Start here – Overview
How do I make the most of ProfitSourcery?
One of the top tips we have had from our users is to keep a spreadsheet of all of the leads you are interested in. You will then build up a big portfolio of opportunities over time that you could keep profiting from. Some of these will go out of stock over time – so why not set up an “Out of stock alert” – the retailer will send you an email when they have new products available to buy.
What time is the product dashboard updated?
We complete the uploading of new products by:
USA: 7pm Central Time
UK: 5.30pm GMT
How many people can see an opportunity that is on my dashboard?
We currently limit this to around 60 people; in the context of 2 million Amazon sellers, we think this is about right. We do this to keep costs down, if each customer received a unique list to them then the price we would have to charge each month would be many hundreds of $/£.
Won’t all of your members be chasing the same deals, so all of the good ones get snapped up which in turn affects the Amazon price?
There are generally limits on how many products a retailer will sell. So if you notice the Amazon price has fallen, simply check the tips in the question above and wait for the pricing to return to its average. Especially if you have bought from a supplier who is having a sale, its unlikely that a low pricing competitor will be able to keep buying stock – Sales are usually for a limited amount of time.
This process is known as ‘regression to the mean’ –in other words prices tends to return to its long term average. To find out what the average selling price and sales rank are, check out Keepa (more info below)
I’ve just started selling on Amazon. What are your top tips?
First off, check out the guides on ‘How to select a good product’ in the Knowledge Base and Training section.
The most important concepts to understand are probably Sales Rank and the Buy Box. When you get to grips with these you are way ahead of most new sellers. We suggest spending the first month or so getting confident with the terms and concepts of selling on Amazon. Start small, learn and scale up afterwards. Test then invest!
Sales Rank? And what are CamelCamelCamel and Keepa?
Simply put, these are essential tools for a successful Amazon business, as they provide the key Price History and Sales Rank data… Sales Rank is a number that tells you how quickly a product is selling compared to others in the same category. So a Sales Rank of 20,000 in Toys means it is the 20,000th best-selling item in Toys and Games. We provide the current sales rank number in your product dashboard by each and every product.
Pro Tip: Remember that this information is provided to us by Amazon, and reflects what the sales rank is at that moment in time. However, its useful to understand what the average sales rank is over a period of time….say 3 months – this will give you much greater confidence in what you are trading.
If you are just starting out, then we’d suggest sticking to products like Toys and Games or Electronics in the Top 1-2% sales rank. Sales rank is how Amazon describes how quickly a product sells. Rather than provide an actual number of sales each month, they tell us how well that product is selling compared to other products in that category.
So if you recommend fast sellers, why does ProfitSourcery show me items that don’t sell so quickly?
Very fast selling items with good margin are fantastic, but don’t completely ignore the Tricklers… slower seller items that generally have less competition. In trun less competition usually means less fighting over price for the Buy Box.
OK, so I bought a product and sent it in, but now someone has undercut me? Should I just reduce my pricing to compete, even if I sell at a loss?
Firstly, find out how much the competitor has in stock. You can do this easily enough by adding the item in question to your Amazon basket, then changing the quantity to 999. Amazon will then adjust the 999 to 42 or however many they have in stock. If they don’t have a large amount in stock then wait for them to sell out and the price will return to its normal. You can see what a ‘normal’ price is by looking at Pricing History in either Keepa (chrome browser extension) or CamelCamelCamel (USA link here, UK link here).
Lastly, don’t forget that we are here to help – ping us a question whenever you like and we usually get back within 24h (apart from weekends!)