Assessing ASIN Profitability Across Vendor and Seller Channels

Paul Sonneveld
I am your host, Paul Sonneveld, and today we're tackling a very crucial topic, the profitability of Amazon ASINs. We'll be actually comparing the Amazon Vendor model with the Amazon Seller or 3P model to uncover valuable insights that can really help vendors optimize their distribution strategies. You've already met him, but I am very excited to introduce Nathan with us. He's joined us today to really share his expertise on this subject. 

And just by way of background and introduction, Nathan is the co-founder of Mercantile Commerce, leading a team of digital commerce professionals, really deep experience across various industries. They specialize in digital advertising, catalogue optimization, margin improvements, really empowering value-driven brands to thrive on Amazon. 

Since 2012, Nathan has been instrumental in really helping brands succeed on Amazon with really extensive experience across both the 1P and 3P platforms. He works with vendors, resellers, agencies, and has really honed his skills in the area of profitability analysis, as well as advertising strategies and Amazon-specific e-commerce tactics. So for the second time, but this time audible to our audience, Nathan, thank you so much for joining us on the show.

Nathan Grimm
It's a pleasure. Thanks for having me on, Paul.

Paul Sonneveld
Again, my apologies about the audio. I do have a tendency to mute myself, but that was actually not the case this time around. That would be the obvious answer. But there's some connection thing going on. Just before we jump into the questions, just a reminder to our audience, I can see we have lots of live participants. It's one of the great things about doing these things live. There will be time for Q&A as well. So I'd encourage you particularly to use the LinkedIn comments section to really ask any questions that are on your mind. 

I will do my best to moderate them and put them in front of Nathan at the right time or perhaps at the end of the show as well. So just to encourage you guys to do that. But Nathan, let's kick off with sort of the thousand feet question. You know, comparing profitability between essence vendor versus seller. I mean, why? Why are we even talking about it right now? What's what's driving the conversation?

Nathan Grimm
It's a great question. I think over the last 12 months, I've had more conversations than ever before about vendors switching to the third-party marketplace and some larger 3P sellers wondering if the Amazon retail is the right platform for them to continue their growth. So it's interesting because in the 12 years I've been working in this space, it seems to be the constant conversation of 1P versus 3P or no, no, no, hybrid is the optimal strategy, just do both. So a key part of that is analyzing the profit margin you can expect on each platform. And so that's a key part of the decision-making process for any brand or any retail operation who's working with Amazon.

Paul Sonneveld
Yeah, absolutely. And this is where the hard part is, right, to really work comparing At the bottom line, what is the profitability you generate on one particular SKU or ASIN, 1P versus 3P, and then if you have the ability to, because obviously you don't always have the ability to switch, but if you have the ability to, then working out what the right distribution model is there. So yeah, so maybe let's start on the seller side, maybe, because I think a lot of our audience will be more familiar with the seller side. Walk us through the key components of ASIN profitability.

Nathan Grimm
Happy to. So there's literally 30 to 50 different line items that you could pull out of a P&L statement on the seller side. But the biggest ones are the ones to pay attention to. Amazon charges a referral fee, which in most categories is 15%. In some it's higher or lower if you're in apparel or electronics or jewelry. Be sure to look up those referral fees. But that's a flat fee charged off the selling price. And so it's usually pretty easy to model and it's consistent from item to item. 

The other largest fee that you're not going to get out of is fulfillment. And so while it's still quite common for some sellers to fulfill their own orders using FBM, FBA is the preferred method for anyone trying to maximize their throughput. So that's what we tend to focus on. And that's one that is highly variable. It only pays attention to how big is it and how much does it weigh. So sometimes I get the question, well, what percentage should we expect to spend on FBA fees? My answer is always there's no percentage. We just need to run the numbers. 

Paul Sonneveld
Yeah. Yeah. 

Nathan Grimm
Yeah. Yeah. So and then other category, there's a lot of miscellaneous categories when items are returned, when items are lost, when they're found, when you ship inventory into FBA, when items are damaged, you need to remove them from FBA. All of those can be, they tend to be very small in and of themselves. So a lot of times we'll figure out what we expect a return rate to be based on the category. Again, that's one where apparel might be very high. 20% might be normal. Whereas hard goods might be low, something around eight, 5% might be normal. Because that will control a lot of other fees or a lot of the return cost and how much damage goods you have. 

