had to learn this year about creating our own third party warehouse infrastructure. There are a lot of people who actually rent leasing, warehouses themselves. PPC is becoming a massive pillar of FBA. If you can’t do PPC to a very high level, now, you’re in trouble. So sellers are either becoming very good, or they’re going to third party agencies. There’s a lot of growth in that market. And I just think in general, the thing that everyone has in common and I know loads of FBA sellers and they come from all they come from consulting they come from, you know, they come from eBay, they come from SEO, they come from all walks of life. But the one thing everyone’s got in common, is the ability to just make sense of stuff very quickly and work out what’s important because there’s a lot of noise out there. And you can’t dedicate yourself to all the noise. I think there’s one thing it’s the ability to work out what’s important in all the noise that’s coming at you and make some decisions on what to pull the trigger on.

James Thomson 28:15

Jim, I want to thank you for joining us today on the Buy Box Experts Podcast. For those of you interested in learning more about Thrasio, please visit thras.io. Thank you.

Outro 28:27

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