As a former private investigator, Ted of Rhino USA knows how to do his research. After trying several inventory management tools, he knew that RestockPro was what his business needed.
As a private-label seller in a very niche market, Ted can’t afford to run out of stock. In fact, when he realized how much money he was losing every time he was sold out, he became determined to make some changes. Recently, Ted shared his incredible story with us.
Many Amazon sellers are just starting to learn the ins and outs of business when they begin selling online, but Ted is a self-described serial entrepreneur. By the time he started selling on the Amazon marketplace, he already had an impressive portfolio and years of experience. It was time for a new challenge.
In 2014, he took an Amazon strategy class and knew he was on to something. Realizing the potential of launching an eCommerce business, Ted decided to take a risk. “I kind of dove in with a brand at that point,” he said. So far, that has proven to be a very good decision.
Private Label, Niche Market
Drawing inspiration from his background in private investigation, Ted initially started selling security-related items but eventually moved on to something else after the market became flooded. After exploring some other options, Ted found another niche and focused on how he could use his assets to set himself apart.
Tired of his chosen market becoming saturated, Ted started selling premium automotive and powersports accessories because he realized others could not easily copy his business model.
“I knew I wouldn’t have tons of competitors coming into that niche because there is a minimum required capital investment that most people don’t have. They don’t have the ability to warehouse products, palletize and ship, to do the real fulfillment stuff I could do with my existing resources. That’s why we started Rhino USA.”
Inventory is a Full-Time Job
Initially, Rhino USA relied on spreadsheets for inventory management since they are free and familiar. While attending an 8-figure seller training event in Las Vegas, Ted asked one of the panelists about the challenges of fulfillment. This is how he learned about RestockPro.
“I just immediately Googled it there at the conference and I saw what it was all about and what it could do,” Ted explained. “So we tried it out a little bit, and it was exactly what we looking for and it was doing exactly what we need, so we jumped in.”
The company was launched by Ted and his two sons who manage graphic design and marketing among other operations. With two California-based warehouses, it became clear, however, that they would need to hire someone to keep track of inventory full-time. Today, their inventory manager “works exclusively in RestockPro every day.”
Money Lost, Lessons Learned
Before attending the conference, Ted had never noticed the inventory tab in his Amazon seller account. This feature allows merchants to review how much money they’ve lost over a certain period of time by being unable to fulfill orders. What this experienced entrepreneur saw shocked him.
“I popped that tab open and I saw that I had lost $64,000 over the last 60 days because of products that were out of inventory. I freaked! I didn’t even realize that this was that costly of a problem to me…that was the driving force, realizing how much I was losing by not having those products in stock all the time.”
Ted definitely feels that RestockPro is worth the investment for his high-performing company. He explained that, even with paying a monthly fee for the tool and hiring a full-time warehouse manager, he still comes out ahead because he never runs out of inventory. He uses RestockPro to know when to place reorders, create his purchase orders, track what’s in his warehouses and create his shipments to the FBA fulfillment centers. RestockPro automates these processes and helps him keep track to ensure that everything he sends is received.
In today’s economy, the success of a business will depend largely on how well the owner adapts to the ever-changing landscape. Ted recognizes that, even as an experienced entrepreneur, he needs to attend ongoing training and be open to new ideas, information and technologies.
He’s a great example of how being proactive can keep your business healthy and afloat, even if you have to change your niche. If at first you don’t succeed, try, try again!
Tired of all the spreadsheets and guesswork? Have you been losing money because you’re always running out of stock? Sign up for a 21-day trial and see how RestockPro can transform your business and make inventory management a breeze!
This post spotlights a satisfied user of RestockPro. This article is a part of our series highlighting merchant success stories. As a thank-you for participating in this article, the customer received one free month of RestockPro. If you’re currently using RestockPro and are interested in participating in this program, click here to request information.