What To Expect on Amazon in 2023 Roundtable

What To Expect on Amazon in 2023 Roundtable 00:00:01 Hey guys, welcome back to Seller Sessions. Welcome back to the show. Leo, it's been a long day, and Kevin King as well. How are you doing, gents? I'm alive and kicking. Doing well. Excellent. So Mina will join us in a moment, and so will Tim Jordan. Just waiting for them to join the call. In the meantime, before we move on to the future, what's going on for next year, etc. Give us two key points, one each, this year. Kind of sum it up for you, 2022. Start me, Kevin. Yeah, everybody's saying that it's recession. Nobody's buying anything anymore. Everybody's cutting back. That may be true in some things, but not for me. Not on Amazon. Everything is good. Sales are actually up 2% over last year, year-over-year, on the same products. 00:00:55 This idea that the recession is killing everything, it may affect a few things, but somewhere other people are making it up, people that are cutting back. So that's one of the things in 2022. The other one in 2022 is just, as usual, a lot of changes. I mean, constant changes with Amazon releasing more internal data, with all the different new rules, fulfillment fees up 30% over the last couple of years. Always, always changing. Always. You never know what to expect. Yeah. Leo, what about yourself? Yeah, I agree with Kevin, actually, with regards to this year with the recession not really affecting much the sales. So, I think this year we've seen more. It was a year of high-quality business, high-quality products. 00:01:50 yeah instead of the well i mean the me2 products have already been like long long gone uh but this year i've seen a little bit more of that you know sellers really focusing more on building brands uh collaborations with influencers for example uh rather than traditional giveaways so that like old school kind of strategy is completely gone my opinion uh still some happening here and there But overall, I think the space has just become a lot more sophisticated per se. And I already said it in a comment a couple of days ago, but I think this year we've seen some, but next year even more, we're going to see a lot more data coming in straight from. A lot more, sorry, I didn't mean the last word. A lot more data, like real data. 00:02:40 Yeah, straight from the horse mouth. So yesterday I got access to this amazing, I think it's called IQD report from Amazon, which basically tells you everything that is wrong with your account, the ASINs. And so getting it straight from Amazon is going to change drastically the way we operate. You're checking those leaf notes, huh? Matt did with Danny a few weeks ago. That was, that was really good. Yeah. That's been around since, you know, since the dawn of time, but it's just now, you know, a lot of people are starting to hear about it and really get into seller sessions and to Matt and Danny, a lot of people kind of disappeared off the radar is a big thing in like 2015, 2016. And then it just kind of got forgotten about. 00:03:29 Yeah. It's quite interesting. Because I had screenshots. I won't say where from, which had the, from the Amazon seller central perception of it and what they meant to them. And then what he was delivering on was he's dealing with an account manager and their approach. So it's quite interesting. It's like how lead nodes broke down, but it was sold to obviously our last guest based on, no, who was it? It wasn't Matt, was it? It was, I'm trying to think who it was. His name escapes him now, but I'll put it in the show notes. But it's the way that the account managers were saying in relation to ranking. Now in Seller Central, most people wouldn't know anything about lead nodes. 00:04:11 And this is why we said on the show, if you're going to contact them about lead nodes, most of them will have no clue what you're talking about. Yeah. More than likely is the catalog team. So you use a distraction by contacting the catalog team. And then ask them about leaf nodes. So you go in on something else, an issue with a flat file, for instance, get the catalog person on the phone and then start chatting with them about leaf nodes and see if they pick up on it and then see if it can be requested that way. But it'd be interesting to see, we'll do another show on this in the impact of the leaf nodes over a longer period of time and the relevance of it in terms of the impact on ranking. 00:04:51 Now he's seen some changes. But that was quite a short period of three to four months. But it'd be nice to do it on a load of products to see where it's consistent. One thing too, Danny, on that, if you're dealing with something complicated, like you just said, a lot of people with seller support may not even know what a leaf note is if you contact them. One of the things you can do, if you ever have a technical issue like that, that's kind of above the pay grade of the typical seller support agent, call on a Saturday. And on Saturdays, you often get the Costa Rica team, which is much more intelligent and much more sharp on things. 