Proven Amazon Course

127 OEA Podcast - You Dont Need To Be A Tech Genius to Build a Profitable Online Business

What's up Empire,
Joshua Woodward here.

Today we have the incredible honor of having the happiness director and cofounder of Bonanza, Mark Dorsey. If you haven't seen the name bonanza lately you are about to start seeing it quite a bit more. Bonanza is one of the newer and most exciting marketplaces hitting the ecommerce space.

Their goal is to remove the technical expertise needed to build a profitable online business, making the joys of entrepreneurship accessible for all. thier product is built by entrepreneurs, for entrepreneurs. We understand what it means to be too busy for inconvenience.

I am most exited about the integration between both amazon and ebay as well as there ability to market your products for you. I can tell you now this is going to be the ace in my pocket for bundles, new product launches and my private label brands.

If you are interested in learning more about Bonanza go to,
http://theonlineempireacademy.com/bonanza

If you want to join the Online Empire Academy you can find us here,
http://www.theonlineempireacademy.com/

--- Transcripts Below This Point---

Joshua:
What's up, Online Empire Academy? Joshua Woodward here, your podcast host. I don't know about you guys but I know that it feels like a massive amount of technical expertise is needed to build a profitable business. With all these different avenues popping up every now and again, it gets overwhelming. I mean whether you're an Etsy seller, an Amazon seller, Amazon FBA seller, Merch by Amazon seller, they're coming out with a new video program. It gets overwhelming because there's so many different things that you need to keep up with.

Today's guest is trying to eliminate this whole process. If you guys haven't heard of Bonanza, this is an absolutely incredible platform. Bonanza has built a marketplace focused on letting every seller start selling quickly online, as well as easily. It's an online shop that saves up to 50% to 100% over eBay fees. There's an incredible opportunity here in the research and wanting to look into other opportunities to expand my business. When I found Bonanza, I started seeing it pop up in all these different groups, so I was like, okay, I want to find out more.

Guys, we have the incredible honor of having Mark Dorsey on. He is the director of Happiness and co-founder of Bonanza and he's here to share his story. Mark, tell us a little bit about your story. How did you get started with all of this?

Mark:
We started Bonanza ... Actually, Bonanza came to an idea back in 2007 when Bill Hardy who's our founder, he was listing items online for a yard sale. He went on and he created this posting on Craigslist and set up and made signage and over the weekend, it rained and nobody came. He needed somewhere to sell his items. He went to eBay and went to list items on eBay and found the process so difficult that he said, "There's got to be an easier way. I can do better than this." so that's when Bonanza was born . He started coding Bonanza from the ground up in 2007 and then I joined him in 2008 to launch Bonanza and introduce it to the masses.

Joshua:
[Goodness, man 00:02:55]. Explain a little bit more about your role. Obviously, you're the director of Happiness and you're also the co-founder but explain a little bit more about what that title means and what you're doing with the company.

Mark:
Right. Pretty much, my job title is a very motivating title where it just tells me distinctly, what I'm supposed to do every day and that's basically direct happiness to people, whether that be shoppers, whether it be sellers, whether it be colleagues, whomever I have interactions with. Right now, my main jobs are pretty much all of the customer facing roles that we have on Bonanza. A lot of the customer support, our [loss 00:03:33] prevention team and I'm also doing some work with our background burner as well.

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Joshua:
Cool. Explain to the audience, I get a little bit of intro what Bonanza is but explain to our audience what this marketplace is and what the benefit of using it is.

Mark:
Right. Bonanza is an eBay alternative. That's a very short way to tell you about what we do. We do not have auctions on our site. It's either buy it now or make offers. Our tagline is, "Everything but the ordinary." We're a company like Amazon, specializes in items that are mass produced. Bonanza comes back and we specialize in items that are not mass produced, that are unique, that do not have UPC items and we created a way to catalog those items and to bring them to shoppers and help shoppers discover those items.

