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6 Best Amazon Repricing Tools and Software of 2020 - Online Arbitrage - Sellerspaceship.com

InventoryLab: A Quick Look

Free Trial?

30 Days Free

Platform

SaaS (Cloud Web App)

Pricing

Monthly Plan - $49.00/month
Annual Plan - $40.00/month

Marketplace

Amazon US

Key Features Summary

Real-time Product Scouting, Listing Management, Accounting, Comprehensive Reports

Integrations/Compatibility

Zapier, Aura, BQool, Informed.co, Amazon Pay, Authorize.net

What Is Inventory Lab?

Inventory Lab Home Page - Seller Spaceship

Founded by Ryan Stephens in 2013, Inventory Lab is an innovative and highly versatile Amazon inventory management software solution that’s trusted in the FBA seller community. It streamlines vital processes such as managing inventory, listing products, researching, and sourcing products for inventory, accounting, and comprehensive business reporting.

Let’s Talk Features

Inventory Lab offers two main tools to its users:

1.) Stratify

Is the primary web-based application of InventoryLab, and its set of powerful tools and features can significantly improve a business’ efficiency and profitability.

Features/Capabilities:

Product Research via Scout

A web-based research tool within Stratify, Scout allows users to do real-time product scouting easily. Just type in an ASIN, and Scout will provide important listing information such as sales rank, category, packing details, competitor prices, and more. Most importantly, it also shows you the Amazon fees and provides you with a profitability calculator so that you can figure out potential ROI.

Amazon Listing Software

Enables users to list products, create FBA shipments, add to their Merchant-fulfilled inventory, track and monitor costs, and make net profit forecasts.

Inventory Management System

Users can easily manage their inventory and view total in-stock products, in-stock value, potential sales value and other important accounting details.

Accounting System

Users can easily keep track of every product’s sale price, buy cost, net profit, profit percentage, and ROI percentage. It also allows you to monitor refunds, Amazon reimbursements, other income, and expenses such as mileage and inbound shipping.

Reporting System

Allows users to check profitability by supplier, category, SKU and ASIN. The reporting system also provides inventory valuation, sales tax reports, and profit/loss statements.

2.) Scoutify App

The Scoutify 2 mobile app is a product sourcing app bundled with your subscription. It enables users to search for competitive and profitable offers in the Amazon US marketplace using their mobile devices. The Scoutify app works for both Apple iOs and Android.

Features/Capabilities:

 

Product Scanning

Scoutify 2 is equipped with a built-in barcode scanner. It can also be paired with a Bluetooth scanning device.

Amazon & FBA Profit Calculator

Allows users to check a product’s profitability just by entering the product cost.

Scoutify 2 Integrated Tools

Enables users to:

  • find out how often a product sells and view its historical profit margin.
  • view key product details such as rank, category, offers, buy box, restrictions, and more.
  • get pricing data from other websites.

Buy List Creation

Enables users to keep track of products purchased, retailers/suppliers and cost. This list can be imported to Stratify to create a batch to be sent to Amazon.

What We Love about It – The Pros

Its Awesome User Interface

InventoryLab has created an excellent user interface that has made the listing process super easy. You can list your products quickly, set the ideal price, and send your goods to an Amazon warehouse in just a couple of moves. Another thing that we love about the UI is that it provides you with important information every step of the way. For example, as you list your products, you’ll see the type of packaging you’ll need and the size tier of your product so you’ll know what type of parcel you’ll need. This eliminates the possibility of getting fined by Amazon for prepping errors. Everything is simplified and the UI is optimized not only for ease of use but also for ensuring the accuracy of each process performed.

Makes Inventory Purchasing Decisions Much Easier

Stratify (Scout) and the Scoutify mobile app will make you money. These product research tools are accurate and effective, and will not only help you source the right products, but more importantly, list them on Amazon at the right price.

It Allows You to Delegate

Protecting our Amazon seller info is one of the things we prioritize, so we really love Inventory Lab’s employee feature. You can give your virtual assistant access to product sourcing tools, your accountant access to various business records, and your prep center access to create shipments and print FNSKU labels and more without having to compromise your seller info. We love this feature and so will you because delegation is a key component of a business’ ability to scale.

You Can Sync It with BQool or Informed.co Repricer Services

If you are a BQool user, with just one click of a mouse button, you can import all of your products’ buy cost from Inventory Lab directly into BQool’s Repricing Central. This saves you a lot of time because you won’t have to manually enter them any more, and when BQool imports the buy cost, setting up min and max prices in Repricing Central becomes faster and easier. On the other side, if you are an Informed.co user, you can connect your InventoryLab and Informed.co accounts to automatically sync the most current Cost/Unit amounts you’ve set for MSKUs in InventoryLab.

Its Amazing Accounting Capabilities

InventoryLab has very helpful bookkeeping tools that enable you to organize the finances of your business easily. It’s imperative to know your numbers if you want to make your business profitable. Stratify’s accounting system helps you to easily keep track of everything that’s financially related to your Amazon business which will enable you to make sound decisions for product sourcing, repricing, and services you might need to avail. It does such a good job here that you won’t need to use a separate accounting subscription like Quickbooks.