But then the other big one that's on a lot of people's mind is advertising. This is again, one where you get questions about, well, how much should I spend on advertising? And there is no one right answer. It really does depend on what the rest of your profit margin analysis tells you, that you can afford to spend and still remain profitable, as well as where you are in product life cycles and how competitive your category is.

Paul Sonneveld
Yeah, absolutely. some follow-up questions on advertisers specifically, but I'll let you get on, I'll let you sort of finish a broad outline and then I might just ask a few follow-up questions there.

Nathan Grimm
Yeah, the last piece I really want to throw in there, which is, doesn't show up in your, well, will show up in your P&L, but Amazon isn't telling you to do anything about it, is pursuing reimbursements. There's a lot of, there's a wide variety of events where you can go pursue a reimbursement from Amazon and they will not reimburse you until you ask. And the big ones there are when you ship inventory into Amazon and they receive less than you sent in. You can pursue reimbursements for that. 

And then whenever they lose or damage inventory at their own warehouses, they do owe you money for that lost or damaged inventory. But most of the time, they won't give it to you until you ask. So, those are the big, big areas. And typically that's again, another thing where you can add clawback 1%, 2 of your gross sales in margin.

Paul Sonneveld
Yeah. So we've got the big sort of Amazon buckets. Referral fees, FBA fulfillment fees, and of course, there's inbound storage and different flavors of fulfillment services. Advertising, you mentioned reimbursements. What about costs on the actual brand side, right? So if we really want to build a true P&L, what are the other things that brands should include or vendors should include and perhaps often overlook?

Nathan Grimm
Yeah, that's a great question. There's some costs that are consistent across the two, which would be around the long-term forecasting or developing assets and managing the catalogue. While you do have different expectations around how you work with that, it all ends up in the same spot. 

And so in terms of long-term forecasting catalogue management, you want to make sure you have the man hours assigned so that you know how much you're selling and expect to sell in the future. As well as that you're investing in your presence on Amazon and explaining your products well, taking good pictures, taking the time to explain what those are. And those can take significant amounts of time, especially if you have a large SKU count. 

Some other things on the seller side that are more specific is that you own the inventory that's in FBA. And so what we find a lot of brands or retailers need to do is set up a new warehouse location and make sure they're tracking and reconciling all that inventory. Similarly, all of the sales that you make are sales that you need to report to the relevant sales tax authorities. Amazon will keep the money and remit it for you, but you have to go and report on it when you're filing your sales taxes in every location. And so there's usually some integration work you need to do on that side, your accounting teams need to do.

Paul Sonneveld
Makes sense. And I'm assuming there's the, I'm not sure if I know the actual cost of the product as well, right? So I mean obviously it applies on both sides. Just want to sort of make sure we capture that. Great. Well, let's I mean that's people going. Yeah. I want the 3p I get all that because you know, there's lots of tools out there it's a lot of topics a lot of podcasts, but not so much on the 1p side. So let's Let's start there. You know, there's a there's a bunch of different components when it comes to vendor profitability. It's really a different business model, of course, that underpins a lot of that. But take us through, what are some of those different components? And maybe just try and explain them in layman's terms as we go along them, because some of our audience may not be familiar.

Nathan Grimm
Sure. Yeah. The first thing that I find can trip people up is that both your numerator and denominator are different when you're trying to determine your margin on the vendor side. Your revenue when you sell through vendor central is not the price that the customer pays. It's the price that Amazon pays you to buy your inventory. So your revenues are determined by your cost of goods sold. It would be the top line, which is not the same as what the customer pays. 

And so that, that's an important distinction. What they end up remitting to you ends up you wouldn't analyze that the same way, but everything they take out in the middle is tends to be bucketed into different things. So, but,  if you're comparing the percentages between the seller and vendor side, often that leads companies astray. Because both the numerator and denominator just shifted and they're a different basis. So we always encourage people first and foremost, when you're comparing the two sides, look at how many dollars you get to keep per unit. And compare that. Don't compare the percentages because everything shifted a bit. 

Paul Sonneveld
Yeah. Yeah. Different denominators. 

Nathan Grimm
Yeah. I remember a brand, one brand, we moved from a wholesale to a retail relationship and then like, well, you said our margins would get better, but they got worse. And it took me 20 minutes of talking to them to figure out that they were thinking of a percentage whereas I was looking at it in dollars and I said, well, I was thinking, well, you can make $5 more per unit. And they were thinking, I make 5% less when I divide my gross. Yeah.

