When I first started selling on Amazon, I could not figure out why everyone was so hip on Inventory Labs. I mean – It was essentially a software that acted like a spreadsheet (which I could create on my own) and it costs around $50/month. Why would someone want to waste $50/month on something that could be done through Google sheets or Excel for free. I was so confused and complexed that I swore I would never use something like Inventory Labs. I think you can even quote a few videos or podcasts where I reference that I think you shouldn’t use stuff like this.
Looking back – I was a naive idiot who was just getting started in the world of online selling. I was bootstrapping and reinvesting every dollar I earned into more inventory and more profit. I was overlooking one thing that most small startups forget. Money = Time. I was happy that my prepping and shipping and I was pretty sure I was making money with every purchase I made (and sold).
Now – I look back and wonder how in the world I ever survived without Inventory Labs.
I realized the importance of Inventory Labs when I was preparing my paperwork for my accountant. I was asked a simple question: “How much inventory do you have in the warehouses and how much is that worth?” When I was asked this question, I was stumped. I had done everything I needed to do. I kept all my receipts, I kept track of my income and expenses, and I kept track of my milage. I was dumbfounded when I realized that I needed to keep track of my inventory on hand instead of total cost of inventory. It was at this moment that I decided that I needed to make a change. That changed ended up being Inventory Labs.
Now – I can’t live without it.
Here are just a few reasons that I love Inventory Labs.
1. It save me time with shipping and prepping. With my old system of prepping and shipping, I would add the item to my inventory, scan and label it, then adjust the quantity in my shipment. My average shipment was taking me 6-8 hours of peeling stickers, scanning, and packing. When I switched to Inventory Labs, I was able to reduce my prep time down to 1-2 hours (saving me an average of 75% of my time). The intuitive user experience allows me to quickly scan a item, insert my information, and have a label printed off in seconds. This was a huge change from the old way of doing things. I spent less time prepping and more time shopping (which increase inventory and profits).
2. Top Level View of My Performance – Sadly to say, I was always just guessing on how good my business was actually performing. I was using multiple systems to track expenses and income and I was happy when I had extra money in my bank account. I was not actually tracking my profitability by item, category, or even retailer. I was just assuming I was doing the right thing. Once I started using Inventory Labs, I started to understand all the important insights I was missing along the way. I have now eliminated items, stores, and suppliers because I realized I was actually losing money along the way. This is just one thing that wouldn’t be possible without the use of Inventory Labs.
3. The Customer Support – It’s great to have a good product, but you are on a whole next level if you are able to also provide great customer service. Inventory Labs has a very active and thriving online community on Facebook that is always there with the answers to all of your questions. If you don’t believe me, take a look for yourself here.
If you want an inside look at the software itself, take a look at the video below and learn a few tips and tricks along the way.