The Biggest Online Arbitrage Mistake SOLVED? (Amazon FBA Mistakes to Avoid)
Previously, I gave away the FREE Online Arbitrage Business Toolkit. Today, let me discuss about the biggest online arbitrage mistake.
What's the biggest online arbitrage mistake?
One of the biggest dangers in online arbitrage is buying the wrong products. If you
buy the wrong products and they don't sell, maybe you have done your reviewing wrong. May be not knowing what you're exactly looking for and buying the wrong thing could turn into a disaster. You could end up just being stuck with your products and you could end up getting long-term storage fees. You could ultimately end up losing your money. And I'm all about making your money. I'd rather have you save your money than spend your money on the wrong products.
The biggest danger when it comes to online arbitrage is you selecting the wrong products and the biggest danger when it comes to outsourcing your online
average business is getting the right people in place to review your products and make the right purchasing choices.
If you make the wrong choice then it's on you. If you then outsource to somebody else that's purchasing on your behalf and they make the wrong choice then it's it's still on you. BUT, somebody else is now spending your money and somebody else may not be as cautious with your money as you are with your own money. Does that make sense?
See, if you don't know my business model, the business structure that I've come up with in my business: I have a sourcing team, I have a reviewing team, I have a purchasing team. There's a system that goes through. Ultimately, it's my purchasing assistant which makes all my purchasing choices for me. Every product that we purchase on a daily basis, spending hundreds and thousands of pounds every single day on products goes through a reviewing system.
Now, I want to share with you a tool that has come to my awareness. I had a guy called Zak communicated with me a good four or five weeks ago right at the beginning of May and he contacted me on Facebook and he said to me "I would like you to take a look at this Chrome extension which basically can take out a lot of the reviewing, the things that you may miss, the things that you may not look at properly. You may potentially oversee some things."
"Look at this Chrome extension for me. Can you test it all out?"
Zak's been working on this and he's the founder of this.
I said, "You know what, I will test it out because this is exactly the main danger in online arbitrage that I've been working with that's sort of being human-controlled for about 18 months now, so if I can put something in there that's like robotics or something in there that's a system that can take care of the human error, I'm having a look."
Review of the FBA Multi-tool
Now I'm taking you in this journey and share with you how this works. I'm doing testing in my business. Let's do this for the first time so you can see my thought process as I'm reviewing this.
Okay, so for those guys that are familiar to this, this is a sourcing list. What basically happens is I've got virtual assistants that send us lots and lots of products every single day which then need to be reviewed by in a system.
This tool is called an FBA Multi-tool. When I saw it for the first time I was like wow this is very, very interesting.
What my business would usually do is look at the product, look at the Keepa graph and they would make sure everything is good; can we sell it? can we upload it to our stock? is it selling? what's the price? etc., etc. We would do so many other things.
Now this multi-tool as you can see is alongside the listing. There's a PL detector which is going to give you some sort of indication what's the chances of being a private label product. At the end of the day, you do not want the private,label product in your stockbecause what could potentially happen is that private label product puts in a claim against you and then you're going into the unknown with Amazon suspensions
The tool says CAN I LIST THIS: YES.
It's telling me I can list this. Now, it's also saying check hazardous material: No hazmat restriction.
Straight away I can see it's telling me that I can list it. Straight away it's telling me that there's no hazardous restriction, which is outstanding.
When you click on Sales Data, it's just coming up with the the Keepa graph which I think is incredible. It tells me all the different sellers; it tells me what the price
is currently doing right now. I think that's outstanding. I can see straight away some statistics, the average sales; I can see all this immediately just from here which i think is really, really interesting. In FB calculator, we've got some sort of settings here.
You can put the currency to pounds, euros, or dollars. So clearly, you can use this whether you're in the US, or in the UK, or in Europe.
I've got a button here that I can press and calculate profit. It knows the sellers
rank; it knows the weight; it knows the ASIN; it knows the referral fee; it knows the Net VAT if you're in the UK. I can see all my fees and my total profit. It tells me my return oninvestment; it tells me my profit margin.
This is something that is absolutely
going to be worthwhile in the business.
I've already asked my team manager to get my reviewing assistants use this and I tell you why this is really, really a game-changer: IT GETS OUT HUMAN ERROR.
This is all electronic. It's like a robot doing this for you; it's a Chrome plugin doing it for you.
In the Settings, I can do a fee adjustment, I can do a profit adjustment, I can do an EFN and I can do a Fixed Prep Free adjustment, as well as the VAT value whether you're in Europe or somewhere in UK.
This has a lot of potential; you can see that the price is throughout the EU marketplaces already.
The feedback that I got from my team is very, very good!
My team manager has said to me that this is looking very, very good. I've spoken to Zak and got a good vibe from him. I said to him I am quite happy to promote this to my audience to the Life Success Engineer brand, the Online Arbitrage Mastery Facebook Group. Rest assured that what I'm seeing is a companion for you. It's a sourcing companion for you that can prevent you from potentially making any mistake.
Over the next couple of blogs, I'm gonna test this in the more specific areas. I would love for you to make use of this because at the end of the day I don't want you to lose any money.
If you're interested, check out the links here:
Monthly Subscription to the FBA Multi-tool
Yearly Subscription to the FBA Multi-tool
If you have questions, please don’t hesitate to ask. And remember, you’ve got to take massive action. Cheers!
Do you relate to this? Let me know in the comments how you're doing and keep taking massive action!
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