Paul Sonneveld
Yeah. All of a sudden they're thinking about, you know, it's the cost of goods sold. That's the base as opposed to the, uh, the product that was shipped. Yeah. So that's, yeah, that doesn't make sense.

Nathan Grimm
So that I always try to start there because I've gone on rabbit trails by not establishing that. But the second thing to think about is, OK, our revenue is defined by cost per unit. And that happens when you set up a product. So before you set up a product, you need to do all of this background work to figure out, OK, what's it supposed to be? Because you can easily lower your costs in the future, but good luck trying to get a cost increase through. 

Sometimes there's some situations where it can happen, but make sure you understand this whole cost structure before you set that product up, because that cost is very, very difficult to increase, if not impossible in the short to medium term. And so that, that cost is literally the price that's going to go on the POs that Amazon sends to you when they want to buy more product. Now that's not necessary. That's not the full cost they're paying. There's some discounted terms that go along with that. 

And so the next big thing to wrap your mind around is your terms. They split this into a few categories called co-op or MDF, and then a small amount for freight and a small amount for damages. Typically, this might, you know, normal range that I've seen is between 15 and 20% for all those put together, but that's just a percentage taken off the PO that you're not going to get on any of the, any of the things you sell. 

So it's important to also, uh, when you're setting up your account or when you're negotiating terms to keep your eye on those. Cause similarly to cost. It's easy to give Amazon more points and it's almost impossible to claw those back unless you are giving them something of equal or greater value in return. 

And then the last thing that's related to terms that I want to sneak in in the same segment here is a lot of they often will offer brands 60-day terms with a 1% discount or 90 days net. And so that's another sneaky way they get an extra 1% off if they pay you in 60 days, which depending on your business and your maybe that's normal. Maybe that's generous for Amazon to take that. But that's another way where Amazon can sneak in one more, one more percentage point there to discount off of cost.

Paul Sonneveld
Yeah, there's actually a lot of fees. I think, you know, how did the chargebacks and all of that fit into that? Because obviously that is a big drag on everyone. Everyone's talking about it. How does that factor into the ASIN level P&L?

Nathan Grimm
That's a good question. Amazon has a lot of compliance rules. So you have to, just like on the 3P marketplace, you have to pick and pack and ship your products according to their guidelines in order to avoid getting chargebacks on your shipments. And so Charge act might be if you package something wrong and it shows up at Amazon's warehouse and it should have been poly bagged, but it wasn't. And so then they have to go and bag it and they will charge you some money for that. 

But the, the bigger one that's more common, even if you're following all the guidelines and doing everything right is, uh, similar to at FBA. If you say you sent them a hundred, they will check in however many they check in. And so sometimes they say, well, we only got 90. And so they're not going to pay you for the 10 that we're missing. 

One thing that people don't realize, though, is they will often receive more units than you intended to send them into their inventory. They do owe you for those units, but you need to go and invoice them for it. They're not going to just pay you automatically that whole exchange of, well, they send a PO, we give an invoice. Amazon, you know, checks in a different number oftentimes from what was on the original PO and invoice. And so if they receive less, they'll go and they'll go and, um, discount that. And if they receive more, you need to return back to them and build them for the extra units they got.

Paul Sonneveld
Yeah. It's certainly always in Amazon's favor, right? That's really interesting. I didn't know that Amazon, I mean, it makes sense the way Amazon operates that you have to go and ask for it. Yeah. No surprises there.

Nathan Grimm
Yeah, and to improve these things over time, most of it is, the biggest impact you can make is to, at your warehouse, make sure you have a process of continuous improvement to drive down mistakes and increase accuracy, because that will just avoid work in the future, and it will make discrepancies smaller. So that's the highest ROI effort you can put into this. And then, because once it hits Amazon and they say things differed from what you intended, you can dispute it, but it's really up to them to gather the evidence and decide if they're going to reverse the charge back or not.

Paul Sonneveld
Yeah. No, that makes sense. So you sort of, you outlined, I guess, the theory on both 1P and 3P here, but as you've been doing, I know you've done a lot of kind of transitions with clients and working through this. What are the practical aspects here? I mean, and maybe I would form that in terms of, what do you see, what are the biggest, you also already mentioned, you know, one or two great ones around the denominator. Yeah. But what do people get wrong or what do people miss as they try and do this analysis to compare profitability across the two different models?

