The Amazon marketplace is a popular online selling platform for retailers, brand owners, and business entrepreneurs because of its huge following and wide reach. A key draw is the access to third-party Amazon seller tools, notably InventoryLab (IL), which helps to streamline business operations.
When it comes to inventory management, many online sellers trust InventoryLab. In this article, we will discuss how IL helps Amazon sellers improve the overall performance of their business.
What is InventoryLab?
InventoryLab is a software platform tailored for Amazon sellers, offering tools and solutions to efficiently handle inventory management, streamline workflows, and monitor profitability of the Amazon businesses.
Benefits of Using InventoryLab for Amazon Sellers
InventoryLab offers a range of tools and features to assist Amazon sellers in various aspects of their business, including inventory management, accounting, and analytics. Using IL for your eCommerce business means access to its advanced features including the following:
Inventory Management: IL is primarily known for its inventory management feature that allows sellers to track their inventory levels, and create shipments to Amazon fulfillment centers. Additionally, IL also helps sellers efficiently manage their stocks across multiple channels.
Listing and Labeling: IL helps sellers conveniently create and manage product listings on Amazon, including generating FNSKU labels for products.
Profit Analytics: Aside from listing and inventory management, IL provides detailed insights into sales, expenses, and profitability, allowing sellers to analyze their financial performance and make informed decisions.
Reports and Insights: InventoryLab offers a variety of reports, including profitability reports. IL also has analytics tools that help sellers understand sales trends and identify profitable items.
InventoryLab’s key advantage is its ability to simplify the complexities of selling on Amazon. This particular Amazon seller tool empowers online sellers, including Amazon FBA sellers, to run their businesses more efficiently and profitably.
How Does InventoryLab Work?
When you register with InventoryLab, all your Amazon inventory, including both active and inactive items, as well as sales data from the past 60 days, will be integrated into the software application. This process is enabled through InventoryLab’s integration with the Selling Partner API (SP-API), which securely connects to your Amazon seller account to ensure smooth data transfer.
Premium subscribers can easily synchronize all their Amazon data with IL by simply reaching out via email to request instructions. You should note that the syncing process may take up to 48 hours to complete.
Once your inventory has been successfully synchronized, Amazon sellers can enter their costs, supplier details, and purchase dates directly into IL. This step is vital as all financial reports, including sales transactions and profitability reports, depend on accurate input to provide sellers with valuable insights for informed decision-making.
InventoryLab Applications: Stratify, Scoutify, ScoutX, and Insights
To streamline the effective management and optimization of an Amazon business, InventoryLab provides sellers with multiple applications, namely Stratify, ScoutX, Scoutify, and Insights. Here’s a closer look at the important functions and benefits of each.
What is Stratify?
Inventory management is a crucial aspect of the Amazon business. As your business grows, more and more products need to be tracked, making the whole process more complex and time-consuming. In order to help Amazon sellers manage their inventory more efficiently, InventoryLab introduced the Stratify app.
This specialized software solution offered by IL serves as a centralized platform to enhance operational efficiency and streamline tasks. Some of the key features of the Stratify app include the following:
Inventory Monitoring: Stratify facilitates comprehensive monitoring and control of your Amazon inventory, including stock levels, product details, and listing status.
Listing: Stratify helps sellers simplify the listing process on Amazon. Sellers can list products on InventoryLab that can be added to their Amazon Seller Central inventory data. Data feed from Stratify can take up to 70 minutes for your inventory data to be available in Seller Central.
Pricing: InventoryLab’s Stratify app also integrates repricing tools to help sellers adjust listing prices dynamically based on market dynamics. Thus, giving Amazon sellers a competitive edge when it comes to product pricing.
Shipment Preparation: Amazon sellers can also prepare shipments effortlessly using Stratify, which aids in generating shipping labels, including options for 2D barcodes.
Accounting and Analytics: Sellers gain access to crucial accounting data, providing valuable insights into your financial performance.
In summary, InventoryLab’s Stratify app is designed to streamline inventory management and help Amazon sellers maximize their profits by providing detailed insights and analysis.
What is Scoutify?
InventoryLab also has a mobile app that is designed mainly for Amazon resellers. Those who want to engage in Amazon retail arbitrage can use the Scoutify app. Scoutify is designed specifically for scouting products and can be used in conjunction with InventoryLab’s other tools, like Stratify. Utilizing this phone scouting application, Amazon sellers can:
- Scan the barcode of products using their smartphone’s camera.
- Assess the potential profitability of each item.
- Verify if they face any restrictions on selling an item.
- Gauge the competition by checking the number of other offers on the item.
- Review both past and current sales and purchase history of the item.
To help you maximize the functionalities of Scoutify, below is an overview of how you can use the scouting app.
Scoutify is a valuable tool for Amazon sellers engaged in retail arbitrage or online arbitrage as it can provide real-time data and profit calculations. Like any software product, it is essential to keep an eye on updates and user feedback to stay informed about its current features and performance.
What is ScoutX?
ScoutX is a cutting-edge web-based product research tool designed for Amazon sellers to access critical data points for potential inventory items. It enables sellers to make informed decisions by providing insights into product sales rank history, analytics, and profitability. Below are ScoutX’s key features:
Instant Product Insights: ScoutX offers a convenient widget that succinctly presents crucial details concerning ASIN, Rank and Category, Variations, Buy Box, and more.
Research Accelerators: ScoutX provides a curated set of icons linking to indispensable websites pertinent to product research.