00:05:25 So if you have a major issue and you're just getting nowhere, try opening a ticket or calling on a Saturday, and you may have a lot better success. Yeah, indeed. It was Benjamin Weber. Yeah, that's right. It's Benjamin. That's right. Yeah. So, Mina, welcome to the show. We were just talking about kind of sum up with two points for you. 2022 before we move on to 2023. So do you want to give us two key points that sums up your 2022 on Amazon? Yeah, two key points that sums up 2022. The first thing that I think I really did well in 2022 was to lay out my analytics a lot better and start being a lot more focused on my goals versus haphazardly doing PPC or changing a listing image. 00:06:13 And so, what I mean by that is, what you know, we started looking at at our data as a funnel. And so, we're launching campaigns, we're doing whatever organic traffic methods, and we're getting a certain number of sessions into the listing. And so goal number one was to bring more sessions into our listing with and spend less money. And so, and then you know based on the number of impressions versus the number of clicks we're getting, improving the click-through rate. And then based on the number of sessions that we're getting versus number of conversions that we're getting, improving the conversion rate. And then breaking that down and saying, okay, what is my limiting factor right now? Am I getting a lot of impressions and not enough clicks? Let me split test the main image. 00:06:53 Let me change my price, whatever. And so when we started getting a lot more data-driven and constantly focusing on one thing at a time and improving that and going deeper versus going to the conferences and you hear 17 different things that you can do. Kevin King shares 61 hacks with you and then you try to implement them all at once. They're amazing. but um, I think I learned that like trying to do so many things at once and and hoping that you know you see the revenue go up versus saying, okay, I'm gonna take a step back and focus on one thing at a time. So, that was was one of the biggest things uh for me uh in you know 2022 and going into 2023, I'm I'm uh going to focus a lot more on the the as much as I'm very meticulous with my PPC and I'm constantly you know either trying to scale my PPC or optimize for profit. 00:07:40 I'm going to do the same thing with my conversion rate optimization. So it's going to be very data-driven. I'm going to analyze every piece that, you know, every lever I can pull to improve my click-through rate, every lever I can pull to improve my conversion rate, and then constantly change one thing at a time and notice that there's an improvement in click-through rate, improvement in conversion rate. And I think if I stack 52 weeks and I can improve, you know, 0. 1 to 1% on click-through rate conversion rate over 52 weeks and then you know drop my my cost of traffic or improve my my uh you know advertising a little bit every single week for 52 weeks I have a huge growth you know in the business cool right so let's get into what the show is going to be about today which is taking a look where do we see the crystal ball, we'll get half of it wrong, get half of it right. 00:08:29 2023 kicking off with you Kevin what can you see in terms of The good, the bad, and the ugly. Let's have a look at what you can see. The landscape's going to look like, and give me your understanding on where you think things are going in 2023, the good and the bad and the ugly, basically. Yeah, I think Amazon's going to continue to grow. It's going to be a slower pace, but you're going to see it continue to grow, so I'm not worried about that. I know the stock is down, but Amazon's strong. I think the Motley Fool just said that it could be actually a good buy. They expect that to actually go up. I think you're going to see some more changes in like what Leo said of Amazon releasing additional data. 00:09:10 So more data straight from the horse's mouth. I think you're going to see more more of that. I think you're going to see more on the on the like the training side of things. You know, it used to be go on YouTube and you have some somebody saying you can make a million dollars on Amazon. Here's some screenshots. And, you know, look, I can buy it product for a dollar and sell it for 20. That's a 6 ,000% profit margin or, you know, crazy stuff like that. I think you're, you're seeing, you're going to see a change in a lot of the training and it's already happening with like what Brandon Young's doing with the e-comm camp, the more hands-on, I think that's what it's called. 00:09:43 The more hands-on or camp e-comm, the hands-on approach, Titans already doing it. Some of the others, I think you're going to see the people that are getting into the space or the people that are already there, maybe a little bit lower level, are going to see more hands-on type of training rather than just one way. I think you're going to see more inventory stuff. I think the problem with the inventory controls, Amazon overbuilt their warehouses, and that's one of the reasons they're doing the ship with Prime, if you have a Shopify store or something. But the problem with the restrictions, I don't believe was a space issue. That's my personal belief. I believe it was a labor issue. I think they couldn't hire enough people to actually process everything. 