Many people are aware that if they want to sell an unwanted item, Amazon is a good place to do it.
What’s interesting though is over two million people use Amazon to make a profit by selling brand new goods – in fact 40% of all products sold on Amazon are by individual sellers and businesses.
Would you like a piece of that profit?
Well, now it’s easier than ever thanks to a great new online intelligence tool called ProfitSourcery.
- What is ProfitSourcery?
- Is it easy to use?
- How much is ProfitSourcery?
- Is this too good to be true?
- Want to give ProfitSourcery a go?
ProfitSourcery is a tool that allows you to find products online that you can then sell on Amazon for a profit after fees of between 30-75%.
So, for example, if Argos has 50% off an item, making it cheaper than Amazon’s price, ProfitSourcery will tell you.
You’re then able to buy however many of that product you want, and then sell them on for a profit on Amazon.
What’s more,unlike selling on some other big ecommerce platforms, Amazon will take all of your stock into their warehouses, so when a customer orders, Amazon picks, packs and sends it- this makes it much less time consuming! Even better, the fees for this have already been taken into account by ProfitSourcery.
Ed Brooks, founder of ProfitSourcery, says, “ProfitSourcery has been almost two years in the making. Our team of talented developers and coders have worked relentlessly to bring our system to market and we are proud to be the first market intelligence tool of our kind in the UK.”
At Moneymagpie we see a lot of online tools that are meant to simplify a money making process but end up being really difficult to use.
This is not the case with ProfitSourcery – it’s very easy to get your head around and clearly displays all the important stats and figures you’ll need to know.
The dashboard displays a list of specifically selected products, how much you can buy it for and the selling price on Amazon. There are updated every day as new opportunities are found.
It displays the potential profit you can make and, importantly, the sales rank. The sales rank is an indicator of how well the product sells within its category. Helpfully ProfitSourcery display this as a percentage – an item in the top 1% of its category is likely to sell a lot better than an item in the top 20%.
It also has more detailed information should you want it (and you will, if you’re serious about making a profit) such as product dimensions, which is important for shipping, and a fee calculator which shows you the estimated profit you’ll make once all fees are deducted.
Once you’ve decided on a product you simply can click through to the website selling it cheaply and buy the product.
Thankfully each user is assigned a different list of products each day so not everybody using the tool is going to buy and try to sell the same thing.
Another really impressive thing about ProfitSourcery is it includes free training guides for every step of the process.
So even if you’re completely new to selling on Amazon there’s a guide to getting started, which talks you through how to set up an account and what sort of account you should be setting up.
Even if you’ve sold on Amazon before, you may find these guides a big help.
For example, did you know you could, for a fee, ship any items you want to sell to an Amazon warehouse, and then they’re responsible for packaging, posting and returns as orders come in?
It’s called ‘Fulfillment by Amazon’ and it’s a great service for anyone serious about making money through Amazon.
Looking over the guides provided by ProfitSourcery I found myself impressed with just how comprehensive they are!
The starter package is £17 a month, which gives you access to 75 products each month and full access to the training and support, although the profit is limited to 30%.
For serious merchants who want to use the tool to make big profits, it’s £77 per month – this gives them access to 250 products a month.
Well, it depends what you mean.
This really is a great tool for those looking to make a profit selling on Amazon. But it is just that, a tool to help, not a ‘get rich quick’ scheme – you’ll have to put in time and risk to make a profit.
Buying products to sell is always going to be risky, ProfitSourcery recommend you buy no more than five of any one product to begin with, because prices on Amazon are fluid and can change at any moment. However, ProfitSourcery includes research links so you can keep an eye on how much these prices change. You can then decide not to sell a particular item if it moves around too much.
You’ll also need to understand you’re making an investment to get yourself going. You’ll not only have to pay the cost of ProfitSourcery each month, but you’ll need an Amazon Pro Account which is £25 per month (after the first 3 months which are free.)
You’ll need to buy and sell enough items to cover these costs each month so it does require some serious thought.
None of this is to put you off, but simply a reminder that this isn’t ‘easy money’ but instead a really good tool to help you set up an Amazon store that could be profitable very quickly.