Google Sheets Integration: With ScoutX, product research has been more convenient with its Google Sheet integration, which allows you to directly incorporate products of interest into your Google sheet. Therefore, eliminating the hassle of platform switching and ensuring all critical information is centralized for easy access.
For sellers to add the items they have sourced into a sheet, the Google Sheets toggle must be turned on in the ScoutX settings and the Google account must likewise be connected to ScoutX. You can follow the steps below for Google Sheet integration.
STEP 1: Toggle “Google Sheets” to allow integration.
Image Adapted from IL: Overview of ScoutX Page; Retrieved: March 16, 2024, From Support.IL
STEP 2: Click “Connect” to connect your Google account to ScoutX.
Image Adapted from IL: Overview of ScoutX Page; Retrieved: March 16, 2024, From Support.IL
STEP 3: To add an item to a Google sheet, locate and click the “Add Item” button located next to the Research Shortcuts in ScoutX. A dropdown menu will appear and click “to Google Sheets.”
Image Adapted from IL: Overview of ScoutX Page; Retrieved: March 16, 2024, From Support.IL
In essence, ScoutX offers a robust platform for product insights while simplifying the product research process for sellers. This IL application helps sellers save time when doing product research.
Insights
Another popular feature of InventoryLab is Insights. With Insights, Amazon sellers can gain access to the Restock Report that showcases numerous data relating to sales history & forecast, inventory status, product data, and more.
Image Adapted from IL: Restock Report – Overview; Retrieved: March 16, 2024, From Support.IL
This feature can help sellers avoid stockouts or overstock to help maintain business efficiency. To access Restock Report, simply click the “Insights” tab on the top menu, and click the Restock Report from the dropdown menu as seen in the image above.
InventoryLab Integration Capabilities
In addition to providing essential business solutions for Amazon sellers, InventoryLab stands out for its integration capability with diverse platforms and tools, effectively optimizing workflows and enhancing productivity. Notably, IL seamlessly integrates with Seller Snap, an advanced Amazon repricer.
InventoryLab – Seller Snap Integration: Steps for Software Connection
To connect your InventoryLab and Seller Snap accounts, you must first enable Seller Snap integration in IL by following these steps:
STEP 1: Log in to your Inventory Lab account.
STEP 2: Go to the “INTEGRATION” page, which can be found under the “LIST” tab.
STEP 3: Switch “ON” Seller Snap Repricer by toggling the switch.
Image Adapted from IL: Overview of Integration Page; Retrieved: March 16, 2024, From: IL Product Update Webinar
After activating the Seller Snap integration in InventoryLab, you should enable Inventory Lab integration in your Seller Snap account. To do so, you can follow the steps provided below:
STEP 1: Sign in to your Seller Snap account and select “STORE SETTINGS” within the “SETTINGS” menu.
STEP 2: Once clicked and redirected, locate the “INTEGRATIONS” tab and select it.
STEP 3: Once you are on the integration page, look for the IL logo and click the “CONFIGURE” button underneath the logo.
STEP 4: When the button is clicked, a dialog box will pop up; switch on the IL integration.
STEP 5: Once toggled, a confirmation box will appear. To save settings, click the “CONFIRM” button.
STEP 6: After clicking the confirm button, you should verify the software integration status. To do so, check the status indicated beneath the Inventory Lab icon. It should indicate “ON.”
Now that both software accounts are linked, you can leverage the software integration to efficiently oversee your pricing strategy, establishing minimum and maximum prices. The following video presentation will guide you through the process, ensuring clarity and ease of implementation.
InventoryLab Frequently Asked Questions (FAQs)
Who Should Use InventoryLab?
Amazon sellers looking to streamline their inventory management, product sourcing, and listing activities, and those in need of cost-per-unit tracking and automated Profit and Loss (P&L) reports can benefit from IL’s advanced features and functions.
InventoryLab primarily provides solutions to three major areas of concern for most Amazon sellers, mainly:
- Product Research
- Listing
- Bookkeeping/Analytics
Can You Use Bluetooth Scanner With Scoutify App?
Yes, Amazon sellers can use a Bluetooth scanner with Scoutify. You only need to pair the scanner with your mobile device to use it to scan items on the go. Some of the commonly used Bluetooth scanners by Inventory Lab users are the following:
- Scanfob
- KDC
- Unitech
- Eyoyo
- Nadamoo
How Much Does InventoryLab Cost?
Amazon sellers can have complete access to IL at $69.00 per month for the Base Plan, and $94.00 for the Base+Insights Plan. For those preferring an annual subscription, the price of the Base Plan is $690.00 annually, and the Base+Insights Plan at $690 billed annually plus an additional $25 per month.
Can You Cancel Your Subscription at Any Time?
Yes, Amazon sellers can cancel their subscriptions at any time. Additionally, users can still access IL until their current subscription period ends.
Streamlining Amazon Selling for Greater Success
InventoryLab is a valuable tool for Amazon sellers, helping them manage inventory, streamline workflows, and boost profits. Through its various applications like Stratify and Scoutify, you can easily handle tasks like inventory management, product research, and pricing optimization.
The added advantage of seamless integration with Seller Snap further enhances its capabilities, ensuring competitive pricing in real time. Overall, InventoryLab simplifies the complexities of selling on Amazon, making it possible for sellers to gain a competitive edge over competitors and ultimately thrive in their Amazon business and the ever-evolving eCommerce landscape.
