Let’s get started with the inventory lab review, and explore each section of this tool. Again, the more you know these types of numbers for your business, the more you’re able to make good decisions for your business. At $69.00 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). I also feel IL has more accounting and reporting features, but AccerList’s reports and accounting sections look cosmetically better and don’t seem to lack any of the basics. Similarly to the supplier profitability report, you can use these insights to take action and experiment with sourcing more SKUs in the particular category that is showing great potential.
Calculating the profit based on SKUs is challenging without a good tool like Inventory Lab. You can even check the ROI and profit on the supplier level, so knowing all the details is easier with Inventory Lab. Furthermore, you get the information regarding the cost of the product and how much you are selling it for. Printing labels with Inventory Lab can save you hours on every batch, and it requires lesser manpower. In this section, I’ll talk about the top features of Inventory Lab to give you a good idea of the benefits you can expect with this tool.
InventoryLab doesn’t preload anything ‒ you’ll need to manually click the Keepa link and load the Keepa chart in a new tab. It only adds a few seconds per item, but that adds up quickly over the thousands of items you’re going to be listing in the coming years. Best of all, you can create custom views to help you tailor each report to your specific needs. There’s also an easy data export functionality that is directly accessible through the “Export” button right next to the date selection dropdowns. On the left side, you have a sales vs profit chart comparing revenue to profit after subtracting expenses.
Track Profitability
The launch date of Inventory Lab isn’t available on the official site, but after some research, I found out that the tool got launched in 2012 with some simple features. A multichannel retail management system software geared towards high growth brands, retailers, and wholesalers. 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.
- Learn more about why you should use a prep center and how to choose a quality prep center.
- For instance, we use our helper’s initials as the supplier when we’re listing items she has sourced for us.
- It is incredibly clean and easy to use, and the support team is top-notch.
In a couple of seconds, you can easily find out the suppliers, products, and categories that have brought you the most profit. Or, an alternative approach is to get a $10/month subscription for Profit Bandit and test AccelerList 14 day trial. In any case, if you’re just starting out, both software will equally serve you well. You might want to go for AccelerList just because of the slight pricing advantage. They say the reason InventoryLab came to life was after they were having a hard time tracking their expenses and accounting through complex spreadsheets. A year later they created InventoryLab to help with inventory management while having built-in expense tracking.
The Dashboard option listed in the menu provides access to important stats. You can easily filter the data based on the month and year as per your requirements. We can’t image sourcing for inventory without the using the Scoutify smartphone app when doing retail arbitrage. Allows users to check a product’s profitability just by entering the product cost.
Create Detailed MSKUs
Stratify helps you improve efficiency and profitability using detailed data and performing real-time product research. It simplifies listing products, printing labels, tracking profits/costs, and building FBA shipments. It also lets you track expenses, view total in-stock values, and monitor sales. This makes it easier to make strategic decisions, especially with comprehensive reports showing which products are the most profitable. These tools empower sellers to automate and streamline time-consuming processes like inventory management, profit calculation, and decision-making. By looking at Inventory Lab reviews, it’s clear that using the right tool can be a game-changer, but like any other tool, you must master its use to get the most out of it.
Both let you navigate to the FBA offers page.
They have one plan with details given below with a 30 days trial period. Focus more on what you enjoy doing and let computer automation complete the rest. Note there are other seller software, like Aura, who take it to the next step to increase your online success. With that, Inventory Lab can then limit the number of warehouses sales tax calculator a reseller can use. Between that and the two solutions, Stratify and the Scoutify app, Inventory Lab is a powerful tool that users need. Once you’ve pulled up your report, you can sort by supplier, units sold, revenue, % of revenue, profit, ROI %, and on hand (number of units currently on hand in your inventory).
Inventory Lab: The Top Features
If you’re interested in learning more about Inventory Lab, we recommend doing a 30-day free trial. You can play around with the features, send in some shipments, generate some reports, and see how Inventory Lab can work for you. Is the primary web-based application of InventoryLab, and its set of powerful tools and features can significantly improve a business’ efficiency and profitability. The main highlight of the reports section is the different profitability reports available.
Inventory Lab Review 2022: Why InventoryLab Is Still Our Favorite Amazon Inventory Management Software Solution
Inventory Lab comes with many retail sources already listed as options for supplier, but you can easily add your own. For instance, we use our helper’s initials as the supplier when we’re listing items she has sourced for us. We use other abbreviations for tracking each of the OA subscription services we use (e.g. Tactical Arbitrage is TA, Gated List is GL, etc). Skubana is a versatile solution that caters to high-volume sellers operating across multiple channels. It serves as both inventory management and resource planning software.
Accelerates the Inventory Management Process
In this blog post, we’ll take a comprehensive look inside Inventory Lab’s Stratify (as well as a quick tour of their mobile app, Scoutify). We’ll explore each section of their web interface and lay out the features. Finally, we’ll summarize the review and quickly evaluate competing solutions. FBA Bros is an e-commerce agency with core expertise in brand building and scaling. Whether it is selling through Private Label of Wholesale, our company has helped sellers in achieving their business objectives.