00:10:24 And so I think some of that's going to get sorted out. They have the space. It's not an issue that I think it's labor and systems. So I think that's going to, you're going to see some of that. I think you're going to see on the PPC side, I think you're going to see more, you know, there's some people doing this already, but day parting and going back. I mean, if you take your go back and if you've been selling for a while, go back and download your last six months or last year's worth of sales and actually analyze that. And see exactly when your sales are coming in and create like a graph. There's spreadsheets and stuff that will do this for you where you can create your own and actually do day parting. 00:11:02 I think that on PPC, you're going to see a lot more emphasis on day parting, not only days, but days of the week. And I think that's going to affect tacos. And for the people that really nail that, I think it's going to make a huge difference. I think you're going to see price pressure still. Shipping costs are way down. So that's a good thing. But inflation is here. I mean, so everything is going up. So I think you're going to see some pricing pressures. I could keep going, but I'll let the other guys. No, no, keep rolling. And then the boys can also roll in as well with loads. So finish off what you're saying, Kevin. You were on a roll there. I think Amazon, some people say, has Amazon jumped the shark? 00:11:44 Is it too late to get in? No, it's still a great opportunity. But like what Leo was saying earlier, it's about brand building. uh you you've got to come into it now can you make a little bit of money just selling knickknacks or whatever sure some some people can have a random success there but it's really more about building a brand building a a loyal customer base um you know i think uh you're gonna see a little bit more people try on walmart walmart's still just a tiny fraction for most people of amazon i i think shopify is gonna could potentially as soon as you know they've been teasing this for a while if it actually happens in 2023 Shopify marketplace could be a game changer. 00:12:20 And it could be actually better, in my opinion, than Walmart's. So I think a lot of Amazon sellers need to be paying attention to Shopify, especially now with the fulfilled with Prime option and pay with Amazon checkout or whatever you could do with Shopify. I think that could be the number two marketplace if and when they get that launched. I think that's a major game changer for e-commerce sellers. You have new markets opening up. You know, a lot of people stick with the U. S. or they stick with Europe. But you have Colombia opening up this year in February. That's 50 million or close to 50 million Spanish speakers in Colombia. You have Chile opening up. You have two or three. I can't remember off the top of my head, but I know Chile and Colombia. 00:13:06 That's that's could be I think the Colombian market could be a good market. I think that's going to be better than like UAE or some of these other smaller markets, better than maybe even Australia. Yeah. Because there's a lot of e-commerce. Just quickly on the Australian thing. I've got a client that's just hit 1 million over there. Obviously, Australian dollars, not US. But there is starting to see a bit of a lift. It didn't obviously down to product level, whatever, you know, category, et cetera, et cetera. But it was very interesting. It was like you'd done a million in that territory. It just really surprised me. Even though it's Australian dollars and there's a difference between that and the other currencies, it's still a good jump in sales for Australia. 00:13:45 So that's interesting. That's really good. I think you're going to see on the software side of things. It's going to be interesting to see what happens with, you know, you have assembly in Carbon 6 and there's another one, LeafJumper. I forget the name of it. There's a third, what's it called? Three Colts. That's it, Three Colts. Yeah, I couldn't remember. That's a strange name. Three Colts. You got three of them that are, and I think there's a couple others in the works right now that are trying to roll up software. I think it's going to be interesting to see what happens there. That's not that easy to integrate. All these different systems, and to 00:14:20 integrate, you know, you're buying 20 different systems, some written in Python, some written in PHP, some written in this, and trying to integrate all that is is going to be I don't know, it's going to be interesting to see how, how that shakes out, yeah, um, so I think that's going to be an interesting place to watch, uh, the aggregator space, you know it's kind of died off, uh, it's still there but you're gonna see I think next year's even more consolidation, I think you'll see a few of the aggregators actually emerge fairly strong, yeah, and, and, and come through. And I think that's from a seller's point of view. I think the, you know, people are always in the past, always talking about like Chinese sellers or Asian sellers having an advantage and we're always competing against them. 00:14:59 I think it's good. The aggregators, the strong aggregators are going to be the major competition and a lot of categories and a lot of products, not, not the Asian sellers anymore. And I think that's something you've got to pay attention to as well. Cool. Right. So I counted 57 tips there from Kevin. Leo? I need four more. Minus said I've got to do 61. No, 61. You've got to do 57 and then me to do 58. Leo, go. Yeah, Kevin did a good job summarizing what I think is going to happen. So from a good side perspective. I agree with Kevin with regards to Amazon being always the major player in the market now, and I don't see them going anywhere. I'm seeing, though, a little bit more sophistication on the logistics side of things. 