- What's going on everyone
Today I'm gonna be doing a full look
at this software Inventory Lab for Amazon sellers.
Now, the whole reason I'm doing this is because
in the Facebook group I posted,
"Hey, is there a software or any tool out there you want me
"to review or do a tutorial over?"
And this software won hands down.
Funny thing is, is that I've been using this since
probably the latter part of 2017.
I've just never done a tutorial video on it.
So I'm going to be giving a full end up look at the software
and how I use it personally,
and why I think it's so important.
(upbeat music)
Before I dive into the computer and really quick,
I wanna call the winner to the person who commented
and liked last video is right here.
Reach out to me on social media and let's set something up.
All right, so before I actually go over this,
I kinda wanna talk about who this software
I think is best for.
If you're new to Amazon, and you're wondering,
do I try this or not?
Let me clear that up.
So first, I want to say if you're doing any form
of retail arbitrage, online arbitrage,
I really think that this software is mandatory.
It speeds up the listing and it really does help.
Now, the only people I really don't think this is for
is maybe private label sellers or people who do wholesale,
where you really don't have too many SKUs, right.
So there are wholesale businesses out there
that operate very profitably off of maybe 10 to 12 SKUs.
That might not be for you.
But if you have quite a few SKUs in your inventory,
I would say over 20 so that means that
if you're a bookseller or online arbitrage,
or wholesale like myself,
this software is very, very important.
Let's go ahead and dive right into the computer.
So I'm just going to be going over this
as if you were to sign up right.
So there is a free 30 day trial.
I do not have any deal for you guys pass out right now.
I will be contacting them to see if there is any
promotional offer you can get because it is $40 a month
and obviously anything I can get I will pass on to you guys.
So the first thing you want to do,
I think before you do anything is you need to figure out
whether or not you want to hook up
your DYMO Thermal Label printer.
And this has a really nice integration feature
in this software because you can literally just print labels
after an item list and put your thermal label printer on
and you can do that right back in here.
If you go to your settings
and then you go to your print settings
you can configure your DYMO with Inventory Lab.
Now I'm not going to be going over
it's pretty self explanatory.
You guys can see my printer settings right here
like the label height the width I use and all of that
but if you are having some trouble with that,
definitely I will leave a link to a video
that I think is helpful under description below.
Now I will be coming back to the settings at some point.
But the first thing I want to also mention too is
I will be listing I've got this stack of books over here
and I'm going to be showing you how to go ahead
and get that setup.
But to make listing quick with Inventory Lab,
what I highly recommend doing is
buying some kind of scanner.
This is a $50 scanner I believe off of Amazon.
It's very cheap.
And I do have that somewhere in the description below.
You can check that out if you want.
But the reason why you want this scanner is so you can scan
the UPC codes of what you're buying into it
and I will show that for you guys.
So what you're gonna do is if you wanna list something,
first thing you wanna do is you want to go over
and click on list and prep.
And I will be going over these tabs at the top here
later on in the video.
I don't use all of the tabs,
but I will briefly mention how to use them
if I don't actually use them myself.
So the first thing you're gonna wanna do as you guys can see
I made a test batch here inside my Inventory Lab account.
And what you can do is you can go ahead
and just click on New Batch
and these are the settings that are going to pull up.
So the first thing is you wanna name the batch.
And I like to name the batch
off of wherever I got these items date.
And then that's pretty much it.
So let's say it was Kohl's, and then underscore
and it was 4 3 19.
Then you have if you are shipping from your address,
but let's say you have prep service,
and there are prep services that will list things for you
using your Inventory Lab account.
So that might be beneficial.
Let's say you're shipping stuff from their address,
you can switch that up.
But yeah, you can definitely change that around.
Packaging type, individual products or case packs.
Case pack you're really not going to have to worry about
unless you're purchasing in bulk
from some kind of distributor or manufacturer.
So right now, for today's example,
we're going to keep this as individual products channel.
I'm assuming you're going to be selling these
via the FBA business model.
I don't really list anything merchant fulfilled.