Nathan Grimm
Yeah. Well, yeah, we touched on the looking at things as dollars per unit, first and foremost, because that'll give you a level playing field to or apples to apples comparison between the two once you've added everything in. But the other thing I see, surprisingly, is most companies, whether they're they tend to be really fluent in one platform or the other and find it really difficult to do a complete margin analysis of the platform they're less familiar with. And so it's really critical to understand each of these line items and what you can expect, especially the ones that will vary a lot depending on your products or potentially your existing terms, the things that are difficult to change once they're set up, but can play a big role. 

So I guess the big two things would be to keep going until you have that full trustworthy accounting for all the costs, all the big costs you can expect, there's probably going to be a handful of small costs, so get a good estimate too of miscellaneous fees for everything else. But don't put those big costs under miscellaneous. So they tend to just struggle with getting a full picture of the platform they're less familiar with.

Paul Sonneveld
Yeah, that makes sense. So of course, the $1,000 question is, as you've done this analysis, which worked in, you know, let me just say it depends is probably the right answer here. But if I restrict you around not being able to give that answer, what are you seeing in terms of profitability similar skews 1P versus 3P? And I'm sure that the answer changes, right? But I'd love to just understand some scenarios say, well, actually, these scenarios, I think 1P tends to come out much more profitable than 3P and vice versa. What have you seen by way of examples there?

Nathan Grimm
Typically, if you do an all-in margin analysis, you're probably going to find that 3P is a few points higher than vendor central, which in a rational market, you should expect that. And the big reason for that is that when you're on 3P side, you take on inventory risk, meaning if you put too much inventory into Amazon's warehouses, then that's your cash that's tied up in that inventory and you're paying the storage fees instead of Amazon. 

So because of those dynamics, often Amazon is going to require, a bit more, um, you know, a bit more margin in order to take on that inventory risk and to do the forecasting work than on the 3P side. The other thing is that, the other reason that we tend to see that the 3P side is a little bit better is because like we're covered on Amazon is once you get bad terms, it's difficult to pull those back. Or once you make a mistake with your cost, it's difficult to pull those back. You kind of have to play a perfect game on the vendor side for the entire history of an account to avoid bad terms. And so if you do, you might end up in a similar, I might expect you to end up in a similar place to the 3P side. But because of that risk that gets transferred to whoever is the retailer, the 3P side tends to give you at least a few more points.

Paul Sonneveld
Makes sense. Yeah, it makes sense. That is great. Well, let's open up for questions. I have a couple here that I've already collected before the show. But for those tuning in live, feel free to put your questions in the chat. I think we've got a couple here already. Let me talk, let me ask a few very practical things, things that I haven't always been able to resolve, you know, perfectly. 

Advertising, I think this applies to both 1P and 3P. Of course, there's those advertising campaigns like sponsored products where you can actually attribute the cost and the advertising sales back to the product advertised. So that's kind of easy from an attribution point of view. How do you think about particularly depending on the life cycle, like running sponsored brands or, you know, what's the other one? My brain escapes me, but let's just say sponsored brands. 

Attributing that cost down to product level, do you just not do that? Is that too hard, too difficult? I certainly haven't found a nice way of doing that. But maybe you have, like, in terms of building that profitability picture, some of those advertising components that are just hard to break down to a product level. I mean, do you have any advice for us on that?

Nathan Grimm
It's a good question. I don't tend to attribute things to the item level as granular as possible. For some of it, it's the reason you mentioned that it can be difficult to attribute everything down to the item level. And so at best, you still end up with a partial picture. Typically, what we do, though, is we segment all of our marketing campaigns by the parent item. So if you have a product in multiple colors or sizes, we tend to advertise them as one item. And that's because you can drive a person to the page and then they're presented with all those options and it's easy to switch from one to the other. 

With sponsored brands, you're always advertising at least three items. So whenever we can, we try to keep them highly related, although you have to flex to the Ad type. And so sometimes you give up your ability to attribute things to the item level to maximize use of the Ad type. But typically, we set a cost per acquisition, which could be translated to ACoS or ROAS. If you're on the vendor, if you're on the vendor side, cost per acquisition is more stable because your costs are the same, but Amazon can sell it at wildly different prices. 

On the seller side, you're in control of prices. So you would know if your prices move around a lot or if, uh, um, or if they stay pretty consistent, but typically we do it on the target setting side based off of the products that are in the campaign and just trust that most of the items that are purchased are the ones you're pushing.