00:15:53 Whether you're looking at it from a multi-channel sales perspective, so you list on one side and that goes syndicated over different platforms, as well as the AWD, which is the warehouse and distribution network that Amazon just made it available to us, which I think is very, very convenient for a lot of sellers who are just starting using it. And it allows us to ship to them and then they will basically just fulfill or keep the inventory in stock to the FBA fulfillment centers automatically as they see the stock levels going down. So that's also a good game-changer. But what I like about Amazon, even though there's still a lot that needs to be fixed, is that they're actually listening a little bit more to us. 00:16:41 So that's one thing that I would put in the good bucket. I see a lot more surveys coming from Amazon. They want to know what is it that we like, what we don't like. I think a couple of weeks ago, they sent me a survey asking what I would change in the Vine program because they realized that getting reviews is very difficult, right? And so I see the opportunity still being there and strong. On the other hand, I think it's going to be a little bit more difficult. We've already seen the minimum kind of entry-level going from 5,000 to 10,000 all the way to 40, 50. The product that we recently launched, I had to spend over 100K in inventory alone. 00:17:25 So the entry point is going to be much more challenging for the average entrepreneur who wants to. You know, become or reach their financial freedom in in a matter of a few months well, which is what we used to work really well a few years ago. Um, now when it comes to the software space, I agree with Kevin; I think that's the ugly part of what probably we're going to see a little bit more um consolidation-you know, in a way that um some probably players will probably fade away and some will become a lot stronger. And that will be strictly uh dictated by you know the level of innovation I think, but also how Amazon plays the game because if Amazon keeps releasing these tools, there will be less kind of a need from a software player perspective to um, Keep innovating and figuring out how to make the seller happy from a data perspective. 00:18:28 Because now it's going to be Amazon releasing the data. And the first-party data is obviously much better. One thing that I haven't seen probably Amazon doing is the proper keyword research tool. And if you look at Google, I always give Google as an example, being a major advertising player, being the major advertising network out there, Obviously, giving a keyword research tool goes hand in hand, right? That's what's missing right now on the Amazon platform-we have the brand analytics, we have the query report tool, but we don't have a proper keyword research tool that allows me to see actual search volume, total click-through rates, and then all of this stuff that helps me build a better campaign also geographically, so based on geolocation. Because some products may work better in Los Angeles versus Miami. 00:19:22 And so that's the kind of sophistication that I like to see on the advertising side of things. Amina, you can talk more about it. But that really depends on what Amazon will do next year. And I think next year is going to be the year where we see a lot of that coming directly from Amazon. Also, one thing that I liked this year. Is the approach with the collaborations with influencers, which I think is going to become more and more like a lot stronger in the next year and going forward, because it makes you as a seller a little bit more independent and less reliant on what are the tools available out there. So one thing that I predicted a few years ago, and it happened in a different way, was Amazon turning almost into a shopping cart kind of solution, similar to Shopify. 00:20:20 The reason why I say that is because the number of reviews on average went from a few thousand to five, six figures, right? Like you have the average Vitamin C or Solar Conspiracy, they have 100,000 reviews, right? So getting into the space after this niche is almost impossible, unless Amazon. Changes the way they display the reviews in the only account for the past, for example, six months, which I think is the right way to do it because if you had a problem with your supplier three years ago and your average review rating went from 4. 7 to 4. 4, you shouldn't be paying for that mistake if you already fixed it. And so displaying 4. 4 on a product that now is worth, it's a 4. 