Turnover Tuesdays - Check Your Refunds To See If You Had Inventory Reimbursements
For those who are not familiar, I started a series a while back called Turnover Tuesdays. Every Tuesday I like to highlight one item that I have resold. This will include profitable and non profitable sales. I hope that there is always something to learn.
The previous posts in the series can be found at the bottom of this post.
Without a doubt, the toughest part of selling on Amazon is keeping track of inventory. As you build your inventory it becomes almost impossible to track everything without either great software or spreadsheets. I've yet to find the great software but those who are coming to the Tagging Miles Reselling DO may find out about a company I use for inventory tracking (not from me) which I'll reveal publicly after the DO.
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Inventory Tracking
Without a doubt, the toughest part of selling on Amazon is keeping track of inventory. As you build your inventory it becomes almost impossible to track everything without either great software or spreadsheets. I've yet to find the great software but those who are coming to the Tagging Miles Reselling DO may find out about a company I use for inventory tracking (not from me) which I'll reveal publicly after the DO.
Unless your spreadsheets are great, you won't even realize that you are missing so many items. Believe you me, the number of items that get lost, damaged and/or poof into the Amazon ether without reimbursement is frankly astounding. The more I find out, the more I realize how easy it is to be selling very profitably and yet you have no idea that you could missing hundreds, thousands or even tens of thousands of dollars of inventory that you didn't even know about. It sounds impossible to be missing in so much stuff but you can get caught up in buying and sending in more and more items that you aren't paying enough attention to what's already there. If you send in 57 of one item and you sold 53 of them and four are lost, without a spreadsheet there is no way you'd catch that, especially if it takes a few months to sell. Even with a spreadsheet you may not catch that as you get larger and larger.
Remember, this is your money and your inventory, if you aren't doing what's necessary to protect it properly you may think you are profitable but you may actually not be. It's really annoying to pay attention to it but if you aren't paying attention you'll be losing money you don't even know about. So either pay attention or pay someone else to pay attention. If you think it's not worth it, just try it. Where do you think all those inventory reimbursements are coming from? Your stuff. You will be astounded at what you find once you start looking. I know I was. More on that in a couple weeks.
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