Workflow Type, keep that on private.
Labeling Preference, now this is where
I always change mine to FBA should label my items
however I will label my items as necessary.
So this means that those labels
that the DYMO Thermal label printer prints out
that costs you 20 cents per label if Amazon does it for you.
Now, if you're selling new items,
some items will not need to be labeled.
But if you're selling anything used,
you're going to have to label these yourself
or you're going to have to incur a 20 cent fee.
And just for time purposes,
I tried to either let Amazon do it
or just my items don't need it.
Provide Box Content on.
So this involves with creating the shipment
inside of Inventory Lab with your Amazon seller account.
I don't really care about this
because I will just create all of my shipments
inside my Seller Central
and I'll explain later on why in this video.
And then Min/Max preferences.
I will definitely touch on that as well
but you can just keep it like this
and then Shipping Method LTL is the truckload
and small parcel delivery is what we're going to be using.
I try not to use LTL as possible, because it's much slower,
it will save you some money.
But in terms of getting your items in the Amazon,
it takes much longer.
So I say try and avoid that if you can.
So what you're going to do is
you're gonna click Create, and then this pops up.
So if you want to ever create a new batch, you can,
but this is our batch right now.
Now normally, when you're listing something inside Amazon,
what you have to do is either type in the UPC
or the item number or something like that.
So for demonstration purposes,
I'm going to type in this book's UPC code.
And what it does is it pops up the actual item.
Now sometimes, if you were just to type in good to great,
you would have to find your item yourself.
But this if you type in the UPC or barcode number,
then it will pop up automatically.
And what you can quickly see here is there's an FBA column,
a used column and then a new column.
And all I really care about is the FBA column.
We're just going to work our way down here.
So tax code, and this is just how it's taxed
in your Amazon account I just have mindset as general.
This is pretty great you can quickly get through
the battery and regulated process.
So that's great.
So just click no battery, unknown regulation.
Now really quick let's say you bought seven of these
for 25 cents and so that will quickly populate that
I went ahead and I put garage sale is the supplier here
but you can put in whatever supplier you're getting it from
and this is great too because I will show you a feature
later on in this video
of how you can analyze your suppliers profitability.
Now SKU, I actually got this from Reese's Resells
where you're going to put your supplier.
So garage sales,
and then you're gonna put the date of which you sourced it.
So let's say April 10, 2019 and then lastly,
I like to put the cost
And this way, the reason why I put this
is when something sells in your Amazon Seller app,
you can quickly just glance at it and say
oh, I got this from a garage sale on April 10, 2019
and it cost me 25 cents.
So it's really easy to do that.
And then lastly is you can pick your condition.
Now normally on Amazon,
you have to actually click on the listing to write in there,
which I highly recommend.
If you're selling anything that's not new,
you need to be putting in condition notes.
And the cool thing about this is
if you go back into your Settings,
and you go click on Default Condition Notes,
you can set up condition notes that will automatically
populate based on whatever condition it is.
So this really isn't applicable to you
if you are selling anything new.
But if you are going the used route
that is the route you're going
this will save you so much time
and you can just go ahead and click Used Good.
And then I have okay good use conditions
and this is for like CDs or something
and it will auto populate.
Just go ahead and click save changes, boom, done
and then it will auto populate
and then that way whatever condition the book is,
you can okay this book is very good.
It will auto populate that
and then this CD is good, it will auto populate that.
So that will save you a ton of time.
Now the last thing I wanna point out before moving on
to the next item is pricing your items
and the Mins/Maxes and what that is all about.
So really quickly, what I like to do is
it will pull the item by price over here,
so you can just click on this and it will pull that
but obviously this is not new.
What you could do is you could open up this link
in a new tab, it will show you all prime offers,
which is where you're going to want to price your items.
Now there really aren't any prime offers on this right now.
What I will do is I'll probably list this at like $8.99
since it's used or $9.99 since it's used.
I'm just winging this right now I did not look at this.
So based on the buy price we put in here 25 cents.
We're looking at a $1.28 profit, that's 196% ROI.
