Wholesale – Pros and Cons

Wholesale – Pros and Cons

When I first started out on Amazon, I started with Online arbitrage. It wasn’t too bad, there were hits and misses, but I guess that’s just part of the learning process. I did online arbitrage for about one month before I realized I’m running out of profitable stuff to buy. After a few frustrating days of spending hours of searching on the internet and finding nothing worth buying, I decided to just go Wholesale. Wholesale sounds wonderful really,  you just have to find the gold, and keep replenishing it. Sounds…

Tools Of The Business : Inventory Lab – Web-based 3rd party application for Amazon Sellers – Part 3

Tools Of The Business : Inventory Lab – Web-based 3rd party application for Amazon Sellers – Part 3

After you are done with importing all the relevant info into InventoryLab, that’s when the fun begins. Dashboard – Monthly Sales & Profit and Monthly Expenses Here you will see a snapshot of your sales and profit figures. Below is a snapshot of my figures for May 2016. Noticed what a big chunk Amazon fees are. That’s the cost of business though. Reports – Profit & Loss To really go into the details, go to “Reports” -> “Profit & Loss” As you can see, sales numbers can be misleading. Sales :…

Tools Of The Business : Inventory Lab – Web-based 3rd party application for Amazon Sellers – Part 2

Tools Of The Business : Inventory Lab – Web-based 3rd party application for Amazon Sellers – Part 2

After my data synced, the first thing I did was to input my COGS. After all, my top priority is to figure out how profitable my items are. When you are first starting out, you need to input data for COGS under both “Inventory” and “Accounting” so your numbers will match up. You can choose to use the import function and csv to do it. Or you can choose to manually input them one by one. Process of inputting the COGS is the same for both “Inventory” and “Accounting”. I even use the same…

Tools Of The Business : Inventory Lab – Web-based 3rd party application for Amazon Sellers – Part 1

Tools Of The Business : Inventory Lab – Web-based 3rd party application for Amazon Sellers – Part 1

Chasing after Amazon for refunds, returns and reimbursement is a nightmare when done manually. Also, if you have ever tried calculating profitability of each SKU you sold by pulling the records from Amazon, you will know how tedious it is. Hence I decided to try out Inventory Lab, a web-based 3rd party application that helps Amazon sellers streamline their product sourcing and listing, along with integrated cost per unit tracking and automated Profit and Loss (P&L) reports. In addition, it also has bookkeeping features which allow sellers to generate transaction level reports, view per unit profitability reports…

Reconciling Your Amazon Shipments

Reconciling Your Amazon Shipments

Basically after you ship in your items, you do need to check if Amazon received everything correctly. Because usually they don’t. To reconcile your shipment, go to “Inventory” -> “Manage FBA Shipments” Next, you will come to a page where you can see all your shipping plans. As you can see, though my shipment was sent in somewhere in May, they are still pending in “Receiving” status. It now takes about one month for Amazon to be done “Receiving” the items. Click on “Track Shipment” to see more details for each…

What should you sell on Amazon?

What should you sell on Amazon?

Million dollar question 😉 Obviously I won’t be able to tell you exactly what I am selling. But I do have a set of guidelines influencing my decisions. Category New sellers are typically restricted in some categories. Examples of restricted categories are Grocery, Health & Personal Care, Beauty, etc. You want to give those a miss when you first start out. And yup, I’m still gated in those 🙁 There is no such thing as the “most profitable” category. There are opportunities in all categories. You just need to find it! Best Sellers…