In this article, let’s discuss the sourcing tools you’ll need before starting your Amazon FBA journey.
Still, searching for free and affordable Amazon FBA tools before starting your Amazon FBA business? Don’t worry! I will provide you with the tools you’ll need to begin your Amazon FBA journey, which includes a 3 months repricing plan at no cost.
What is sourcing?
This refers to the process of finding high-quality products from reputable suppliers at a lower price, then later selling them on Amazon for a profit. Jumping into the competition with random products can be financially detrimental even for the smartest of sellers. Product research is important to gain insights into marketplace trends and customer preferences.
What are sourcing tools?
Sourcing for products that you want to sell on Amazon is time-consuming. You can spend hours looking at a website just to know that you won’t be gaining a profit.
These sourcing tools are being offered by different platforms and will help you gather information about a specific product that will be beneficial to you. There are many kinds of sourcing tools out there, but they all want to make that time-consuming task less dauntless for you. You just have to know what tools are compatible with your Amazon FBA business.
What do you need before sourcing?
To begin with, the primary requirement is to obtain an Amazon seller account. Amazon offers two alternatives; individual and professional. I strongly recommend selecting the professional selling plan that costs approximately $40 per month. In addition to other selling fees.
As seen from the photo above, there are restrictions with the individual account that you won’t have with the professional account. Aside from that, the buy box will be an important aspect of this.
If you go with the individual plan, you, as an Amazon seller, will not be eligible to win the buy box, which is very important in growing your Amazon business. Amazon states, “Your offers are eligible for the Featured Offer if you have a professional selling account.”
What is the buy box?
I mentioned that the buy box is important to grow your Amazon business. Now, the buy box is the yellow button that says “Buy Now” whenever you open an Amazon product listing. That is the button that customers click to buy the product you’re selling.
This is where the professional plan goes into, having control over the buy box because almost 85% of all sales on that specific product listing will go to the owner of the buy box. Simply put, being featured on the buy box will give the Amazon seller the chance to have that 85% of sales which will lead to more profit.
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Why do you need sourcing tools?
Sourcing tools are essential to speed up the process. It is easier and more efficient to find products to sell for your Amazon FBA business if you don’t spend so much time looking for products. You can also spend more time doing a more important part of the business rather than spending time sourcing for products.
5 Best Sourcing Tools for 2023
Amazonopen - Right Click Search
This Chrome extension allows you to highlight any text, right-click it, and instantly search for it on the Amazon page. Since sourcing involves finding suppliers and verifying if Amazon offers the same product, this tool will be useful for conducting quick searches and making the most of your time.
Amazon DS Quickview
This is another Chrome extension that can be added to your Google Chrome browser. Its purpose is to provide additional information about each search result when you search for a product on Amazon. This includes the sales rank, ASIN, whether Amazon is listed on the page, and the number of sellers offering the product.
SellerAmp or SAS
Another sourcing tool to consider is SAS, a calculator tool that provides insights on eligibility, competition, profitability, and more. SAS helps you analyze deals and determine if they meet your sourcing criteria.
Continue sourcing for products until you have shipped your first batch and listed them on Amazon for sale. During the first week after listing your products, it’s recommended to reprice them manually. This allows you to learn how the buy box works and how other sellers’ repricers operate.
To do this, adjust your prices and check back on them hourly to monitor the competition’s changes. Typically, it takes 15 to 30 minutes for the competition to update their prices, so checking every hour is sufficient to see the shift. While this isn’t an ideal long-term strategy, it’s an effective way to learn the process.
Note: You can avail of their free trial for 14 days, and they will charge your credit card after the period ends.
SellerBoard
After a few weeks of listing your products on Amazon, you should start making sales. Another example of a useful Amazon FBA tool is SellerBoard. This tool is a profit analytics service designed for Amazon sellers to track their profits and loss. Moreover, it helps with obtaining more reviews, managing inventory, and more.
Set up SellerBoard and use it to track the profit per product sold. This will give you an idea of which products are performing well and which ones need improvement.
Note: You can avail of a 2-month free trial of SellerBoard with my affiliate link.
Keepa
This tool is a fantastic resource that gathers data from all products available in the Amazon marketplace and displays it to you. It’s another Google Chrome extension that provides a detailed graph of the product’s historical data. The graph includes information on the buy box price, FBA prices, new prices, sales rank (an indicator of monthly sales), and the number of Amazon sellers offering the product.
This tool gives you a comprehensive understanding of the product’s performance over time, allowing you to make informed decisions about its potential. It’s a valuable addition to any seller’s toolkit, enabling you to track a product’s progress and compare it to the competition.
Top Tips
Take advantage of free trials
Since you’re starting, always take advantage of the free trials these tools offer. Remember that you have to choose the right tools that will help you grow your Amazon business. Try the tools and choose which one fits perfectly with your goals.
Watch videos and study
Learning the tools takes patience and a lot of understanding. If you’re unsure of how to use these sourcing tools, you can watch tutorials on YouTube. You can also learn from successful Amazon sellers as they share their own sourcing tools.
Practice and practice
After watching different tutorials on how to use these sourcing tools, now is the time to put that into practice. Explore each tool that you have on a free trial to maximize the tool efficiently and to its full extent.
Start your Amazon FBA journey with these sourcing tools!
Now that you have the information on the different sourcing tools you can use will save you more time that you can spend on more important tasks to grow your Amazon business.
Remember that when you start your Amazon FBA journey, you’ll be gated into different categories. It is also important to know how to get ungated on these kinds of categories for you to profit more and expand your business.