- 1 Inventory Lab
- 1.1 What is Inventory Lab?
- 1.2 Inventory Lab can limit the FBA Warehouses for Your Inventory
- 1.3 Inventory Lab Comes with the Scoutify Sourcing App
- 1.4 Inventory Lab has Great Accounting Capabilities
- 1.5 Inventory Lab Creates Reports on Profits, Losses, and Sales Tax
- 1.6 Inventory Lab can be combined with the BQool Repricer Service
- 1.7 A Third Party Prep Service can Access Inventory Lab
What is Inventory Lab?
It’s a top-notch listing service for your products.
You can use a desktop barcode scanner to scan your items into Amazon’s system. Inventory Lab pulls up the data that will help you price them.
It shows the following: new prices, old prices, merchant fulfilled, the FBA, Amazon’s interest in selling the item, and the owner of the buy box.
Inventory Lab also gives links to Keepa for the item’s ASIN. This will help you check out the price history and sales rank. Getting this valuable information will help you price your items properly.
Inventory Lab List – This is where you will be able to get the item’s size tier, category, current sales rank, and details on prep.
You will also be able to create reports that will disclose your profit margins. Just enter your min/max price, your purchase price, and the supplier for the product.
Inventory Lab can limit the FBA Warehouses for Your Inventory
When you process your batch in Inventory Lab, you can choose “Private” or “Live” for the “Workflow” Type”.
When you select “Private” workflow, nothing will be submitted to Amazon until the entire batch is completed.
It’s important to point out that the “Private” workflow can change the final destination for some of your items. This is why you must make sure that your items are being sent to the right place.
The “Private” workflow seems to work better for many Amazon FBA sellers. It will send your products to fewer fulfillment centers.
The days of sending 50 items to 9 different warehouses are over. In my humble opinion, the “Private” workflow option can give you a sharp edge over your competition. This is why I believe you should take full advantage of it.
Inventory Lab Comes with the Scoutify Sourcing App
When it comes to doing retail arbitrage, I couldn’t imagine how things would be without the Scoutify Sourcing app at my disposal. One scan of the barcode will let you know if the item is a great buy for your resale business.
Scoutify will point out the following: the potential profit, competitors’ prices, sales rank, sales rank percentage, ROI, if you are allowed to market the product on Amazon, how many items you have in stock, your sales, ASIN’s Keepa graph, and links to ask for approval to sell restricted items.
With Inventory Lab, you can get the sourcing app and listing service at one incredibly low price. In essence, you will be killing two birds with one stone.
Inventory Lab has Great Accounting Capabilities
Inventory Lab uses its bookkeeping tools to organize your finances. You have to work on increasing your numbers if you want your Amazon FBA business to be profitable.
Don’t fall into the trap of believing that disbursements from Amazon are indications that your business is turning a profit. You must know where your capital is coming from and where it’s going. It’s really that simple.
Inventory Lab Accounting - As you are starting to see, Inventory Lab can take your Amazon FBA enterprise to the next level.
It can help you monitor the following: sales prices, buy prices, inbound shipping, return on investment, money coming in from reimbursements, money going out for refunds, and much more.
The Inventory Lab also makes it possible for you to keep track of your cost of supplies, mileage, and every other detail related to your business.
Getting this information will help you make the right decision for sourcing products and setting competitive prices for your products.
Inventory Lab Creates Reports on Profits, Losses, and Sales Tax
One of the best features of Inventory Lab is that you can create reports about your profits. You can break it down to profitability for a particular ASIN, a SKU, or an entire category.
Inventory Lab Analyze – If you enter the supplier’s name during the listing process, you can create reports on the supplier’s profitability.
Getting this information can help you do the following:
- See if certain wholesale accounts or stores will yield better profits
- Help you determine if an online arbitrate deal list is worth your time
- Help you keep up with inventory acquired by different sourcing companies (outfits you hired)
Staying on top of your profits, and sales tax will help you make sound decisions for your enterprise.
Inventory Lab can be combined with the BQool Repricer Service
I started using the BQool automatic repricer service two years ago. I heard about it, so I decided to give it a try. To my surprise, it works extremely well.
With one click of a button, you can direct your buy costs from Inventory Lab to BQool’s Repricing Central. This will help you save time. This comes in handy when it comes to establishing your minimum and maximum prices in Repricing Central.
Here’s a side note – You may be skeptical about Bqool. That’s fine. However, it increased my sales within three weeks.
This was a big game-changer. If it is working well for me, there’s no reason why it will not work well for you.
A Third Party Prep Service can Access Inventory Lab
To save time, you must outsource some of the work. Hiring someone to take care of the easier tasks will give you a chance to focus on other important parts of your business.
What should you outsource? You should outsource inventory prepping, packaging, and shipping.
Inventory Lab makes it easy for you to create several employee accounts for your shipments, FNSKU labels, and everything else you need to ship your products to an Amazon warehouse. Please keep in mind that the employee sub-accounts cannot get access to your financial details.
I use My Prep Center. From my experience, they are one of the best prepping centers in the business.
If you would like to get more information on Inventory lab, I suggest that you take advantage of their 30-day free trial offer. This will give you an opportunity to check out the features, ship inventory, and create reports.