Anyone who has already read our website's articles already knows that we have given reviews on multiples tools of Amazon selling software.
Why has online marketing become a vital part of our lives nowadays? To gain maximum profit and efficiency, we use different E-Commerce selling platforms. But, how do we know if we are using the right one?
The answer to this question is that we do not need to worry about quality issues using a verified platform. We are talking about quality; what could be better than Amazon selling software?
Nowadays, it has become easy for online entrepreneurs to list and sell their products through Amazon FBA. Still, there are multiple aspects of online selling, which we overlook when doing the process.
Your online selling platform should be not only profit-making but also be reliable.
Therefore, today we bring you ✅Inventory Lab Review, a renowned Amazon FBA tool.
By the end of this post, you will have a pretty great idea of how the Inventory Lab looks and works from the inside. It would help if you also had an idea about significant competitors in the space. We'll help you make an informed decision of whether you should go for Inventory Labs, a competitor, or nothing entirely.
But firstly, we must know what Inventory Lab is precise. So, without further due, let us get started.
Detailed Inventory Lab Review
Inventory Lab does not state the year they were founded on their about page. Web Archive's snapshots indicate that they started their website in 2012, a simple squeeze page back then asking people to stay tuned and enter their email address for updates.
In April 2013's snapshot, it seems the website became fully operational. Plans started at $40/month. Ironically, they advertised “same-day support” on their homepage, which is no continued case.
They state that Inventory Lab came to life with a solid time tracking their expenses and accounting through complex spreadsheets. After some time, they created Inventory Lab to help with inventory management while having built-in account tracking.
How does Inventory Lab Work?
Inventory Lab is a prominent tool. With this, you cannot only research and list products but also handle your inventory, track your expenses, and analyze profitability.
The software consists of two tools.
Now, we will see a detailed overview of these tools.
Stratify can enhance both your efficiency and profitability. Using detailed data, users can do real-time product research.
Stratify makes it feasible to track expenses, view total in-stock values, and monitor traffic on the accounting side.
You can trace all of your business expenses in one place; this makes it simpler to make strategic decisions.
Complete reports are also possible, ensuring you know which products and suppliers are the most profitable. From a strategic prospect, having this information can save you a lot of time and money.
Scoutify is a mobile application available for this tool. With this, you can perform all the above actions even when your computer system is not available.
Scoutify is very successful with online and retail arbitrage sellers.
By typing the cost per unit, you can immediately see the potential profitability of any item you might be thinking about buying.
Another prominent feature of this app is the built-in barcode scanner. Today's inventory command tools don't have this feature, which you need to pay separately.
You can install this app on many devices as you need to, convenient if you work within a team.
Key Features of Inventory Lab | Inventory Lab Review
To give you a better idea about this tool, it would be best to provide a comprehensive overview of its features.
The Interface of this tool is pretty compelling. In that, you have provided notifications/messages at the top right corner, and the main menu is set out horizontally at the top left portion.
Every main menu item has a sub-menus right beneath them, which becomes noticeable when floating. Below given is a list of all the main menu and submenu items.
- Open Batches
- Closed Batches
- Amazon Listing Errors
- FBA Sales
- Merchant Sales
- Other Income
- Inbound Shipping
- Other Expenses
- Supplier Profitability
- Category Profitability
- SKU Profitability
- ASIN Profitability
- Sales Tax Report
- Profit and Loss
- User Guide
- Support Portal
#2. Print Product Labels
With the cooperation of the Scoutify app, it's reasonable to print a label and attach it to an item as soon as you list it.
Instantly printing labels can save you up to an hour per inventory batch. It eliminates the need to sort through pages of brands at the end of the listing process.
#3. Competing Offers
You can see the number of proposals on Amazon for this item, and in this case, it says “50”. Note that this isn't always true because this app relies on Amazon's API, and the API doesn't ever appear to share every offer that's out there for the item. You can always verify that manually, though.
We'll get into that in an instant.
So below “Offers,” you have “New,” “Used,” including “FBA.” If you're using FBA, your main concern will mainly be the FBA column because FBA sellers almost always perform properly than merchants who fulfill on their own, if all else is even.
Several buyers would pay more for Amazon FBA items to support Amazon Prime's one and two-day free shipping.
For this item beneath “FBA,” we can see that there's a single seller, and the characters “O” and “A” show on the left side of the column in a small green font. “O” intimates that this special offer owns the buy box and “A” indicates that Amazon is the merchant.