00:21:05 8, I'm afraid is, you know, it's not cool for the seller that already worked hard to fix that problem. And so if they display an average of the past six months based on their most recent ratings, I think they will change drastically the game. And so going back to Amazon becoming this checkout platform with the brand referral bonus, which gives you the 10% back, they almost did it. So you can now send your own traffic. I was hoping to see the full 15%. Given back to you because you're sending your own traffic. So in that case, it's not Amazon that's sending their own traffic, it's yourself. And so you shouldn't be paying their commission at all. 00:21:49 Yeah, they can take a commission on the checkout like anybody, other merchants do when you pay by credit card, but the actual traffic referral fee should be free. And so I see that happening more, which I think is going to give a lot more opportunity for us to treat Amazon as this checkout platform. And then we've seen Amped doing a good job getting Amazon to remove the ads. So if they collaborate more with the sellers, then I'm afraid that also for them, a much better way to compete with Shopify, which is trying to really fight against them when it comes to providing e-commerce platforms. So there are a few things that will be interesting for us as sellers. It will give us more opportunities next year. 00:22:42 But the major players are those that actually, in this case, have to make some changes on their side. But we will keep seeing the Amazon community definitely growing more because we see software providers putting a lot of money into the space. So yeah, I definitely encourage sellers to keep an eye and new sellers obviously approaching this space because we are here and we are here to stay for the next few years and we'll always be able to figure out how to succeed on the platform. So that's my opinion when it comes to the different buckets and how do I group them. Cool. Mina? Perfect. I mean, these guys are hard to beat. It sucks that I'm going in last place. No, it's all good. So my predictions, I wrote a few down. 00:23:40 First of all, I think the platform is getting very sophisticated, like both Leo and Kevin mentioned. I don't think there's going to be any room anymore for those single sellers to come in. Because another point that I'm seeing is a lot of people that three years ago, we had a conversation. I mentioned Amazon. You know, let's say like Gap, right? You've heard of Gap, like Nitroflex or whatever does a million a month is a pre-workout. They used to say, 'we don't care about Amazon.' And now those same people are really putting a lot of attention into Amazon and they have a lot more money than a lot of people. And so it used to be three years ago, people, you know, most big D2C brands and whatever didn't really care about Amazon. 00:24:23 They wanted to, you know, have the buyer and the consumer and all of this stuff and have all of their data. And I'm seeing that, they've felt enough pain or seen enough threat from Amazon that they're all moving in to Amazon. And so with that comes, they're not moving in alone. No $10 million brand is coming in and saying, okay, guys, let's figure this out. They are hiring the best agencies out there. They're hiring the best freelancers. They're making them fight. They're getting the best out of everything. They're milking everyone. They're at the same time building an in-house team. And so the pace is a lot faster now on Amazon. Everyone's pushing the pace. I don't think there's going to be room anymore for those single sellers to come in with, like Leo said, a $10,000 investment, which leads me to my next point. 00:25:11 I've seen now if you nail the launch, you're good. And nailing the launch means you come in with enough inventory, a lot of velocity, and a lot of mixed signals to Amazon saying, okay, we're using PPC. We are, we are using you know, maybe DSP we're sending uh external traffic, we've fully optimized the page for as a brand right, so we've used every single element on the page um, and then if you if you do that, you end up and I probably Kevin is is the king of this right uh of launches right, so if you do that, you end up staying up, and the algorithm kind of helps you, if you don't, you're 00:25:49 kind of dead because everyone else is nailing their launches; everyone else is giving those signals to Amazon um, and I like more and more now the brands that come to me, and they're like 'we used to do so well and now we're out of stock, we are like everything right, spending more money on PPC improving their listing reviews split testing everything we can, and it's almost impossible to get them back to where they were when they did like a haphazard launch. Sorry if you guys hear a plane. One of Mina's launches in the background. So yeah, I mean, that's kind of, I'm seeing more of that. One thing both Kevin and Leo mentioned that I want to touch on is analytics. So they're releasing a lot more analytics and Amazon marketing stream and all of that stuff. 