Sue has been keeping meticulous records of her purchases, expenses and sales for the past two weeks and recently shared them with us. Her record keeping is excellent and she really knows where every cent is going. And as Ioan has said to anyone who asks, knowing how much profit you’re actually making is essential to making money on Amazon. It sounds obvious, but many sellers don’t take the time to figure out their profit on every sale. Sue does and it shows in her record keeping and her success so far! She took her $100 and invested it in a hot toy item that at the time had no other Amazon sellers. She found it by scanning with Profit Bandit at a discount shop near her home in Maine. After selling several of these, a second seller started listing the same items. She didn’t let herself get caught up in a price war and betting that the other seller had a limited quantity, she just waited. And it paid off. She sold her entire stock in just a few days. Sue has also started using Sellery to reprice all of her items. She took a big step towards automating her business and it paid off! The repricing rules she put in place lowered her prices on a few items and she’s already seeing increased sales, at the cost of a little profit. Here’s what she had to say about it: Way to go Sue! To summarize, here’s what Sue’s been doing right:
- Used Profit Bandit to find an item with no competition.
- Didn’t start a price war when competition appeared. Analyzed the situation and realized that by waiting a bit, she’d still get her desired price.
- Started using Sellery to reprice her listings. Created repricing rules to lower prices on some items and made a few sales without sacrificing too much profit.
- Kept meticulous records that make it easy for her to see her profit down to the penny.
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