Joshua:
Is it like eBay in a sense where you're going on and you're creating your own listing and doing all that? How does that work?

Mark:
Right. We basically are similar to where we are like eBay where we do create listing, we do post a listing for sale. We offer a booth versus a store on our site. We also offer standalone web stores. We basically empower sellers on our platform to sign up, create an account. We make it very simple. We remove all of the red tape. We allow them to come and focus on their business, versus on having to learn how to resolve Google app or how to resolve these difficult things. It really shouldn't be their focus. They should be focusing on their business. We've created a lot of tools to empower them and also, a lot of sellers who sell on eBay and Amazon, use Bonanza as well because we created importers and exporters too, so that they can use Bonanza as domain channel and still communicate those other marketplaces.

Joshua:
That's interesting. I want to touch that in a second but first, you talked about the Google ads. What caught my eye originally about what you guys are doing is you guys provide a one click publishing to all major channels. Can you explain that to our audience a little bit?

Mark:
Yeah, absolutely. I love that tool with Bonanza. When Google shopping became a page shopping engine. It kind of shut out a lot of small sellers where they either had to submit their own feeds to Google shopping, which is very ... Google has a very strict way of doing that and they had to learn about Google adwords and so forth. What Bonanza did was recreated an advertising platform within our platforms where a seller could come in and pick on which percentage they would like to advertise in Google shopping and then in turn, we advertise their items to Google shopping and other paid search engines like Bing, PriceGrabber, NexTag and we advertise for them and the beauty of the program is that we do not charge the seller until they make the sale via that channel. It's a win-win. We basically try and empower sellers to concentrate on great titles, great keywords, good images and then we take care of all the advertising for them and we don't charge them until they get a sale via that channel.

Joshua:
Wow. That's where I think there's a difference for me at least. I mean yeah, obviously, if you're searching something on Amazon or rather, if you're searching something on Google and you want to find the best [kite 00:07:01], there you may get a chance to look an eBay listing or an Amazon listing but I love that you guys are actually out there publishing these things and working to get these things on Google shopping and all that. That was the thing that caught my eye most about your platform.

Now you talked about, correct me if I'm wrong but there's some integration that you can do with eBay and is there an integration with Amazon where if you list something on your side, it's also listed on the other or vice versa?

Mark:
Right. We actually do have importers for eBay, Amazon and Etsy and we also allow sellers to import via CSV files and we do have integrations where if you list something on Bonanza that's from eBay that sells on eBay, it's almost instantly removed from Bonanza, so they're not going to double sell the item. Same thing goes for Amazon. One of our advertising channels is eBay. A lot of eBay sellers prefer to use Bonanza to edit their listing because our editing tools and listing tools are superior in their opinion and in mine and so, we offer them the ability to create their listings on Bonanza and manage the listings on Bonanza and then export or advertise their items to eBay. They really don't even have to touch eBay. They can just click a button and then all their listing is populated over to eBay as well.

Joshua:
Gosh. See that, that's a kicker for me because I don't want to have to list seven or eight different times on all these different platforms but you guys are giving the ability. One of your things is making selling easy and you really are making selling easy. I'm looking at this and I'm going, okay, hold on. You're going to do all the Google stuff for me. I just have to get good keywords and I have to post and list my product and then it has the ability to fulfill it on multiple platforms. That's really cool.

Mark:
We actually create tools to make it easier for you to find those keywords and to get all of those requirements. We're not just leaving you out there saying, "Provide us this information and we'll put it over here." We're saying, "Fill out this field here. Fill out this field right here. Here are some suggestions. Save that and we will publish this here." We're doing everything we can to make it as easy as possible for you.

Joshua:
There's a little bit of a red flag in my brain because I'm thinking about all the work you guys are doing. What is the percentage that you're taking on each of these items that we sell?