So it's not a lot but we did not pay a lot for it.
This is just an example.
Now as you can see right here
there's a min price and there's a max price.
And I don't really fill this out but let's say
you have a repricer hooked up to your Inventory Lab
which what I use is if you go into your Settings
and you go into your Integration Settings,
you can see that Inventory Lab has a repricer
that automatically hooks up to your
whatever repricer you're using it has to be informed.co
or has to be this one over here.
I use informed.co you can see, I have it connected.
Informed.co is expensive and this is not a tutorial on that.
I'm just going to tell you how it works and how I use this.
I don't really enter any min or max prices
but if you wanted to you could and then that way
when your repricer goes through your data,
it would not lower or raise above those prices.
What I do though in informed.co I set up repricing schedules
based on ROI so it might be okay.
Less than I do not want it going below 20% ROI
and the way it knows that is right here.
It has my buy price and it can quickly calculate,
okay, right now we're at 196% ROI,
but it will go all the way down to 10 cents,
whatever a 20% ROI is.
Now this book really isn't a good example
because it costs the profits so low,
but that's how I use it.
And it is very, very powerful.
Now, like I said, I don't really recommend using informed.co
if you're just starting,
because it is a little bit more expensive.
It is $150 a month, but it will save you so much time.
And it's extremely powerful.
One of the best things I use in the business.
So yeah, you would just go ahead you would click
Add to batch and what it would do is
so it would add that SKU and you can see
so it was one SKU but we had seven of them.
And then what it will do is it takes your total buy costs,
so we had seven books that we bought at 25 cents a piece,
and total net profit.
We made what was it like $1.25 a book.
So right now we're looking at our total by cost is $1.75
total net profit is $8.96 cents.
And it shows your average sales rank.
So, depending on whatever category you're in,
you can really use this to help you make sure
you're purchasing good things.
You don't want to send in a box of CDs
and your average sales rank is 500 K,
because CDs move so much slower than books.
Now, if you were to send in a book box
with an average sales rank of 500 K, that wouldn't be bad.
So now what we're gonna do is I'm gonna show you how
So this scanner, what you can do is
and I can't hook up this scanner to this computer
because I use this computer for my screen sharing software,
not for scanning stuff into Inventory Lab.
What you would do is you would hook up your scanner
to a bluetooth area of your computer device.
And then you would just scan this book
and it would populate the ISBN or UPC in here
and it would save you so much time
as opposed to having to type it in
and when we're talking if you go to a book sale
and you have to do that 100 times,
that's going to save you some time.
So once again, guys, like I said,
I have to manually type this in
because this is not my computer for Inventory Lab.
So as you can see it pulls it straight up.
This book is ranked 2 million, so it's not very good.
But what you can see right here is
it lists all of the FBA prices and the condition.
So let's say we're listing this on 'Good',
we would click on this,
but let's say we were listing it on 'Very good'
maybe we click on the $20.50 cent one.
Now, this isn't a video on pricing,
but this book shrank 2 million
so I have a feeling if it were very good,
I would probably wanna list this at $15.
And so what I wanna do is
you can just kinda see some of this stuff pulls up already.
Let's say I bought 10 of these at 50 cents each.
And let's say okay, SKU is garage sale,
and let's say we bought this on April 10, 2019 and 50 cents,
and we're going to list this as 'very good'
As you can see, I don't have anything that auto populates
in my 'very good' section.
But you could definitely add that, like I just showed you.
Mini-Max, we don't care about that.
Like I said, I set it up in my informed.co account.
And right now you can see I have a net profit
of $5.32 per book.
And that's a 611% ROI, I will quickly add to batch.
So right now we are at
a total net profit on the shipment of $60.
Average sales rank is about a million, that's not very good.
But just for demonstration purposes,
this is how I would read this data.
Now let's say you're done listing all your books,
you're done.
One really quick thing though, I want to mention is
if you were to go back in here,
you can quickly just go back in here and click Edit.
Let's say you forgot to out of book or something,
you can just do that really quickly.
