There are many unsung eCommerce heroes so we’re always excited to see a ChannelAdvisor merchant get recognition for a lot of hard work, perseverance and determination. And there’s probably some part secret sauce thrown in here as well.
First, Lanny Morton from Sportscloseouts.com was featured in an update to Entrepreneur Magazine’s eBay Millionaires last month. Then he joined eBay CEO Meg Whitman in New York City to accept the prestigious Webby Award last week on behalf of the thousands of eBay sellers (here’s a CNN clip on the event).
I caught up with Lanny to get some tips on his success.
What’s the single biggest advice you would give a new online retailer?
Lanny: “Send me money. I am a good guy and I can use the cash. OK, seriously, Don’t quit. No matter what, don’t quit. The internet rocks, there is no other place in the history of man like this that gives us the opportunity to reach the worldwide audience without spending a ton of cash.”
What would you do different if you could do it all over again?
Lanny: “I wouldn’t do much different. Deena and I were flat broke when I started so I am grateful for everything that has happened and wouldn’t change much. Two huge mistakes stick out in my mind that cost us a lot of money. The first was not making sure we were being charged what we were supposed to be on outgoing packages. We found a mistake that cost us close to $100,000 over the course of a year. The second was spending $35,000-$40,000 with a SMB ERP vendor. That was a waste of money. That reminds me of a couple more: We paid these guys in Texas $15,000 to build a website and drive traffic. Knowing what I know now, it was a rip off and they were making money on Google Adsense along with the fee’s we paid them on our web page.”
Where do you see Sportscloseouts in five years?
Lanny: “Selling out to Google for $1.65 Billion because we think of a really good idea that revolutionizes e-commerce and Google can’t live without us. If that doesn’t happen, plan B would be to grow the business to $20 Million in sales. We have some really good ideas of how we can do it and we have an amazing group of people here (Deena, Chris and Ken and others) that are totally capable of creating great things. As internet devices become smaller, more mobile and more affordable, I believe that the number of people shopping on the web will continue to increase. I see people at a Dick’s Sporting Goods store looking at a product and using their internet-enabled phone to log into our site to buy it because it is a lot less expensive and because they like us a lot.”
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FTW = For The Win.
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