The “History” subsection enables you to see a list of your previous searches/scans, and this is especially useful when you're out and about browsing random items at local shops, then return home indeed to investigate the things thoroughly on your laptop.
#4. Parent-Child ASINs
It is a difficult task when anyone lists their items by ASIN variations. It is likely to make small mistakes, and in effect, you can fail your customers on Amazon by sharing incorrect information.
The Inventory Lab helps give a warning about the ASIN variation and allows you to pick some selling products from the list.
#5. Utilize the Buy List to Upload Items to Inventory Lab
Listing retail arbitrage inventory is made much more manageable with the Scoutify app.
Using the app, you can quickly scan an item, enter the price you're paying and selling it for, and attach it to your buy list.
You also require to enter a supplier name once; Scoutify can add it to each item on your buy list. It only shifts once you add a new name. Once your RA sourcing is done, email the file and use it to upload the items to Inventory Lab in a blink.
#6. Reports Availability
The main highlight of the records section is the varying profitability reports available. Not only can they give you an excellent idea about how you're doing overall and the health of your business, but they can also tell you more about what's making you and costing you the most money in a blink.
That is priceless data because it's not just about “oh yeah, great, I'm profitable this month!”. It's actually about providing you penetration into why you were or weren't profitable and arming you with the information you need to take action and fix what needs to be fixed or improve what needs to be developed.
#7. Create Detailed MSKUs
When listing your items on Amazon through Inventory Lab, you have the opportunity to build custom MSKUs (Merchant Stock Keeping Unit); this is what Amazon uses to keep a record of inventory.
Inventory Lab makes this means simple by creating sequential MSKUs; for instance, if you use a date and item number as your MSKU ), Inventory Lab will number all items that follow sequentially).
You can also use this one step considerably by including other relevant information such as the ASIN, supplier, and purchase cost in your MSKUs. Having this representation of information makes it easier to reprice and track your suppliers once adjusting your strategy later on.
#8. Expiry of Products
There is an expiry date for groceries and other products which need to be marketed before that date.
You can later add the expiry date in the listing process to set the record of the inventory. In this way, your products will be sold speedily.
Inventory Lab Pricing Plans
If you prefer to try ere you buy, Inventory Lab offers a 30-day free trial, with access to all their extensive features.
Trial users get passage to FBA and Merchant Fulfilled Sales data for 60 days. If you decide to sign up as a paid user, you can access this same data beyond the 60 days at no additional cost.
If you go forward with a paid plan, anticipate spending $49 per month or $40 per month if billed annually.
🌟 Inventory Lab FAQ
🤔 What is Inventory Lab?
Inventory Lab is one of the leading inventory management systems designed for Amazon FBS sellers. Inventory Lab makes it easy for Amazon sellers to run their business effectively as it makes everything crystal clear.
🔎 How does Inventory Lab work?
Inventory Lab allows you to create barcodes and FBA shipments on all your products. Inventory Lab offers easy to use interface, making the easy listing process easy for Amazon sellers. Amazon FBA sellers can do listing properly for their business.
🙄 Do I require extra equipment to use the tools in Inventory Lab?
No, Inventory Lab does not require any other types of equipment. You can easily access Stratify once you successfully log in to Inventory Lab. However, Inventory Lab urge to their users to use thermal label printer for their business.
🔥 Is there any Inventory Lab coupon code?
If you want to save bucks on Inventory Lab pricing plans, then use the above-mentioned 100% active Inventory Lab coupon code that helps you to save around 30% off.
Conclusion: Inventory Lab Review 2021 | Should you buy this software?
The difference is it provides more than usually, an Amazon FBA platform offers. Other than that, the presence of the mobile app “Scoutify” makes the deal a lot more advantageous.
If we talk about the reliability and the integration of this platform, there is nothing to complain about. The interface of this Amazon seller tool is excellent and will make you feel disappointed at any stage of using this platform.
Other, the real buzz is the pricing plan of the Inventory Lab. The pricing is very affordable, and hence anyone who wants to become an Amazon online seller can start using it. Also, there is a free basic version available, making it super easy for us first to test this platform.
With this, we will wrap up our today's article on Inventory Lab review. If you got any suggestions, feel open to comment down in the sections below.
Until then, Sayonara🖐