00:26:36 I've been very, very, very heavily experimenting with this stuff. And I can tell you this, more times with brand analytics and marketing stream, I'm seeing that the data is not accurate. Like they're telling you the conversion rate between 12 p. m. and 3 p. m. is like twice as high. And then you do all of these things. They're telling me that the top three competitors are getting 98% of the conversions, you know, on this keyword. Their sales don't make sense. It's a keyword with 50,000 searches a month, according to Amazon, and these top three. But if you look at their sales, it doesn't make sense. So I'm seeing more data come from Amazon, but I'm seeing more inaccuracy. And I think it's going to get fixed eventually. 00:27:24 But this is the thing with ACOS that I've been talking about for so long is people come in and they're like, Mina, we need to get our ACOS under 35%. I say, we don't even know if that's the real echo like half the time it's wrong because you know if if we don't track total spend total sales that that um thing in the middle is broken and so the people that know a lot about this is the Facebook ads guy and the Google ads guy because the Facebook ads guys are used to running Facebook, Google, YouTube ads uh tick-tock whatever and it all comes in. And you're like, okay, who caused the sale? Because Facebook says that it got you $25,000 in sales and YouTube said it got you $13,000 in sales, but you only had $28,000 in total sales. 00:28:09 So who was right? And so, I think sellers should consider that the data that they're getting is not fully accurate and start looking at more like first-principle thinking and being like a scientist. If I can't tell what happens in between point A to point B, what can I do to validate some of the data or come up with my own data? So just kind of because everyone I know, as soon as Amazon releases stuff, everyone starts posting about it. But I've just seen a lot of inaccuracy. Like I said, less ability for single sellers. And this goes more to Leo's point. I think Amazon is behind Google and they're catching up to Google's like advertising abilities. There's also Google Optimize where you can split test different pieces of the listing. 00:28:54 I think that's also on the horizon. But with sophistication means that there is no longer room for you to be a single seller that is super sophisticated. Creating products validating the market, uh like I know people now before launching they will spend at least two or three thousand dollars in polls on product polls so they know and understand that they will beat the competition before they go in so as a single seller, you're coming in. You're doing product research, market research. You're doing these polls. You're a sophisticated logistics and supply chain person. You're also a sophisticated advertiser and conversion rate optimization. And you're getting reviews. And you're building a brand. So it's getting too much that now Amazon is also kind of getting to that level of Shopify where most brands doing over a million a year on Shopify. 00:29:44 They have teams and it doesn't mean that they have in-house, like they have a team of experts. It could be agency, it could be in-house, it could be freelancer, but it's no longer like, yeah, like I launched the brand on Amazon and I'm able to do everything. I feel like that's going away very quickly because even the ones like us who have been on Amazon for a while, I'm starting to notice, like, man, I really need to have a dedicated person just for this because it's like Amazon now, supply chain, I can't even sleep on it because, if I see us dip below 30 days of inventory, I'm starting to notice our sales are declining. So, you know, like now I have to be even better because I have to make sure that the ports are going to be fine. 00:30:25 I have to make sure that I'm placing orders on time. It's, you know, it's no longer simple what I'm getting at. In terms of software, I think simple software is going to die. So, the set it like, oh, we have the solution. You click a button and it does everything for you. With the sophistication that stuff dies, the people who are are building software that is is made for stronger teams and and you know sharper uh people, and agencies that's gonna you know keep going and again, this is a very simple right if you survey the market and the people who are using the tools and you continue to to kind of cater your tools to that market, you're going to succeed. 00:31:02 But if you're if you're not serving the market and you said you know We think that everyone wants an automated solution. We think that everyone wants like a simple like click a button and you don't have to worry about it anymore. I think that stuff is going to go away. There's no more. I don't think anyone here likes really thinks that you can click a button and then you're going to succeed on Amazon when all of us are like busting our ass every single day. Like I'm praying to God that there's more people like that so I can beat them. You know what I mean? Like I'm praying that there's people saying, 'oh, simple, simple automation.' I'm like, perfect. Because in that zero point one dollar, you know, mistake that you make, I'm going to take advantage of it. 00:31:39 And so that's kind of how I've been. That's kind of that's that's my predictions for 2022. I think, too, on that software that he's mentioned, I think you're going to see. A lot more true AI integrated into Amazon. That was what I was going to come on to next. There's a lot of tools out there right now that say they're AI. They're repricers or they're PPC management, saying, 'We use the AI.' That's bullshit. They're not using AI. It's just an algorithm. It's horseshit. But true AI, like ChatGPT, to build a listing, to analyze reviews. If you haven't played with that and gone in there and tried it, it's amazing what you can do. It's not perfect. But it's absolutely amazing for list building, for analyzing reviews, analyzing competition. 