Run an Amazon business with ProfitSourcery
Would you like a steady stream of products highlighted to you which you could purchase, ship to Amazon FBA and sell at a profit? That’s what a new company ProfitSourcery aims to provide.
One of the questions we often get asked is where can I source stock from and although ProfitSourcery might not provide you with a regular wholesaler, what they do offer is a regular source of tips of what to buy and sell. I had a quick look at their site this evening and they offer a seven day free trial so you can try it for yourself.
What they offer is to provide you with a set of products each day with a current buy price, the typical recent Amazon selling price, a break down of all the Amazon selling fees and FBA fees that you’ll incur and the profit that you’ll make.
How ProfitSourcery works
ProfitSourcery search through millions of products online every month from trusted brands to help you pick the best ones to sell and make money. One of the questions I had was what if everyone else buys the same products, but the products highlighted to you will be unique to you, everyone else will get a different set of data.
Looking at the site today, one of the products highlighted was a Black & Decker Dustbuster Handheld Vacuum Cleaner. Current price from Argos is £54.50, current selling price on Amazon is £106.99 at the time of writing. Estimated profit after all Amazon selling fees (£18.46) and FBA fees(£4.47) is £29.57 per item.
I’ve never come across a product sourcing site before which is quite so comprehensive in setting out exactly what the product costs are along with selling fees and expected profits. ProfitSourcery even go so far as to include a camelcamelcamel link which if you click the 3rd party new link will show you historical prices for the product in question. The image above is the detail for just one product, we’ve also a screen shot here to show you more of the selection offered on the test account today.
Is ProfitSourcery for you?
Supplemental Part Time Income
ProfitSourcery won’t be for everyone, it’ll take you a little time each day to check the products suggested, decide which (if any) you wish to invest in, place the orders and then ship the stock to Amazon. However it looks like a great proposition for someone who would love to run an online business but doesn’t know where to source stock from. If you’re looking to supplement an existing income or run a business alongside a regular salary it could be worth checking out.
The downside is that you never know what products might be suggested, you won’t be specialising in one particular product category, but the upside is that you’ll always know what margins you’re likely to achieve.
Additional stock sourcing ideas
Of course there’s nothing to say that you can’t use ProfitSourcery to source quick short term wins whilst at the same time hunting down suppliers of the same products to supply on a longer term basis. Whilst generally the sources may have order limits restricting how many of each product you can buy, once you have the stock in hand generally there’ll be manufacturer contact details, (or at least importer/distributor) contacts as a starting place to hunt down a supplier. Very few manufacturers will refuse to tell you who their distributor is when you ask.
Building a full time income
Potentially ProfitSourcery could be built into a full time income. All you’d need to do would be spend the time each day to decide which products to buy and get them shipped to Amazon. You’d obviously need some upfront capital to purchase the stock, but that would be true of any online selling business. One thought I had is scalability, but there’s nothing to stop you from signing up for multiple accounts if you wanted to double the number of stock leads each day to generate a larger income.
What does it cost?
There’s a free seven day trial so it’ll cost you nothing to test the service and try buying product suggestions and sending them to Amazon. Obviously there’ll be Amazon fees subscription, seller fees and FBA fees to pay, but that’s it.
After the free trial there are two ProfitSourcery accounts available, a Starter account giving you 75 new products per month with margins of between 10% to 30% at £17/month or their Merchant account providing 250 new products per month with margins of between 30% to 75% at £77/month.
ProfitSourcery have a comprehensive help section so even if you’ve never sold on Amazon before you’ll find all the information you need. They have training guides to show you how to open an Amazon account, set up FBA and use ProfitSourcery as well as well as an FAQ section and topic base to answer common questions.
How to start making money with ProfitSourcery
Like everything in life there are no guarantees and we can’t promise that you’ll make your fortune with Profit Sourcery and it will still take some work on your part. However if you’ve got an Amazon account and are ready to use FBA there’s very little to lose – simply sign up for a seven day trial and see if it works for you. Check out the products highlighted each day, buy some, send them to Amazon let them sell.
