GETIDA is a company that analyzes your Amazon data, reconciles your FBA inventory, and files claims for reimbursements on your behalf. Pulse 2.0 interviewed GETIDA co-founder and chief growth officer Yoni Mazor to learn more.
Yoni Mazor’s Background
Mazor was born and raised in Israel in the Tel Aviv area to an American mother. “I served in the Israel Defense Forces (IDF) in a Special Navy Intelligence unit for the mandatory three years that most Israeli men serve. After my military duty, I moved to the United States, where I got my degree, got married, started a family (I have four children), and also built a large-scale Amazon e-commerce business which eventually paved the way for the creation of GETIDA,” said Mazor.
Formation Of GETIDA
How did the idea for GETIDA come together? “GETIDA was essentially created as a solution for our own Amazon business needs when we were actively selling on Amazon. My partner and I started selling products online over the internet more than ten years ago. In 2013, we began selling also on Amazon, and the business grew very quickly to tens of millions of dollars of annual revenue. We used Amazon’s fulfillment services, commonly known as FBA (Fulfillment By Amazon) which really helped us scale our online Amazon retail business without the need to handle the massive amount of fulfillment and logistics requirements,” Mazor shared. “As we were constantly shipping inventory to Amazon’s FBA centers on a daily basis, we discovered that some of the inventory gets lost, damaged, destroyed, and overcharged with incorrect fees. This required us to constantly audit all the FBA inventory data reports to find all the types of discrepancies and properly resolve them, and get reimbursed for them when needed. As we were rapidly growing our sales volume, our inventory level mushroomed to very large degrees, and we were not able to audit and reconcile all the required data with Excel spreadsheets any longer. The spreadsheets constantly crashed due to the size and scale of the data set.”
This reality led the company to take the initiative and do two things: The first was to create strong software and technology for auditing all the data on a large scale and on a constant basis. And the second was to set up a dedicated team that will constantly review the audited data and resolve the discrepancies with Amazon’s support team.
After the company solved this challenge for their own business needs, they mentioned to industry friends that they have these capabilities. They asked them to help with this matter and that they would be paid!
“This led to the creation of GETIDA as a business solution back in 2015. So the reality is that GETIDA was born from our own need to solve our challenge which was affecting the entire market, so it became a real need for us to openly offer the solution to the wide market,” Mazor added.
Favorite Memory
What has been Mazor’s favorite memory working for GETIDA so far? “There are many favorite memories, to be honest. I travel all over the world to meet Amazon sellers at conferences, masterminds, and exhibitions. The e-commerce and Amazon selling industry have boomed tremendously in the past few years. I am privileged to continuously meet and engage with incredible entrepreneurs, innovators, and industry leaders,” Mazor reflected. “One favorite memory I do have is that after the COVID-19 lockdowns of 2020, the first major conference finally took place in Las Vegas in 2021, and everyone was able to finally come out back to the big world and get together after a rough year of isolation. It felt very special as if mankind had survived a major global challenge and the prospects for the future looked optimistic after a dark period.”
Challenges Faced
What are some of the challenges Mazor faced in building the company and has the current macroeconomic climate affected the company? “GETIDA has a global team of about two hundred team members in ten countries, along with tens of thousands of users around the world. GETIDA is the largest organization in the world exclusively dedicated to Amazon FBA auditing and reimbursement solutions. As we do have a global presence, the challenges are mainly about how to constantly create and maintain a world-class solution in every single user experience parameter. There are many cultures, languages, and business requirements that are unique and different for every client. We strive to create a personal dedicated experience for each client type and make every single client feel as if they are the only client that we have,” Mazor explained. “So how we create an intimate, white-glove experience on a very large global scale for every single client is the main driver and challenge that we constantly face on a daily basis. We constantly learn more about the clients’ journey while analyzing how they are using our platform, tools, customer support channels, billing, and feature updates. It is a major learning experience with an endless feedback loop that we constantly need to embrace and adapt as needed. This dynamic keeps us grounded, humble, and adaptable to a constantly changing environment. We find that over time, it leads to constant improvement and great innovation.”
Core Products
What are GETIDA’s core products and features? “GETIDA’s core solution is focused on helping Amazon sellers get the maximum FBA reimbursements that they are eligible for. When an Amazon FBA seller connects to GETIDA our technology is able to audit and reconcile all the data and transactions of the past 18 months and find all the types of FBA discrepancies. So the first thing we do is find all the issues that need to be addressed and handled,” Mazor replied. “The second thing we do is service and manage the discrepancies until they are fully resolved.
There are many types of issues, but to keep it simple, here is one example: A seller shipped 1000 inventory units to Amazon’s FBA center. Only 990 eventually got received. There are 10 missing units that need to be investigated and reconciled with this FBA shipment. GETIDA will find the missing 10 units using its technology, it will open an investigation ticket using its service team, and will provide any required documentation and evidence. If the 10 missing units are found, that is great for the seller. The missing units can now be sold. If the 10 units are not found and deemed lost, a reimbursement will be granted to the seller to compensate for the loss.”
Evolution Of GETIDA’s Technology
How has GETIDA’s technology evolved since launching? “Our technology has made significant progress since the humble beginning of being a small tech company back in 2015. We successfully scaled our technological infrastructure to accommodate the daily use of tens of thousands of users worldwide alongside a robust customer support team, onboarding team, billing team, tech support team, and more. We have developed and maintained technology for our clients to use, but even more so, we created customized technology for our own internal teams to use so they can perform their functions at a large scale successfully,” Mazor revealed. “The incredible thing about being a software company in the e-commerce industry is that it changes and evolves every day. We pay close attention to the marketplace needs, our internal team needs, and user experiences. We invest in the research and development of new features on an ongoing basis. All these development functions are based on the constant feedback loop we deploy to keep enhancing and evolving our technology. We have made groundbreaking industry innovations with a variety of features that we rolled out over the years. We also hold a patent on a highly innovative feature we created to help sellers manage documents related to their claims.”