And really, I want to add to I have my shipping set at
50 cents per pound, which is pretty typical.
I feel like that overestimates a little bit.
I like to do that.
So shipping calculation into Amazon are calculated
for this profit.
And lastly, let's say you're selling some kind of
grocery item or supplements,
you can quickly add the expiration date here,
which is amazing
because if you've ever created a shipment yourself,
and you have to manually enter it in
then it can definitely get time consuming.
This is a great way to do this.
And lastly, there are all these other boxes up here,
you can click on to see, you can check Google Trends,
you can check the price on eBay really quickly.
You can check the Camel, the Kiba
The only thing I use is the prime comparison,
which I used to use more often
back when they didn't have these conditions listed.
But obviously I'm not listed anything used
in a little while.
And now they're listing these conditions
right here for you.
Before it would just list the new prime price.
And if you're listing something good,
you would have to go in and check okay,
what is this actually selling for used?
And lastly, I wanna say if you do have a repricer
you could just put a buy price of $99.
And sometimes you will see this on Amazon,
where you'll see something marked astronomically high,
it will come in and it will make that price competitive.
So if you really just want not even care about the price
throw in $99 by price, and it will come in and do its thing.
There are some people who do that,
you just need to formulate that into your strategy.
That's pretty much it for listing.
Now in order to close out your shipment,
what you're going to do is
you're just going to go down here,
you're going to click Review Batch,
and then you're going to click Submit
and what it will do is it will create the FBA shipment.
I just want this sent to my Seller Central,
my Manage Inventory section.
So you're just going to click OK and that's all I do.
Okay, so I don't actually create my shipment plan
through Inventory Lab.
And the reason being is that
it divides up shipments quite often.
And I'm not gonna show you
how to create a shipment in this video.
That's not what this video is about.
It's just showing you how to get them in your Seller Central
with all of this data, you can get this data
and then you just can create the shipment in there.
You won't have to add the expiration dates,
you won't have to add anything like that.
It will collect all this data for you,
and you're good to go.
Now I'm going to move across the other tabs
and talk about some things I use some things I don't use.
So this Research tab right here for finding items,
I don't use that.
The Dashboard tab I don't use.
You can find all your closed batches.
So once a batch is closed out, you can go back here
and just pull that data if you want.
Right here if you click on your Inventory and your FBA,
it will show all your FBA inventory
similar to that of your Manage Inventory section
in Seller Central.
I don't really go in there too often.
Now the Accounting section in here it is useful.
And I don't actually look at this data too often though.
This is nice for if you have a CPA
and you can just give them access.
And they can log in here and get some of this data.
Now for example, something like Reimbursements
or Refunds or something like that.
I just pulled that data from my Seller Central
if that's what they need.
It does make things nice and congregated
in a nice easy to use place.
Now, the last thing I wanna say is these reports,
this is something I think is amazing,
definitely something for you to look at.
So all of that information we were entering in the supplier,
it takes the category from which it is,
you can quickly go in here and see, okay,
what supplier is my most profitable supplier?
What ASIN is my most profitable ASIN?
And those are the two things I like to look at
as a macro overview in my business.
And another cool one is if you click on
Inventory Evaluation, you can see what's active,
what's inbound, your cost per unit, et cetera.
It's very, very nice and easy to use.
This is something I highly encourage.
If you love numbers, this will be great.
And the last thing I wanna point out is
they do have an amazing support customer service experience,
more so than product any software I've ever used.
The response time is amazing.
They have a chat system over here.
If you just click on Support, you can also send them emails.
I've had some issues and they I feel like
they go above and beyond what customer service should do.
So yeah, there's a free 30-day trial.
If you have not used this yet,
and you're any kind of arbitrage
or even wholesale person on Amazon,
I definitely encourage you to check it out.
So guys that's it I'm gonna go ahead and close out here.
Let me know in the description below
maybe what software
or tool you want me to review or drop a video on next.
I'm open to these if a lot of people say one thing,
I'm definitely more than happy to do a video on that.
And yeah, I will go ahead and end this here
and I hope you have a great rest of your day.