Amazon as a major stakeholder
Even though I can’t remember the exact percentage, Amazon often suspends seller accounts when they fall below a particular approval rating. I believe it is around 96 0r 97 percent or thereof (I can’t clearly remember).
At organize.com, we had been operating along this required line for about twelve months when we got a suspension notice from Amazon. This notice wanted us to respond. The office manager walked into my office to tell me the news.
She was distraught (I remember the look on her face). This was a blow to us since Amazon was a major stakeholder in our businesses, leveling up to 70 percent. What made it even worse is the fact that we had transacted up to $700000 the previous month. Honestly, this was catastrophic.
Our business was severely wounded, and therefore, we had to close our operations. Since we couldn’t pay our employees, we had to let them go, laying off everyone who worked for us. Honestly, this was a tough and scary time for me, owing to where I was in life at the moment.
I was fresh in marriage. The suspension kicked us out of business, and in came a pile of debts. I could not settle and remained worried about everything. Even though this experience was unfortunate, I got to learn a lesson or two.
Even though a bitter pill to swallow, I learned not to put my eggs in one basket. The thing is; Amazon represented more than two-thirds of my businesses and was basically my biggest hope. Another powerful lesson is with regards to conducting business.
I came to learn that one should not put his or her business on someone else’s platform. The issue is- once the platform is gone, there is little or nothing you can do about it.