I Made $12M Selling A Fruit

Summary

Steven, a 24-year-old e-commerce entrepreneur, shares his journey to building over 15 businesses with a combined revenue of $12 million. He discusses the secrets to scaling businesses, finding million-dollar products, and the pitfalls of e-commerce. Emphasizing frugality and sustainable business practices, he reveals his strategies for success, including leveraging influencer marketing, maintaining high-quality products, and focusing on niche markets. With insights into his daily operations and future predictions for e-commerce, Steven's story is an inspiring guide for aspiring entrepreneurs.

Takeaways

• 😀 Steven has built over 15 e-commerce businesses by the age of 24, with total revenues exceeding $12 million.
• 💰 He emphasizes the importance of being frugal with money and not getting caught up in the unsustainable lifestyle often portrayed by 'internet gurus'.
• 🏄‍♂️ Steven lives a semi-retired life in Bali, working a few hours a day and enjoying surfing and traveling.
• 🔑 The secret to his success includes scaling businesses to seven figures, finding million-dollar products, and addressing common e-commerce challenges.
• 🚀 His first business was selling fidget spinners on Reddit, which grew to $250,000 in revenue and sparked his interest in e-commerce.
• 📈 He has businesses in various niches, including selling fruits online, K-pop jewelry, and car accessories, with a focus on direct-to-consumer sales.
• 🌐 He highlights the importance of having a high-quality customer experience and a product that encourages repeat business for long-term success.
• 📊 Steven shares insights into his business operations, including sales figures, customer return rates, and the importance of organic traffic.
• 🛠️ One of the biggest challenges he faces is logistics, including managing inventory and fulfilling orders for customized products.
• 🔄 He suggests using platforms like Notion and Slack for systematizing business operations and hiring remote teams for scalability.
• 🔮 Looking to the future, Steven predicts difficulty for traditional drop shippers due to competition from Chinese companies and advises focusing on high customer lifetime value or high average order value products.

Q & A

How many e-commerce businesses has Steven built and what is the total revenue?

Steven has built over 15 e-commerce businesses and the total revenue has surpassed $12 million.

What was the highest single-day revenue Steven's business achieved?

The highest single-day revenue was around $250,000.

Where does Steven live and what is his lifestyle like?

Steven lives in Bali and enjoys a semi-retired lifestyle, working a few hours a day and spending the rest of his time surfing and traveling.

What are the three main businesses Steven currently runs?

Steven runs a business selling fruits online called meduldays.com, a K-pop jewelry and fashion business, and an accessories brand for cars.

What was Steven's first e-commerce business and how did it start?

Steven's first e-commerce business was selling fidget spinners, which he started selling on Reddit during high school.

How did Steven's business grow from selling fidget spinners to over $12 million in revenue?

After the initial success with fidget spinners, Steven moved on to selling mini anime figurines wearing Nike sneakers, which attracted high-profile customers like Justin Bieber. He then continued to build more brands and businesses, leading to a cumulative revenue of over $12 million.

What advice does Steven give for someone starting from scratch in e-commerce?

Steven advises to be frugal with money, focus on finding a differentiated product with a 'wow' factor, and to avoid the trap of imitating what others are selling in the market.

What are some of the biggest challenges Steven has faced in running his e-commerce businesses?

Some of the biggest challenges include logistics, such as managing seasonal quality of products, dealing with a large number of SKUs in the jewelry business, and customizing products for customers in a timely manner.

How does Steven approach scaling his businesses?

Steven focuses on building solid systems for logistics and marketing. He uses platforms like Notion and Slack, hires teams, and leverages influencer marketing to scale his businesses.

What is Steven's perspective on the future of e-commerce and the challenges faced by traditional drop shippers?

Steven believes that the future of e-commerce will be challenging for traditional drop shippers due to competition from large Chinese companies like TiKu. He suggests focusing on high lifetime customer value or selling products with high order values to overcome rising ad costs.

What is the typical customer demographic for Steven's dates business?

The typical customer demographic for Steven's dates business is 73 years old and above, and all female.