Paul Sonneveld
Yeah. No, great. Perfect. I'm going to pick up an audience question here from Nancy. Thank you, Nancy. I really appreciate that. I think she raises a really good point around, you know, obviously the cost of the internal team, right? So, maybe talk to us a little bit around what you see as the differences between kind of the setup of the teams. You know, how much internal resource does it take to run a 3P business versus a 1P business? And obviously, once we know that, we can affect that into the P&L. But what are your observations there?

Nathan Grimm
Yeah, that's great. The big differences I see where 3P tends to take more headcount, or hours FTE, than 1P. And the areas where those can be increased is one, in the forecasting. If you want a good bi-month forecast out into the future, you're going to have to do that yourself. And that work will scale by the number of SKUs you have. So that's an area where I would definitely want to make sure that my organization was prepared to handle the forecasting work of the third-party marketplace, because we are taking that inventory risk. 

And then the other two things that I would phrase as medium-sized projects to get up and running are make sure that you are tracking and reconciling the inventory you have in the FBA warehouse, because that's your inventory. You own it. And similarly, make sure that your accounting team can integrate with the payments reports and understand those. And so I would say those are both, they're not massive projects, but they're not small either. And so make sure those teams that are tracking those things have the capacity to integrate and understand and do a deep dive on both FBA and accounting.

Paul Sonneveld
Great. Thanks, Nathan. And thank you, Nancy, for your question. This is a question that came in early on. I can't see who's actually posted it. I think it's a really interesting question. Considering that on the 3P side, we see lots of fee increases happening there in terms of the fulfillment costs and FBA costs. Do you think, and I think a lot of vendors are about to start rounds of annual vendor negotiations here, but what's your prediction here? Do you think this year's discussions will be more and more demanding for vendors as I'm sure the costs have also increased on the 1P side, right? What do you anticipate in terms of negotiations and Amazon recouping some of that increased cost?

Nathan Grimm
It's a good question. It's always difficult to tell what Amazon's going to prioritize each year in their negotiations. Their profitability as an entire company, not necessarily a retail operation, has been improving in the past year. So it's possible that the pressure will be decreased internally on the vendor managers to improve margins. But one thing I actually wanted to address in this question too in the underlying assumption is that it's often easy to think of Amazon as one entity and that they're coordinating between 3P and 1P, but in practice that's really not true. 

There really is a firewall between those two sides and they're not You know, a change to the 3P cost structure, I wouldn't assume that the same or a similar or a mirror image change might be happening on the vendor side. They're really driven by their own targets. They might be reacting to the same macro factors of difficult supply chains, or too much inventory space, or low profitability, or low consumer demand. So they might be reacting to the same things, but they're not coordinating things. And so I wouldn't think about it like that.

Paul Sonneveld
It may not necessarily be the case. And they may not be internally aligned. Or there might be a completely different set of agenda and priorities for the retail team for the year. 

Nathan Grimm
Yeah. 

Paul Sonneveld
Yeah. Great. I've got a question here from Patrick. If you agree to a CSA. Now, I'm actually not familiar with the acronym. 

Nathan Grimm
Me neither. 

Paul Sonneveld
Oh, okay. Well, in that case, I might just pause this question. Patrick, if you're still online, it'd be great if you could just spell that out for us. I'm sure we know what you're talking about. We're just not recognizing the acronym at this point. So if you could do that, then I'll get back to you on that question. 

In the meantime, I want to talk about vendor codes. One of the things that we're seeing at MerchantSpring, lots of vendors connected. Most vendors have one, maybe two vendor codes, but there are those that probably due to the complexity of their business have 10, 11, 12 different vendor codes. Obviously, probably an outlier, probably the 1%. 

But what is the role of vendor codes in terms of profitability, right? So there's, I do see there's different structures associated with different, I'd say structures, I mean, like rebates and co-ops and things like that, different percentages associated with different vendor codes, often for fundamental kind of business reasons. But what is the role of vendor codes? How do you see that? And is there a lever there to improve profitability?

Nathan Grimm
There can be a small lever there. Really, Amazon sets up a new vendor code to create a different set of co-op agreements with a vendor. And so the really common ones are if you're going to do direct fulfillment or set up pallet ordering, they'll set up a new vendor code. Because some of the assumptions there have changed. 

