Learn the 8 secrets I use to maximize my profit when I am out doing retail arbitrage with Inventory Lab Scoutify app.
1. Check the rank
2. Buy things out of stock
3. Check review of the item
4. Select the correct item
5. Make sure its the correct item
6. 100% profit
7. Don’t Skip Scanning Items
8. Make sure item is not restricted as hazardous.
Raw Retail Arbitrage Footage: https://youtu.be/XrINM8E7cZg
Inventory Lab: https://inventorylab.com
Amazon Seller App: http://amzn.to/2EWkXIC
Fulltime FBA Rank Sheet: http://www.fulltimefba.com/free-sales-rank-pdf/
Hey what’s up everybody? 9 Scoutify Retail Arbitrage Secrets that will maximize your profits and help you sell faster on Amazon stay tuned.
Secret number 1 : Check the Rank
Lots of people know that you need to check the rank of an item to see how fast it sales on Amazon. Now a great way to do this is to check on a rank sheet like the one provided by full time FBA which is what I use to check the rank of products to make sure that they’re in the top 1% of Amazon if you want them to sell really fast. If you’re Ok holding them a little bit while longer you can go in the top 3% maybe the top 5% and around Christmas time you could even go lower into the top 5 and the top 10% because that time of year things sell a lot faster. But an additional thing is to check the listing. So when you see something that has what looks like a good ranking check the listing. Click on that there and check the listing to see if it has multiple items on the same listing. Is it something that has multiple levels maybe there’s 20 different types or 50 different types of the same product even when it comes to shoes for example, that’s boosting the rank because all of those items combined is what showing up for that ranking. So you want to be careful there that you are looking at the ranking of the product and that it actually is a really good rank. If it’s a really good rank, and it’s the only one product showing on that listing then fantastic! But if there’s multiple products and you have to weigh that as to how good of the ranking actually is.
Secret number 2 : Buy things that are out of stock on Amazon
Even if the rank is way down there, if the item is out of stock on Amazon, the rank is not gonna be that accurate. So what you gonna want do is check on services such as Camelcamelcamel and Keepa to see what the historical rank of that item is. To see if when people are having that in stock if the rank boost up and it’s selling on Amazon. Because if it’s selling good when it is in stock but right now it’s not in stock you gonna want to grab that, sell it on Amazon, you’re going to be able to maximize your profit and sell that possibly at the higher price than what people would normally pay because it’s out of stock currently.
Secret number 3 : Check the reviews of an item.
If you’re looking at an item the rank looks ok or maybe it’s out of stock so the rank is way down there, you look at Camelcamelcamel and Keepa and can’t really get a good idea there, click on the item go over to the listing and look at the number of reviews it has. You don’t really care about if it’s 3 stars, 5 stars or one star, you’re looking at the quantity of reviews. If the item has a fair amount of reviews or a lot of reviews then that’s an item that sells pretty good on Amazon. So you can take it, grab it off the shelf, buy it and sell it on Amazon and be fairly sure that is going to sell quickly on Amazon. You’ll be able to make a good profit of that.
Secret number 4 : Select correct item
If you can scan an item and multiples of that item show up as possibilities to sell on Amazon, select the one with the lowest rank and or the most offers on it already. Usually the one with the most offers is going to be the one that is going to sell quickest and it’s also going to give you the best idea of what is currently so look at the rank pick the one with the lowest rank and also look at the number of sellers because the number of sellers is a good indication on which one is gonna sell the best.
Secret number 5 : Select correct item
Secret number 5 plays write of secret number 4. You gonna to want to make sure that it’s the right item. Sometimes when you scan an item, brings it up in Scoutify you look at it, the rank looks great, everything is fantastic, the profit is good, but double check the picture, make sure it actually is the correct item because sometimes you’ll scan it somebody use that barcode either for some other product or the product your scanning use the barcode that someone else already use and it’s the wrong item on Amazon. So double check, make sure that’s the correct item on Amazon. You don’t want to buy a product, send it to Amazon and have someone return it because it’s the wrong item or have to return it later because you bought the wrong item.
Secret number 6 : Shoot for at least 100% profit
So when you scan that in Scoutify it’s going to give you that there to show you your net profit on the item. But remember, that does not include automatically the price that you have to pay for the item. So when I’m looking at it, I’m looking for the net profit of at least double of what I’m buying the item for, because that way your shooting for 100% profit. So at least 100% for double. Occasionally I will go down to 50%, 75%, if it’s an item that sells really fast and I know that it’s going to sell really fast. But with that I’ll check the past prices on Keepa and Camelcamelcamel to make sure that the current price is not at a very high price currently and it’s likely going to go down quickly. So shoot for 100% profit and you’re much more likely to make profit on the items even if the price goes down before you get it in there and sell your product.
Secret number 7 : Don’t skip items
Don’t skip items just because you don’t think they’re going to sell. There’s so many things that sell on Amazon that would boggle your mind as to why they sell. You wouldn’t think they sell but you’re not the one who matters the one who matters is the customer on Amazon who wants to buy the product. So don’t assume just because you wouldn’t buy it other people would buy.
Secret number 8 : Make sure item is not hazardous
This is a big one, check to make sure that the item that you’re buying is not restricted as hazardous on Amazon. So when you’re scanning, you gonna run into possibly an item that looks fantastic, nobody is selling it on FBA or nobody selling it at all, there could be a reason perhaps that item is restricted as hazardous and you can’t send it to Amazon FBA. So what you’re going to want to do is open up the Amazon seller app, scan the item on the Amazon seller app and click on that item and look for the little hazardous icon that pops up possibly if the item is hazardous on Amazon. This can happen a lot for any kind of liquids or any kind of pesticides, anything that Amazon could think is hazardous. Sometimes it’s crazy what Amazon thinks is hazardous even when you know that it’s not. But double check, because if it is hazardous when you gonna send it in, Amazon is not going to let you send it in and then you gonna have to return it back to the source. So big tip right there, check and make sure that it’s not hazardous.
So those are my 9 top secrets that I use when I’m out doing Retail Arbitrage using Scoutify to make sure that I’m buying products that I know will be profitable and I know will sell quickly.
I hope this has helped you in some small way and you can come become more profitable and sell more items on Amazon. You can do it, I know you can. So get out there now, start doing some Retail Arbitrage. Make some profit, get selling on Amazon, get those first items sold if you haven’t sold before. And you’ll see how easy this game really can be and how quickly you can make money selling on Amazon.
If you’re interested, down on the notes down below, I’m going to have a link to the raw footage of me out doing Retail Arbitrage with the Scoutify app and showing you things to look for as you’re going through. So the 9 secrets that you’ve seen today, you can see the raw footage of me going to the store utilizing these exact secrets and finding items to sell on Amazon. So check that out down on the notes. Also, click that subscribe button down below so get alerted to more awesome videos that will help you maximize your profit on Amazon and find items that will sell quickly doing the Retail Arbitrage.
Thank you for tuning in. Continue on down on this Entrepreneur Adventure. This is Todd Welch signing off. Thank you and have a great day everybody!