Its Robust Reporting System

Data – you need a lot of it if you are to determine the best use of your time and money. InventoryLab’s robust reporting system allows you to determine just that by showing you your business’ sweet spots and sore areas. In a couple of seconds, you can easily find out the suppliers, products, and categories that have brought you the most profit.

What We’re Not Crazy About – The Cons

Its Cost

At $49.00 a month, InventoryLab may seem a bit pricey, especially for sellers who are just starting out. Also, it’s priced a bit higher compared to alternatives such as Accelerlist ($34.00 a month).

Exclusive for Amazon US Sellers

InventoryLab only works for sellers in the US, and only supports the US marketplace. It also does not automatically account for Amazon-fulfilled orders sold on other ecommerce platforms such as eBay (multichannel fulfillment orders).

Unconfirmed Reports of Accounting Data Issues

We chanced upon a now deleted Reddit thread from 2015 in which several Redditors complained about issues with their accounting data (bugs, formatting issues etc…). From our experience though, we’ve never experienced any issues with ours, and we’ve been users for more than 5 years. Although unconfirmed, reading about these past accounting data issues was a bit unsettling.

Lack of Community for Its Users

In March 2018, InventoryLab’s Facebook support group and community was shut down, so, unfortunately, there is no longer an official online venue for InventoryLab users to network. On the bright side, InventoryLab will continue to offer support to its users via email. Also, there is a small, unofficial Facebook support group composed of 1.1K users created to continue the purpose of the support group that was shut down. Please take note though that this unofficial group is not affiliated with InventoryLab.

Moving Upmarket Has Possibly Created a Gap Between Founders and Customers 

Aside from the closure of the Facebook support group and InventoryLab’s decision to only offer support via email, a small group of users have also reported that the creators have not been as responsive to users’ feature requests compared to before, something which they have also attributed to the move upmarket. We, however, follow InventoryLab’s blog and saw that aside from Stratify updates, they also made significant feature updates in 2019.

Our Final Take: Should You Get Inventory Lab?

YES. And we’re not just saying that because we’re InventoryLab affiliates. 😀

Now is probably the best time for full disclosure:

We participate in affiliate programs to fund Seller Spaceship. Some of the links you will find in our articles are affiliate links, which means that if you purchase a product using our link, we will earn a small commision. This does not, however, come with any additional cost to you, and we guarantee that our reviews will never be based on whether we will earn a commision off a product or not. We stand by our mission to provide objective and informative reviews. That being said, if you do find our product/service review helpful and decide to purchase a product or service we review, we would really appreciate it if you use our links to do so. It will really help the Seller Spaceship team a lot in providing you with awesome content that can hopefully help your business!

Now that’s out of the way, back to our review 🙂

InventoryLab is a TRUE GAMECHANGER, especially for sellers who are looking to bring their businesses to the next level. We’ve been users for almost more than 5 years, and we are STILL finding new ways to maximize the use of this Amazon inventory management software system to improve the efficiency and profitability of our businesses. Its usefulness is simply AMAZING. We believe that its high usability can be attributed to consistent updates based on user feedback and emerging trends. This speaks volumes about their commitment to providing their end users with a tool that can keep up with the demands of a fast-paced Amazon marketplace.

For its monthly cost, InventoryLab offers immense value, Aside from being a feature-rich Amazon listing software solution that efficiently streamlines the inventory listing process, it is also a powerful product research tool that can help you easily make inventory purchasing decisions. Also, its amazing accounting and reporting capabilities gives you access to important data that will enable you to organize all your finances and make strategic business decisions. This tool is such a superb investment because it saves you valuable time, a lot of money, and allows you to scale your business up faster and easier. It’s simply a must have in your set of Amazon tools.

Nothing beats first-hand experience though, so why don’t you sign up for a 30-day trial to see how InventoryLab can help you and your business? Get a feel of its great user interface, create and send in some shipments, do some product research, and generate some business reports. It’s a great way to understand how InventoryLab can actually help you scale your business.

Is there anything you love about InventoryLab that we weren’t able to mention in the article? Is there a feature that has really helped your business that you’d like to share? Do you have more questions about this awesome inventory management tool? Post a comment and join in on the discussion. We’d love to hear from you!

 

Read The Next Post:

Sellbrite Review: The Multi Channel Inventory Management Solution That Gives You The Most Bang for Your Buck

 

About The Authors

 

 

Heath Armstrong is a creative alien and the co-founder of Rage Create. He is the author of The Sweet-Ass Journal to Develop Your Happiness Muscle in 100 Days, Sweet-Ass Affirmations, and the host of the Never Stop Peaking podcast. @heathfistpumps | heatharmstrong.com | sweetassjournal.com

 

Jason Berwick is a serial adventurepreneur, e-commerce automation junkie, and the co-founder of Rage Create. He spends most of his time building systems to scale digital businesses while traveling the world. @jasonsepicquest | JasonBerwick.com

 

 

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