People often ask about the best way to set up Profit Bandit in order to get the information they need from the app. The truth is that there is no specific right or wrong way to set it up, it all depends on each person’s business and strategy.
Let’s say you are an FBA seller, selling new items, then you will most likely want to compare your selling price to the selling price of other FBA sellers with items in the same condition as yours. In this case, the settings should be:
- FBA seller turned on
- Sell price based on FBA turned on
- New condition selected
This way, when you search for an item, the app will take the lowest new fba offer and calculate how much profit/loss you would make by selling that item new item via FBA.
The selling price can also be changed manually or by tapping on other offers on the main screen, if you want to see how lowering or increasing your selling price would affect the profit/loss on that specific product.
If you would rather sell used items, just select that condition, and the app will calculate the profit/loss based on the lowest used fba offer.
You could also sell as FBA but base your profit on the lowest price regardless of fulfillment channel:
- FBA seller turned on
- Sell price based on FBA turned off
- New condition selected (or used if you’re going to sell a used product)
When selling as MFN, the MFN seller setting should be chosen, and the Sell price based on FBA turned off
- FBA seller turned off
- Sell price based on FBA turned of
- New condition selected (or used if you’re going to sell a used product).
In this case, the app will calculate the profit based on lowest MFN offer according to the condition selected as explained above.
Note: You can easily access the fulfillment channel settings on iOS or Android by going to settings in Profit Bandit. For the condition settings, since these may be changed often, controls are found on the main screen.
There are also further settings for the profit calculation, such as selecting what should be included or not in the calculation but in most cases it’s best to include everything to get an accurate calculated value.
Having the right settings according to your business will help you get the most accurate feedback possible from Profit Bandit.
Austin is the Product Owner for Profit Bandit and splits his time between our offices in Portland, OR and Bucharest, Romania.