facebook img

Supplier Price Lists: How to Scan for Wholesale FBA

A Step-by-Step Guide from FastTrackFBA

Thomas gears up to tell us how to scan supplier price lists for wholesale FBA sourcing

When it comes to suppliers' listings, one of the questions I often get asked is how to scan for wholesale FBA purposes. Generally, this is the second step in the wholesale process, after opening wholesale suppliers and before reaching out to them. As such, scanning supplier price lists is the most time-consuming step in wholesale FBA.

 

However, if you have a method you can follow every time you analyze wholesale supplier price lists, the entire process will be much easier. I recently shared my own tried and tested method for scanning wholesale for FBA on the FastTrackFBA YouTube channel. If you missed that video, here's the full recap…

top 100 online arbitrage websites amazon usa
top 100 online arbitrage websites amazon uk

Table of Contents

Setting Your Goals and Tracking Metrics

Before we dive into how to scan wholesale for FBA, you'll need to work out your goals.

 

As always, your main goal with any online arbitrage or FBA business is profit. Once you've established a target for total profit over a certain period, you can determine what targets your potential products need to hit, and track your progress.

 

Consistent tracking will enable you to work out where you're going wrong, improve your scanning method, and scale effectively.

 

So, there are two sets of metrics you'll need to track…

Weekly Metrics

Thomas shares the weekly metrics to track when sourcing for wholesale FBA.

Weekly metrics, stats you'll track every week, can give you an indication of your business's overall performance. Remember, profit is a lagging metric, meaning it may take you a while to get the numbers you need for weekly tracking.

1. Expenditure

First, you'll need to track your spending in a week. This will eventually help you determine your actual gross profit over the period. However, if you spend more in one particular week than another, you know you'll likely make more profit. So, you can also factor weekly expenditure into your estimated gross profit.

2. Estimated Gross Profit

Once you've found and purchased your products, work out the maximum profit you could generate in a week. Of course, this depends on suppliers' prices and the current sell prices for similar ASINs on Amazon.

3. Actual Gross Profit

This is your total gross profit for the week in dollars or pounds. To calculate actual gross profit, you can use profit and loss software, manually scan supplier price lists, or use custom SKUs. If you'd like to learn more, here's a FastTrackFBA video all about custom SKUs.

4. Estimated to Actual Gross Profit Percentage

The final weekly metric compares the profit you thought you were going to achieve against what you actually achieved. For example, if you estimated you'd make $10 profit per item but only $7.50, your estimated to actual gross profit percentage is 75%.

 

This can be used to analyze how a supplier's prices affect your profit once you've placed their products on the market. You should forgo purchasing from a supplier again if you consistently see a low estimated to actual profit percentage.

Daily/Per Supplier Metrics

Thomas shows the stats to track daily when scanning supplier lists and sourcing for wholesale FBA

These metrics are tracked daily, or per individual supplier, to show how profitable a supplier's products are. This information is vital for expediting the wholesale process and determining how to increase profits. These are leading metrics, meaning the information is available early and can help you predict what will happen.

1. Total URLs Seen

Check your supplier's URLs to ensure the products match what you've seen on Amazon. Then, track the total number of URLs you've seen and checked every day.

2. ASINs Checked

You'll need to check ASINs to analyze profitability and competition. Then, you simply need to track the number of ASINs you've checked in a single day.

3. Good Deals

With the first two measurables in mind, this is a simple metric to track. All you need to do is count the number of potentially profitable deals available from a supplier on a given day.

4. Minutes Worked

Finally, track the number of minutes you spend following URLs and checking ASINs in a day. For example, an 8-hour day is 480 minutes of scanning. This will give you an idea of how to speed up your processes.

Other Insights

The daily measurables above can give you several essential insights into your business and potential suppliers. These include: 

 

Supplier links checked per day/hour – When it comes to how to scan wholesale for FBA, this insight will tell you how long it takes to analyze an individual product or price list. 

 

ASINs checked per day/hour—Again, this will give you a good idea of your daily performance and highlight whether you can speed up the ASIN-checking process. 

 

Number of supplier links to good deals—This ratio shows how many links you have to check before getting good deals from a specific supplier. As such, you'll know whether to contact that supplier or cut your losses and move on.

Must-Have Tracking Tools

Thomas shares some useful tracking and reporting tools to use when sourcing for Wholesale FBA

Learning how to scan for wholesale FBA and figuring out how to streamline the process takes a lot of time. That's without tracking all the measurables above and putting them into reports.

 

Thankfully, with some handy tracking tools, keeping on top of your daily measurables will take minutes at most. Here's what I use: 

Wholesale Tracking Sheet

  1. Download the tracking sheet Chrome extension here
  2. Download your browser history and upload it to the sheet 
  3. Store your total unique URLs visited and ASINs checked, and work out any ratios 

 

Be warned that browsing unrelated sites to take a break from wholesale scanning can mess with the system. Use a separate browser if you want to check unrelated URLs. 