Significant Milestones
What have been some of GETIDA’s most significant milestones? “Over the years, there have been very proud moments and significant milestones that were achieved. GETIDA was ranked 215th fastest-growing company in the USA on the Inc 5000 list. We won the Gold Award for our dashboard technology with the American Business Awards (ABA) two years in a row. We were granted a utility patent on an innovative tool we created for our users. We rank as a leading solution provider in numerous tradeshows, industry polls, business communities, and industry directories,” Mazor replied.
Customer Success Story
GETIDA has a client that sold his Amazon business. “GETIDA’s FBA reimbursement solution helped to tremendously increase the profits of the business. The recovered funds and added cashflow have accounted for about 14% of the EBITDA of the client. During a selling process of a company, the buyer usually pays a multiple for the EBITDA profits of the company, so every dollar added to the profit gets multiplied during a liquidity event of an exit process,” Mazor highlighted. “This is the positive impact GETIDA provided the client who successfully sold his business and made an exit. What makes this success story even more remarkable is that this client is called Eytan Wiener who eventually became an investor in GETIDA and now holds the leading position of CEO of the company. This dynamic tells the story of how GETIDA is positively impacting the lives of clients and the advancements it makes in the industry. The bonds and strong relationships created by GETIDA lead to amazing financial results and can also open surprising new opportunities for further collaborations.”
Revenue Model
How does GETIDA generate revenue? “GETIDA offers a very comfortable pricing structure for its clients. It is free to join GETIDA, it is free to stay with GETIDA, there is no subscription, and the service can be canceled at any time. GETIDA only charges a fee for successful reimbursements it secures for the client. The whole business model is purely performance-based. If we do not deliver financial value to our clients, we do not get paid,” Mazor replied. “We call this model Pay Per Recovery (PPR). Every day that goes by, we reset to zero, and our entire organization needs to push ahead and create constant value for our clients. It is an exciting and thrilling position to be placed in. If we do not deliver performance, we do not get rewarded. It is a winning combination that really partners and bonds together our company to our clients.”
Funding
GETIDA was bootstrapped by the company co-founders for many years but it has secured two strategic investors in the past two years.
“The first investor is Eytan Wiener who now holds the role of CEO since 2021. He has a track record of co-founding two companies in the e-commerce space that got sold off to public companies,” Mazor told me. “The second investor is a private equity firm based in Michigan called O2 Investment Partners. Since 2022, GETIDA has been part of the SIB Fixed Cost Reduction Group family of companies invested by O2. SIB Fixed Cost Reduction is one of the largest organizations in the world that is fully committed to cost reduction and recovery solutions for businesses. The strategic investors greatly help GETIDA continue its tech expansion and global reach alongside maintaining its position as a world-class leader in FBA auditing and reimbursement solutions.”
Total Addressable Market (TAM)
What total addressable market (TAM) size is GETIDA pursuing? “There are about nine million Amazon sellers worldwide. Based on the 80-20 rule, it is estimated that about 20% of the nine million sellers are actively generating most of their revenue on Amazon. Therefore, there are about two million Amazon sellers worldwide who can greatly benefit from partnering with GETIDA for their FBA auditing and reimbursement needs. The total annual revenue that these two million sellers generate on Amazon is estimated at over $300 billion,” Mazor assessed.
Differentiation From The Competition
What differentiates GETIDA from its competition? Mazor responded:
“GETIDA is a hyper-focused solution provider that delivers a highly specialized level of depth and impact for its users. Our mission is to make sure that FBA sellers get the maximum recovery possible with no distractions. Other providers are typically offering an auditing solution as an add-on to their broader portfolio of solutions they offer. So in short, GETIDA is a specialist while other providers are generalists.”
“It is much like comparing a general doctor to a brain surgeon. If you have a brain issue like a tumor that needs to be removed, you will probably prefer to have a highly specialized brain surgeon do the job so you can get the best possible results, instead of having your general doctor take a shot on operating on your brain. GETIDA is an authorized solution provider on the Amazon Selling Partner Appstore which means we have to perform to the highest level of standards regulated by Amazon. Other providers in the marketplace do not hold such status or standard levels.”
“The auditing solution that GETIDA provides is available on international Amazon marketplaces beyond the USA. Many other providers are limited to the US.”
“GETIDA offers an innovative dashboard platform for its users that provides real-time visibility and additional features that help sellers get the maximum level of auditing and recovery. It is an award-winning platform that is the most accomplished and decorated in the industry. And it is the only dashboard platform that holds a patent for its innovative features.”
“GETIDA is highly customizable. This means that any client is able to choose which areas and components of auditing and recovery they want to work and focus on independently, while GETIDA can focus on and recover everything else. So in short, a client can have their own team service the account and have GETIDA act as a backup. There is no need to choose between GETIDA and your own team, and there is an ability to have GETIDA complement and back up your team.”
Future Company Goals
What are some of GETIDA’s future company goals? “One key gold is to keep on providing and expanding our world-class solution to more Amazon sellers worldwide. Further goals are to expand to more international markets. We plan to continue investing in developing our technology, platform features, user experience, customer support, customer success, and industry education as well,” Mazor concluded.