00:32:22 That's going to evolve. There's already software, like I think Percy. AI, I think is one of them that's actually kind of trying to do that. It's specifically for Amazon sellers. There's several others, but I think that's going to become a bigger player for Amazon sellers. Building listings, analyzing listings, doing split testing, like you said, where Amazon may allow you to split test more parts of the listing and you'll be able to spit out 50 different bullet points and just rotate through them and find the perfect one. You don't even have to write them yourself. I mean, you got to tweak them maybe a little bit from what it gives you, but sometimes it gives you amazing stuff. 00:32:59 It's mind-blowing where it's at right now and where it's going to go is going to have a major impact across all industries, including a couple of other things you know, just add into the the list that you mentioned there, uh, reinstatement letters. You'll get about 70 to 85 percent right in terms of you give it to, to the chat and basically it will spin you up about 70 to 80 percent correct for you to make adjustments on it. What else was there? Um, customer service. So customer service response depends on your team. Then, obviously, it can become more and more sophisticated. Anthony Lee's really hot on this stuff. He's writing prompts and all sorts for it. I also use, combined with that, is software called Copy AI. 00:33:45 And basically, it breaks it down, everything into blog ideas, freestyle, bullet points to blog sections, product descriptions, digital ad copy. So it's got ad copy variants, Facebook headlines, Facebook link descriptions, Facebook listicle, Facebook primary text, general ad copy, Google description, Google headlines, LinkedIn ad copies, and then it's got startup tools, brand mission, brand voice, motto generator, website copy, call to actions. meta descriptions. It's just endless. Even those who are not native English speakers, a lot of times you can tell on their listing. And you can tell it's kind of a broken English. They can use this stuff and have perfectly Kevin, in the last three weeks I've turned into fucking Hemingway. I could barely read and write. And now I'm turning into Hemingway. It's amazing what this stuff can do. 00:34:39 I was having a chat last night with Dima. You guys know about this. And it was very interesting. From a cup of tea, I went into a few of them. But this is going to lead us or is going to lead the Amazon space turning into semantic SEO optimization instead of what we do today. Because right now, everything that we do on the listing starts with a keyword. Everything we go and it's like, you know, we look at the keyword and then we find a bunch of other keywords and rewrite the titles of the bullet points and the description. It's all based on the seed keyword that we found. As AI starts playing and there's more tools based on AI will come out next year, the engine itself, the Amazon engine itself is going to retrain over time because now the copies are written based on what the AI was trained on, which is all this bunch of different documents, right? 00:35:39 If you guys know how those models are created, which is semantically based and topic-based instead of just the keyword, right? And so what my prediction was that if you add a keyword in your listing that is not strictly related or contextually relevant to that topic, you're actually going to damage your listing instead of helping. And the example was, Some people put in the backend keywords, Kim Kardashian, if they're selling a weight loss supplement, right? Because maybe they're hoping to rank for Kim Kardashian weight loss. That Kim Kardashian word in the search term, backend search terms, is going to actually reduce the relevancy of your listing to that specific topic because you use that keyword that is completely unrelated. 00:36:27 So that's really, I think, what's going to happen the more we use AI next year and the years to come, which is a good thing because we, I think, we're going to be able to rank during the honeymoon period a lot easier if we do a good job from a semantics SEO perspective compared to just, hey, you know, let's start the title with this word. But we'll see. That's all, you know, like obviously a theory at the moment, but that's my opinion. And one of the things I just did with the AI, I was just playing around with it a couple days ago, and I just took a random product. I think it was a Slow Feed Dog Bowl, and I'm actually going to show this next week or two weeks from now, Leo, at the event we're speaking at in Brooklyn. 