Mark:
There's no cost to list on our site. You can come in, set up, list items. There's no expense, whatsoever to list. There's no minimum or maximum on images or things like that. We don't nickel and dime you. It's a straight 3.5% when you sell an item, only when you sell. Now, going back to what we talked about earlier, a seller has an option to select advertising. If they want to have their items sent out to Google shopping, to Bing, to these other advertising channels, then they have, I believe it's six different percentages that they can go to ranging between 3.5% all the way up to 30% if they have something that they have a great margin in and they want to sell it and then we take that budget. We blast those search engines for them based upon their budget and again, they're not charged that percentage until they sell via that channel.

Joshua:
That's really cool. I appreciate that. That's one of my biggest frustrations in being in this industry is you go out and do online arbitrage or you're wanting to sell a book or something and you're looking at this and you're going, "Okay, my margin is here, here, here." Then there's so many times I haven't factored in that percentage that eBay is taking out the Amazon or Etsy or Shopify is taking out and you're going, "Oh my gosh. I just lost money at this point."

Mark:
Yeah.

Joshua:
Is there a price point that you typically are telling your customers or your sellers to sell at. Is there something you'd recommend not to sell below? I guess is my question.

Mark:
We let sellers select their own prices. I mean you're in charge in your business. We do not give you any, "You have to do this. You have to do that." We do recommend that sellers advertise at 9% on our site. We feel that that's where we get the most traction and sellers get the most action on their listings but again, it's a choice. It's a choice that you have.

Joshua:
[inaudible 00:11:27] with traffic. I'm writing notes because I know that that's something that ... and I'm looking at it and I'm going, oh my gosh, I have so many listings on eBay. I might as well convert them. I might as well transfer them over because I think that based on what I've seen, even talking with you, it's so selfish. I'm having you on right now. I know it's for the community and stuff but I started getting excited about what you guys are putting forward. What are some things that the community should be aware of? Selling on your site or if they're going to play on your site, what are the things that you would tell them to do?

Mark:
Basically, I would encourage them to utilize the platform in the best way that works for them. It's a very customizable platform. We offer a tremendous tool set. I would basically come to the site with an open mind and set up the site on how it's going to work best for you and your business. Look at all the different ways and feel free to customize anything on the site in a way that works best for you. When you're creating coupons, create them the way that's going to work for your business. Just basically use the site to your advantage and if you have a great suggestion on how we can improve it, please let us know because we're constantly implementing features from our sellers who are using the product. Why would we not want to?

Joshua:
I love that. What are some dos and don'ts?

Mark:
I think the only don'ts are do not list items that are prohibited. We have very good relationships with brands and we have a great brand protection program on our site and we don't want to get sued. We don't want you to get sued. We try and educate people on not listing items that they shouldn't be listing and we always assume the best of our sellers. That's very important to us and everybody in our company. If the seller does list something that they shouldn't list on it, we always assume that they just have no idea and we educate them and help them. Basically, that's probably one of the biggest no-nos that we run into on our site. It's just people not listing items that are prohibited, which is pretty much everything that's prohibited on eBay for the most part or basic things but other than that, the dos are have fun. Enjoy the platform, run your business as you want to run your business, take care of your customers and take care of your shoppers and let us know what we can do to help you and empower you.

Joshua:
Very cool. Do you have any ending words of wisdom for our community and the e-commerce sellers out there?

Mark:
I would say to give Bonanza a look. Take a look at it and see how you can fit Bonanza into one of your channels of businesses that you're using to market your items and enjoy the platform and if there's anything we can do to improve it, let us know.

Joshua:
Perfect, and I so appreciate you coming on. I feel so blessed. Empire, if you guys want to know more about Bonanza, go to theonlineempireacademy.com/bonanza. Again, that's theonlineempireacademy.com/bonanza, B-O-N-A-N-Z-A. Thank you so much and again, thank you so much, Mark for coming and talking to us about this amazing platform.

Mark:
Oh, thank you so much for having us on and we look forward to seeing you and your listeners on there soon.

Joshua:
Absolutely. Until next time, Empire. Have a fantastic day.

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