TeamLogger

This is an excellent tool if you have VAs who know how to scan for wholesale FBA, and need to track their hours. TeamLogger costs $1 per team member per month, and you can upload one screenshot every 30 minutes. Or, for an extra 50 cents, you can upgrade this upload frequency to every two minutes. 

How to Scan for Wholesale FBA Manually

Thomas shares how to scan for wholesale FBA manually

The manual deal review process involves analyzing three things:

 

  1. Do the products listed on Amazon match those on the supplier's list?
  2. Do the Keepa charts indicate the product sells your minimum desired units every month?
  3. What is the realistic buy-box price according to the Keepa charts over 3-12 months?

 

Since you'll be manually reviewing a significant number of products every single day, it's vital to figure out how to speed up this process. 

 

If you want to know more about how to analyze a deal in just 20 seconds, check out the FastTrackFBA guide here.

How to Scan for Wholesale FBA with Software

Thomas explains how to scan wholesale for FBA using software

I always use Scan Unlimited to analyze supplier price lists. This is mainly because the software allows you to filter the results. These are the filters that I apply:

 

  • Remove Amazon 
  • More than three offers 
  • More than 20 sales per month
  • Minimum $2 profit 
  • Minimum 30% ROI 
  • Maximum weight (I usually go for 2.5 Lbs)  

 

Using software to scan supplier lists really speeds up the process. Another way to shave days of work off the method is by hiring a dedicated Virtual Assistant. However, finding a high-quality VA is a time-consuming process in itself. 

 

Fortunately, the FastTrackFBA VA Academy makes hiring VAs a breeze. All of our VAs have a 12-week replacement service, so if your VA isn't a good match, we'll set you up with another completely free of charge. This means you can focus on scaling your business rather than spending all your time looking at price lists. 

How to Scan Wholesale for FBA in Two Steps

Thomas prepares to share the two-step process for how to scan wholesale FBA

You should already have chosen your niche and five key brands you'd like to focus on. To avoid IP complaints, these brands should not have an existing presence on Amazon. 

 

Thomas's Top Tip: It's also worth listing brands you want to avoid based on the above criteria. This will make the scanning process much faster as you can filter them out. 

 

Once you've found some suppliers, you can start scanning their listings. 

Step 1: Initial Analysis

If the supplier price lists provide product barcodes, you can use Scan Unlimited. If there are no barcodes, prioritize your five key brands, and manually review the products against matching Amazon listings to determine whether they have profit potential.

Step 2: Measure Deal Quality

The second step in how to scan wholesale for FBA involves determining the number of favorable deals from a supplier or list. To do this, you can use the number of supplier links to the good deals metric I discussed earlier.

 

From tracking, you may have found that, on average, you need to check 100 supplier links to find a good deal. So, if a supplier has a good deal in every 60 links, it's clearly worth sticking with them.

Step 2.1: Detailed Analysis

If you've used Scan Unlimited for a particular list, and the links to deals ratio looks good, you can manually review your key brands for potential deals. If this detailed check provides promising results, go back and manually check the entire list.

 

Of course, the opposite is also true. If you only get one good deal for every 130 links, you can skip that sheet and move on to the next one.

How to Implement the Wholesale Scanning Process

Thomas discusses refining the two-step process for how to scan wholesale for FBA once you've implemented it into your business.

Now that you know how to scan for wholesale FBA, let's end with how you can implement the process in your business. Here's my 7-step guide:

 

1. Unified Learning – Ensure all your VAs and other team members know how to submit URLs, use scanning software, and view/update tracking sheets.

 

2. Set up Reporting – Set up your tracking sheet before you start so you'll have all your metrics from the very beginning. 

 

3. Familiarize Yourself with Tools—If you intend to use scanning software, spend a few hours familiarizing yourself with its capabilities, and ensure it's working correctly. 

 

4. Tailor the Process – Your profit margins and key brands will differ from those of other resellers. Tailor your software and tracking sheets accordingly. 

 

5. Initial Implementation: Run your process and see where it falls short. It'll take a few days, or maybe even weeks, to optimize the scanning process, so don't panic if it doesn't go well at first.

 

6. Celebrate Milestones—Recognize your small wins, and don't be afraid to celebrate them. This is especially important if you use VAs, as it can keep team morale high. 

 

7. Review Regularly – Take some time every week to sit down and review that week's overall metrics and daily data. Find where you can make improvements, and get them set up for the following week. 

Watch the full YouTube video here:

With those tips, you should know exactly how to scan wholesale for FBA. But there's much more to learn if you want to perfect your OA business. Check out our other guides: The Top 10 Best Arbitrage Software Programs, How to Master Manual Sourcing, and How a Virtual Assistant Will Help Scale Your OA Business

 

We also created a playlist on YouTube named the Amazon FBA Full Course 2024.

 

 

leads_checkout_img_1

Fast Track FBA Arbitrage Leads Service 2.0

Save time and get instant access to more profitable deals with less competition!

Processing...