‘Tis the season to prepare for a lucrative Q4! With the holidays approaching quickly, you might be considering more items to sell on the Amazon marketplace to expand your store.
But before you go ordering a bunch of stock, you can predict a product’s potential profit (we love alliteration) with MarketScout. Read on to learn how easy it makes the product research required for sourcing products to sell on Amazon.
Upload a List of Items
Whether you’re considering the creation of a new kit or simply planning to increase your holiday sourcing, MarketScout facilitates the process of finding the right products to sell. Get started by compiling a CSV list of the ASIN/UPC/EAN codes for the items you are considering adding to your inventory.
Be sure that the first row of your file contains the correct column headings with your data beginning on the second row. Your code should be included in the first column. In order to calculate profit margins, you can include the item’s cost in the second column. You can also input your codes into a downloadable template available in MarketScout.
Analyze the Data
After uploading the CSV file, click update to run your report. Once it reaches 100% completion, you can choose to download your report or simply view it online. The downloaded report contains more data than the online view, but both are very helpful when you are scoping out new codes. Check out the rank and category for each of the items you are considering selling. Are the items highly ranked?
Your MarketScout report provides you with the important details about each item, so that you can decide which items provide the profit margin you need. Be sure to examine each unique situation closely before making a stocking decision.
Calculate Potential Profit
As a seller, one of the most important questions to ask yourself when you are considering adding inventory is whether or not you can sell the items profitably. As your virtual detective, MarketScout will also pull the lowest FBA price and the lowest overall price in addition to the Amazon price. With this information, potential profit is calculated based on your cost and including the Amazon FBA fees for each item you have uploaded.
Prepare your holiday sourcing strategy now for a successful and less stressful holiday season. MarketScout takes the legwork out of evaluating how similar products are faring on the Amazon marketplace.
Stock Up For the Holidays With Confidence
We hear Santa’s a busy guy these days, so he’s turning to online shopping to make sure there’s a gift for everyone on his list. Help him out by stocking your store with profitable items that people want this holiday season, then watch your Q4 profits soar alongside Santa’s sleigh. Start your free trial of MarketScout today.
Originally published on September 20, 2016, updated September 5, 2019
This post is accurate as of the date of publication. Some features and information may have changed due to product updates or Amazon policy changes.