Byte-Sized Banking: Pioneering Payments Solutions For Amazon Sellers
We got exclusive interview with Head of Partnerships at WorldFirst, Mr Barry to explore the evolution of payments with insights from fintech leaders. The episode provided a candid look into how the industry has transformed.
Mr Barry, with over 15 years of experience at American Express and UOB, discussed his observation that “Fintechs have greatly impacted payment providers.” Noting the rise of new solutions attracted investors, significantly challenging traditional banks that had monopolized the market.
Top entrepreneurial challenges were also addressed as it was explained that Amazon sellers faced “very high competition” globally. Especially so when sellers from China have an advantage sourcing “directly from factories, allowing lower prices.
Here are 5 strategies for weathering Amazon’s competitive storm:
1. Be innovative
2. Develop long-term branding
3. Find your niche
4. Master cash flow
5. Utilise Amazon Seller Central’s product research
(You can hear more about it in the Special Interview here)
Some of the other top challenges faced by Amazon Sellers were short-term financing.
And with every complaint, there is opportunity for improvement or a brand new product!
For WorldFirst, that innovation was to be the one-stop-centre for Amazon Sellers to transfer and receive payment, but also to apply for loans for funds that help tide over procurement periods.
While for Sellers, that opportunity comes in choosing a winning product. Mr Barry’s shares from his experiences with sellers – both successful ones and those starting out that one should not overlook the power of research. Perhaps school may have prepped us for our businesses (by doing homework) without us knowing it.
Constant disruption will spawn new business models that blur categories. Success lies in quick adoption of emerging solutions, whether partnering with innovators or becoming innovators oneself.
Do check the full interview to get the golden nuggets on which suppliers you can opt for (or not) and how customisation can work for your business.
This revealing discussion unpacks insights entrepreneurs can apply when navigating new frontiers of digital business. With the right strategies, opportunities continue emerging despite disruption shaping the evolving payments landscape.
In case you’re an entrepreneur or planning to start your own E-commerce business, we interviewed 2 interesting business owners who gave us pro insights to Brand building, Profit Tactics and Growth Hacks!
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