If you're doing direct fulfillment, then Amazon is basically asking you to be a dropshipper. And so they might want to keep the MDF, their fund that's supposedly for their advertising and marketing of products. But they shouldn't have anything for returns and freight, because you don't do that with them. if you're drop shipping inventory. 

And then similar with pallet ordering, it might be easier for Amazon to receive those orders, so it might be a chance to renegotiate freight. But really, it's also a chance to set different costs. They might argue, well, we'll order it a pallet at a time, and it's easier for you guys, and so give us a better cost.

Paul Sonneveld
Yeah, makes sense. Thanks for that. Last, before we wrap up, I want to go back to Patrick's question. So, so he's just clarified and thank you so much, Patrick, really appreciate that. See, you say probably once I understand the agreement of like, of course, but it's really about, you know, minimum margin, guaranteed for Amazon. 

So, when Amazon, when your net PPM Amazon falls below a certain time, eventually, they invoice you for the difference to top it up essentially. So it's questions really around if I've agreed to that. How do I pragmatically check that actual gap? Vendor data isn't often, vendor central data can be unreliable and can be full of issues. I can certainly testify to that. What's your advice to Patrick there in terms of making sure obviously that you're not paying Amazon more than you need to.

Nathan Grimm
Yeah, I wish I had something super actionable, but really this is a research project for Patrick and for anybody else thinking about this. I would encourage you to be able to double redo Amazon's math on everything that they bill you for, because they will miss bill you on most co-op bills they send you. They don't properly account for shortages and overages of inventory. They don't necessarily bill you for the right number of units for a deal that's sold in a particular time. 

So on every agreement that they're billing you for, I just encourage you to dive into those reports, get the backup reports, redo the math. And every time you find a discrepancy, file that as a dispute and ask them to reimburse you. Because you're right, they are pretty inaccurate at calculating their own costs and their own agreements. And so there's reimbursements to be gained and margin to claw back by redoing all their math on everything they bill you and asking them to fix it.

Paul Sonneveld
Yeah, that's very practical advice there, Nathan. Unfortunately, there's no quick. It's a lot of heavy lifting on the reconciliation and data checking there. But there might be some good pot of golds there at the end of the rainbow. Who knows?

Nathan Grimm
If you're a vendor, you probably have a larger business with Amazon. They tend to try to kick people off if they're too small. And so I'd say it's worth the time in almost every case. Or there are companies that offer that as a standalone service. And you might think about engaging one for a time while you're getting up to speed.

Paul Sonneveld
Thank you. All right. Unfortunately, that is all we have time for today. I know there's a few more questions. Kevin, I'm very sorry we can't get to your questions, but we might jump into the comments on LinkedIn and provide you with some written suggestions or tips or answers. Nathan, thank you very much for joining me today. I really appreciate the insights you've shared, some of these practical things, you know, even seems like, of course, straightforward, but I can really see how it chips up people around, you know, different denominators in comparing profitability and looking at unit economics as opposed to percentages. Obviously, you do this stuff day in, day out. If there's anyone listening or, you know, today or on demand later, they're interested in continuing the conversation with you, perhaps exploring your services. What's your preferred way to get in touch with you?

Nathan Grimm
Yeah, thanks so much for having me. You can get in touch with me on LinkedIn. Or you can go to our website at mercantilecommerce.com and fill out the contact us form. We love working with brands on the seller and vendor side. And yeah, we would find it if anyone in the chat is interested. We'd be happy to take a look at your business and see if we can help.

Paul Sonneveld
Perfect. And I think both Nathan and I will be in Amazon accelerate as well in a few weeks time. So if you're interested in meeting up or having a chat in the seller cafe, or just send us a direct message and we'd love to love to chat and learn more about your business and change ideas. Perfect. Well, thank you so much, Nathan. I really appreciate it. Have a wonderful day until next time. 

All right, that is it for today's episode of Marketplace Masters. Thank you so much for tuning in. I really appreciate your questions and the live audience participation. But of course, if you missed this episode or you're joined late, or you're looking for other content, make sure you visit our video on demand library at merchantspring.io. And of course, if you are ready to streamline your Amazon vendor analytics or seller analytics, particularly around Amazon vendor profitability, feel free to reach out to me directly on LinkedIn. I'd love to show you how Merchantspring can transform your journey in this area. 

Lastly, I am all open to suggestions. So if you have a specific vendor topic or question you want me to cover next, please drop me a note, let me know, and I will do my best to find the right experts to help us tackle the topic. Thank you so much for listening and until next time, take care.