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Asellertool’s FBAScan with the Socket 8Ci Scanner

Here’s a scanner setup that I’ve been using lately.  It’s just as fast as a PDA, yet it has all the advantages of current technology.  This video shows a demonstration of an Android Phone with the Socket 8Ci scanner.  I’m using Asellertool’s FBAScan as the software.

 

Here are some benfits to using FBAScan:

1)  Fast Scanning - This does not require a 3G or 4G internet connection while scouting for products.  All of Amazon’s information is stored in the memory card of the phone.

2)  Fast Downloads – I’ve been able to download all of Amazon’s data into the phone in less than 20 minutes.  This includes media and non-media items.

3)  Scans Media and non-Media Items – The FBAScan software scans all categories such as books, DVDs, toys, electronics, etc.  I’ve personally only scanned media items, so I can’t vouch for the accuracy of the non-media items.

4) Shows FBA Prices - FBAScan will show the Amazon FBA prices as well.  However, keep in mind, Amazon changed their API formula a couple years ago.  As a result, Amazon will only show FBA prices that are considered competitive.  Therefore, if an FBA listing is several pages deep, it may not show up on the scanner.  All 3rd party companies must follow this rule including Neatoscan, Asellertool, ScanPower, Profit Bandit, etc.

 

Here are some benefits to using the Socket 8Ci Scanner:

1)  Class One Laser – This has an extremely powerful beam which can scan barcodes from one foot away.

2)  Quiet – This can be used discreetly at thrift stores because it does not make a noise.  However, it does come out of the package making a beeping and a rumbling noise.  I had to call customer service to find out how to turn it off.

3)  Thin – It is super thin so it fits nicely on the back of a phone.

4)  Easy Attachment – Sold separately is a Klip Case from Socket.  You can adhere is to the back of your phone, so there is no need to use Velcro.

5)  Compatibility - Works on any Android or Apple device.

 

Where to Buy

I was able to get a new Socket 8Ci scanner on an eBay auction for $120.  Obviously, your results will vary.  It looks like they are selling on eBay right now for a buy-it-now price $220.  I bought the Klip Case directly from Socket Mobile for $20.

If you’re interested in the FBAScan software, you can get that for $40 a month on Asellertool’s website.  Use the coupon code “future2″ for a $20 discount.

 

 

 

 

 

 

 

 

 

 

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Inventory Lab Contest Results

Here are the results from last month’s Inventory Lab Contest.  There were 174 comments made before the deadline.  Thank you for all the great comments – I read them all.  The winning numbers were: 45, 115, and 132.

45115132

As a result, the winners are:

1st Place:  Caroline K.

2nd Place:  Carl C.

3rd Place:  Carol G.

 

45th (2)

115th (2)

132nd (4)

Congratulations!  Caroline K. won a free 6-month subscription to Inventory Lab.  Carl and Carol G. both won a 3-month subscription.  All three winners have been notified.  By the way, very weird coincidence that all three winners have a similar name.

 

 

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Inventory Lab – Win a Free 6-Month Subscription

It’s time for another comment contest!

This time you have a chance to win a free 6-month subscription to InventoryLab.com.  This is currently priced at $40/month.  So that’s a $240 value.

There will be one grand prize winner and two runner up winners.

1st Place:    6 month subscription to Inventory Lab
2nd Place:   3 month subscription to Inventory Lab
3rd Place:   3 month subscription to Inventory Lab

This contest is open to both existing and new customers.

 

What is Inventory Lab?

InventoryLab.com is an FBA listing program that also integrates bookkeeping and analytics.

Here are some of the features:

Listing

1.  Fast Listing
2.  Save Buy Cost Details
3.  Average Sales Rank

Bookkeeping

1.  Track Business Expenses
2.  View Sales Breakdown
3.  Export Inventory Reports to Excel

Analyze

1.  View Net Profit by Date
2.  Profit and Loss Report
3.  Expense Graph

 

Here’s How to Enter:

1.  Visit the Inventory Lab website to see if this program is right for you.

2.  Place a comment on this blog post.  Any comment will do.  That’s it!

 

How to Win:

1.  I will pick three comments using a random number generator (Random.org).  For example, let’s say the first number is nine.  If you are the 9th person to comment, you win first place.  Let’s say the second number is 16.  The 16th person to comment wins second place.  The last number is 34.  The 34th person to comment wins third place.

2.  All comments must be placed by July 14th at 11:59 EST Time

 

Small Print

1.  Only one comment per person
2.  Both existing and new Inventory Lab customers are qualified to enter
3.  Must be 18 years or older to enter
4.  Only US residents can enter (US Law)

 

Good Luck!