00:37:11 But I took it, and I went and I used X-Ray, and I just downloaded the reviews, and I said, show me just the four-and five-star reviews and the most common phrases, the 25 most common phrases that people are using. Dog eats slower. bowl doesn't slide or whatever. And then I took those and I put it into ChatGPT. I said, make me an Amazon product description using all these that's positive. And I forget, I put a few other parameters in there, and it's less than 300 words or something like that. And it spits out something that was amazing. I mean, there was one or two little tweaks in there that I had to fix. It spits out something that was amazing. So what you can do with this stuff is kind of mind blowing. 00:37:50 I agree with what Leo just said, that if you have the wrong keywords, because Amazon's probably going to have some sort of AI that's looking at it and looking at relevance. And they already have something similar to that. There's a name for it. We had someone on the Helium 10 Elite like three years ago come on and talk about how it can tell, like you say, big buildings. Someone types in big building as a search term, but you don't have the word big building anywhere in your listing. But you have the word Empire State Building. It actually knows that's a big building. And we'll actually show your listing. So there's going to be something along those lines where relevancy is going to become even, the relevancy of your listing is going to become even more important. 00:38:29 And trying to game the system is going to become harder. Yeah. Is there any other final points you want to cover before we wrap? No, 2023 is going to be an awesome year. I think it's going to be a good year for everybody. And I agree it's going to become harder, but it's still a great opportunity. Definitely. Yeah, I would say to those listening, first of all, I hope to see you in May in London at Dennis' event. And Kevin, you're doing one in June, I believe, right? In Puerto Rico? Yeah. But what I would like to say is pay attention to what Kevin said at the very beginning. There are especially now with TikTok and videos on TikTok going viral so easily, so fast. 00:39:13 Pay attention to these fake gurus that promise you to make it quick because it takes a lot of work. It's not like Mina said, it's not just one man show anymore. You need to really understand how to build a business. And that's really you know, I will wrap here because I don't like when people then eventually come and you know they lost a bunch of money because someone said, 'Hey, you know, like give me five grand and I'll make you rich.' That's uh, I-I would actually argue this is getting less and less now because the platforms are more and more difficult. You need more and more money to invest; it's very hard for these to pull off the old passive income thing. 00:39:50 So I think we still got them out there, the scammers and stuff, but it's becoming less and less because people are fully aware is that it's no longer the days of 500, or $1,500, to get going. I think there is still an opportunity for someone. I agree with everything that you're saying. It takes more money to build a brand and to have that freedom, like Leo said. But I think someone that starts with five or 10 grand, there still are some small opportunities there. It's all relative. If I'm in Pakistan and I can scrunch up five or 10 grand to launch some random product that sells only 10 units a week or whatever. But I can make $800 profit a month. That's more twice what I'm making, you know, working in an office. 00:40:31 That's life-changing for me. So it's all relative for us. You know, it depends on what your goals are and depends on what you want to do. I mean, from the scammer's perspective, it's harder for them to flog this dream lifestyle now than what you could in 2015. Indeed. Mina, final words from you? Yeah, final words. I definitely don't want to discourage anyone from starting. I still think Amazon is the best place to start. I think for me, it beats going D2C and Facebook or trying to go to a retail route or something. So if you're going to start a brand, first, I would say start a brand. Come up with a solution to a problem that's better than everyone else's solution, actually making a difference in the world, and then get sophisticated. 00:41:13 So just work hard. Listen to everything Kevin King and Leo and Danny is putting out there. And just expect that everyone out there is working as hard or harder than you. And if you get into that mindset, you'll be fine. I mean, you know, I don't go into like, I don't go into like a fight thinking like, I hope this guy's eating burgers and pizza and is going to be an easy fight. Like, you know, these guys are working their ass off. So just expect that everyone's working really hard because it is a big opportunity. Maybe three, four years ago, no one knew about it. And now everyone does. So just if you work hard and you have the right people around you, you should be fine. Indeed. Guys, thank you for joining us. Ladies and gentlemen, I hope you had a great 2022. I would look forward to having a great 2023. Tomorrow is New Year's Eve. I hope everyone stays safe, goes out, enjoys themselves if you are celebrating, and I look forward to seeing you all in 2023. Take care. Happy New Year, guys. Happy New Year