Rising to the Top in the World of E-Commerce

How do you think AI is changing our businesses, and what exciting advancements or possibilities do you see for AI in the near future?

The worlds of e-commerce and AI are changing so fast, it sometimes feels impossible to keep up. Fortunately, Chad Rubin, Founder, and CEO of Profasee, is a renowned expert in e-commerce, Amazon, and leveraging AI strategies, and shares his massive knowledge with Meny on this special episode of Let’s Talk Business. Listen in as they talk about how Chad sold his business (and what you can learn from his experience), the opportunities and threats associated with ChatGPT and AI, whether you should start selling on Amazon and then move into other channels, the most effective way of differentiating your product on Amazon, and much more.

Transcript

[00:01 – 07:27] Opening Segment

• How Chad launched his startup and exited it

• Leveraging AI strategies on webinars and conferences worldwide

• The need for events in the e-commerce space

How they can help entrepreneurs become 1% better

[07:28 – 21:14] Why Timing Is Everything

• Why and how Chad decided to build Skubana

• How to know when is the optimal time to sell

Focus on the revenue-generating side of the business rather than cost saving
• The reason why timing is key when selling a business

• How one entrepreneur found success after the “Great Reset”

[21:15 – 35:45] AI is the Future: Maximizing Profit and Discoverability with AI

• AI is still in its early stages but is developing quickly

Business owners can start getting acquainted with AI
• How Chat GPT can make writers better

• Starting a brand on Amazon requires a plan and tight margins

• Chad’s insights about aggregators and Amazon

[35:46 – 45:52] Closing Segment

• Your idea must be differentiated to succeed

• Chad on the rapid-four questions

• Q&A: What is your risk tolerance?

Practical Pointers

It’s much easier to demonstrate how you can make someone money, rather than convince them that you can help them save money. So if you’re developing software, you should emphasize the former rather than the latter.

When selling your business, keep three things in mind to avoid sabotaging the deal: first, maintain the deal’s momentum while simultaneously managing your company; second, ensure that the financial details are categorized appropriately and accurately; and third, create an inner circle of key employees who know about the deal who can help you get it to the finish line.

In order to sell things successfully on Amazon, you need to make sure that what you’re selling is very differentiated from what’s already out there - and the best differentiator is when you have a smart product that gets better the more you use it.

People assume that they can start selling on Amazon and then move to other channels; but this doesn’t usually work. The winning formula for aggregators is the “rise of the algorithm” - where companies take extensive data from the companies they’ve bought, and leverage that data through AI to be smarter than the other brands.

Show notes

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Guest Bio

Chad Rubin

Chad Rubin leads Profasee's operations and oversees its strategy. He often speaks about e-commerce, amazon and leveraging AI strategies on webinars and conferences worldwide. He's also the author of the Amazon bestseller, Cheaper, Easier Direct. Prior to Profasee, he founded Think Crucial and co-founded Skubana, and the Prosper Show. He is also a father, husband and loves coffee and tacos.

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