* If you want to start InventoryLab.com right away, you sign up for a one month free trial today.

* A special thanks to Ryan Stephens of Inventory Lab for making this contest happen.

 

 

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Book Sale Experiment – One Year Later

It’s already been one year since my first Book Sale Experiment.  In June of 2013, I started documenting the month to month results of a local book sale that I attended.  For this particular sale, my overall strategy was to scoop up all books with lower Amazon value and set a minimum FBA price of around $7.95.

My personal definition of a “low-priced” book is one that has a merchant fulfilled value of 2 cents or more.  I did not include penny books because I have found that once a book drops to one penny in value, it usually has a high number of FBA competition as well.

The exact procedure was to buy any book at the sale with a merchant fulfilled price of 2 cents or more.  Then set a minimum price of $7.95  on FBA.   My prediction was that I would sell enough books at the $7.95 minimum to make a decent profit.

If you missed that blog post, you can view the original experiment here.

car bag sale
Here are the final numbers after one year:

Total Books Purchased: 272
Total Books Sold: 190
Percentage of Books Sold: 70%

Total Investment: $211.86
Total Amazon Sales (after fees): $979.57
Total Storage Fees: $17.55
Total Profit: $750.16

Average Buy Price: $.78
Average Sale Price: $9.49
Average Amazon Fees: $4.29
Average Profit: $4.42
Average ROI: 567%

The numbers were calculated using InventoryLab.com.  Sign up today for a one month free trial.

 

Conclusion
I would say this experiment was very successful since over 70% of the books sold with an average price of $9.49.  After the storage fees, the total profit came to $750.16.   I averaged about 6 hours at the sale plus another 3 hours preparing the books for FBA. That’s an hourly rate of $83.

One thing I should mention: I did change the minimum price to $9.95 about 3 months into the experiment.  So, it hard to gauge whether the $9.95 cap or $7.95 works better.  If I were to do the experiment again, I would keep the same minimum price consistent.

I think this experiment is important because it shows the value of FBA.  An Amazon Prime buyer would much rather pay $9.95 for item and get free shipping for the exact same book that sells for 34 cents plus $3.99 shipping via Merchant Fulfilled.  It also shows that seemingly worthless books can be sold at a nice profit if you’re willing to sell in volume.

 

 

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Amazon Sales Rank Experiment

It’s been a while since I’ve done a library book sale experiment.  I decided to do another one with a focus on the Amazon sales rank.  How long does it take a high-ranking book to sell?  More specifically, how long does it take a book with a sales rank above 1 million to sell?

Last February, I went to a book sale about a half hour from my home.  The sale consisted of two days, Tuesday and Saturday.  On Saturday, the children’s books were selling for 20 cents each.  I would say that about half of the books that I purchased were the children’s books.  When it was all said and done, I ended up buying 503 books!

Amazon Sales Rank Experiment

Setting
Place: Library
Date: Tuesday 5-8, Saturday 9:30-2

Price
Tuesday: Hardcover and Softcover Books were $1 each.
Saturday: Children’s Books were 5 for a $1

Purchase Stats
Total Books Purchased: 503
Average Merchant Fulfilled Price: $4.04 + shipping
Average Sales Rank 1.7 million*
Books Purchased with a sales rank above one million: 281

*The sales rank was documented at the time of listing the book on Amazon

Investment
Books: $215
UPS Inbound Shipping: $110
FBA Label Fee: $93
UPS Pick Up: $7
Total Costs: $425

Results
Here are the results after 90 days of being live on Amazon:

Books Sold: 135
Books Sold with a sales rank above one million: 38
Total Sales to Date: $876.12
Total Profit to Date: $451.12

Conclusion
Books with a high sales rank definitely sell.  So far, 38 of the 135 books that sold had a sales rank above one million. That’s almost 30% of the books.  In addition, two of the books had a sales rank higher than 5 million.  Here they are:

W.E.B. DuBois: Crusader for Peace:  Had a rank of 5,077,145 at the time of listing.
Molly and Strawberry Day:  Had a rank of 9,996,856 at the time of listing.

As always, I will be posting updates on the progress of this book sale.

You can view the individual transactions by clicking on the image below.  This time, I’ve added the Amazon sales rank (at the time of purchase) on the spreadsheet as well.  Most of the statistics were obtained through InventoryLab.com.  They are currently offering a one month free trial.

 

Amazon Sales Rank Experiment

Amazon Sales Rank Experiment

 

 

 

 

 

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