Obviously you can use a repricing tool to make sure you’re ultra competitive on Amazon if you want a faster turn over and naturally prices do move up and down. On the face of it however, ProfitSourcery looks to have done pretty much all of the hard work for you and when you sign up fully researched opportunities are ready and waiting for anyone that wants to give it a try.
Always a bit sceptical about this type of service, if it was that good they would keep it to themselves and buy and sell the deals
There’s two reasons we made ProfitSourcery. Firstly there are just too many products for a single business to buy (it would require huge amounts of money). Secondly there are no other services like this in the UK. We saw a gap in the market and took the opportunity to help out fellow Amazon sellers.
I hope my answer helps,
Ben (from ProfitSourcery).
what about the third reason ? to make money
“Looking at the site today, one of the products highlighted was a Black & Decker Dustbuster Handheld Vacuum Cleaner. Current price from Argos is £54.50, current selling price on Amazon is £106.99 at the time of writing. Estimated profit after all Amazon selling fees (£18.46) and FBA fees(£4.47) is £29.57 per item.”
Not a very good example, there’s a newer model on Amazon for £64.99,
Not that unique a product either i’ve seen similar sites for DVDs and games before.
There might be a newer model at a lower price… but that doesn’t seem to stop the older model from selling ;-)
Actually I have to slightly disagree with you, Chris. We have a product priced at £6.99, we normally sell about 90 units a month via FBA. Recently Amazon decided to put a small a banner under the item’s bullet points saying “there is a newer version available for £4.99” and a link. As you can imagine sales have dropped considerably and only pick up when the new item is either out of stock or there is another seller offering it for a more expensive price.
Though a newer model may be sold on Amazon, that doesn’t mean older models don’t sell. We show users multiple opportunities within their dashboard and it is up to them to decide if the product is worth selling (based on the information we provide). Though you may not wish to sell the example product, other users may do. I hope my response helps.
Ben (from ProfitSourcery).
A question or 2 for Ben.
How easy is it to cancel within the 7 day trial if I didn’t want to continue?
One click of a button I hope.
Also, how long is delivery from the day of paying for the goods to the day they are delivered?
To cancel your 7 day trial you’ll be glad to hear it’s a simple click of a button in your account setting.
If you’re speaking about delivery from the retailer, that would depend on the shipping you choose to pay for. For example with Argos, you can get your items delivered any weekday of your choice for £3.95, while some products you can get delivered within 4 days for free with Royal Mail.
All retailers will have their own delivery options and speeds, so sadly I can’t provide a general answer. Quite simply delivery speed depends on the shipping options with the individual retailers.
I hope my answer helps.
Thanks for the fast reply. Signing up for the trial now. Can I also upgrade my account at a later date to the £77/month tier if I wanted? Are there any additional fees for upgrading from starter to merchant?
That’s no problem. Yes, you can upgrade your account whenever you want to. Just like cancelling your trial, it can be done with a simple click of a button in your account settings. Aside from the change in subscription price there are no additional fees.
Ben (from ProfitSourcery).
Does this software screen out anything sold directly by Amazon themselves in these ‘opportunities’ that it serves up?
Can’t see any information on that filter being available as competing directly with Amazon is usually a waste of time.
The Amazon API we use doesn’t identify specifically whether Amazon is one of the sellers.
The dashboard lists the competitor pricing as either:
FBA (inc Amazon) OR
With around 300 products listed each month (10/day), you should be able to find quite a few products each month where Amazon doesn’t compete, although for the reasons above we can’t filter in the way you mention. You’d need to have a look at each opportunity on a case by case basis.
Hope that helps
Ed from ProfitSourcery
Thanks for the reply Ed.
Unfortunately without the most basic filter to allow sellers to only be offered and see opportunities were they do not compete directly with Amazon themselves the value of your software is seriously degraded in our opinion.
Any ideas on providing your service for the US market?
If not, can your site be adjusted for costs of shipping and fees for the US? Just a thought. Product selection is the single biggest problem for those wanting to make a business out of Amazon FBA. Lastly, are you providing wholesalers, or are you providing actual factory direct manufacturer sources that have the ability to Private Label? Thank you so much! Stan