Setting up an eCommerce business on Amazon is probably one of the easiest ways to start working for yourself.
Almost anybody can set up an Amazon seller account and it doesn’t require a huge amount of skill.
Amazon listings already exist for most products, which means you don’t even need to write descriptions or take photographs of your products.
So why are so few people in the UK selling on Amazon? For many, the biggest hurdle is working out what to sell. Finding products which can be bought at a low cost and sold on for a profit after fees are taken into account is not an easy task and can be time consuming. However, there is a new Amazon market intelligence tool that has recently launched for Amazon sellers, ProfitSourcery, that can help.
Using ProfitSourcery to find products – how does it work?
ProfitSourcery searches millions of products from thousands of online retailers and compares their prices to Amazon. It then picks out the products which can be sold for a profit after Amazon’s fees. Each Merchant subscriber then receives a daily list of profitable product opportunities with margins ranging from 30-75%.
In addition ProfitSourcery only ever displays products within the top 20% of best-sellers within their categories. This means customers can be confident that products will sell and you can gain some insight into how quickly they are likely to sell.
Making smarter buying decisions
For every product ProfitSourcery customers see in their dashboard there is a wealth of information, helping them to make smarter buying decisions. The ProfitSourcery dashboard tells you:
• The category the product is listed under
• The buy price and the sell price
• Profit margin as an actual and as a percentage (after Amazon fees)
• The sales rank at the time the opportunity was sourced and its position within its category
• The product dimensions for calculating shipping costs
• Competition information regarding current sellers
• A fee calculator which breaks down the Amazon fees involved
• The products ProfitSourcery rating
The ProfitSourcery rating is calculated using an algorithm which takes into account all the other metrics. This allows customers to see which of the opportunities in their dashboard are likely to be the best at a glance.
ProfitSourcery also provides links to historical sales rank and pricing information as well as a link to the Amazon listing and the retailer site where the product is available for sale.
ProfitSourcery is a great tool for existing Amazon sellers to increase their product inventory and increase their margins without the hassle of searching for hours and with a wealth of information. This means they spend less time (and money) looking for products to sell, and can therefore spend more time on their business. ProfitSourcery provides its members with a full suite of training guides, so it’s also ideal for beginners. With a low cost Starter tier available almost anybody can try it out to find out what ProfitSourcery is all about.