August 13, 2024; Amazon Inventory Management

Video link: https://youtu.be/jP5WEqzUuCY Checklist from the session: https://docs.google.com/spreadsheets/d/1Y6Hd2kk2LURQ6p3_u_kKZKm7PEHzS-QyRSV2LmYh740/edit?usp=sharing

Summary

Join a casual yet insightful session on Amazon Inventory Management, where a seasoned seller shares valuable personal experiences and practical strategies. Discover the nuances of effective inventory practices, focusing on how to make educated purchasing decisions while managing your cash flow. Engage in an open discussion as participants

Key Structured Parts of Video on Amazon Inventory Management

1. Introduction to Inventory Management (0:00 - 5:00)

• Overview of session objectives and speaker's experience.

• Importance of inventory management for intermediate to advanced Amazon sellers.

• Clarification that this session is about replenishing inventory rather than managing new SKUs.

1. Significance of Inventory Management (5:01 - 15:00)

• Essential for maximizing cash flow and minimizing risk.

• Proper inventory management enables informed purchasing decisions instead of random buying.

• Helps minimize stock-out times and increases revenue without additional work.

• Understanding metrics leads to better business predictions and effective cash flow management.

1. Understanding Metrics and Lead Time (15:01 - 30:00)

• Importance of inventory lead time: time from supplier to prep center to Amazon fulfillment.

• Recommendations for making calculated purchasing decisions based on lead times.

• Realistic expectations for new SKUs: 3-6 months of sales data needed for proper flow and stock management.

1. Calculating Inventory Turn Rate (30:01 - 45:00)

• Explanation of Inventory Turn Rate (ITR) and its significance.

• Importance of knowing how quickly inventory turns to maintain cash flow.

• How to calculate ITR and what constitutes a healthy turnover rate.

1. Tools and Techniques for Inventory Management (45:01 - 1:00:00)

• Various tools for inventory management: Seller Central, Seller Board, and So Stocked.

• Advantages and disadvantages of using software for tracking metrics.

• Importance of adjusting weighting for accurate sales velocity and inventory planning.

• Recommendations for setting lead times within software to enhance inventory management.

1. Q&A and Discussion (1:00:01 - End)

• Open floor for questions and clarifications regarding inventory management practices.

• Discussion of practical applications, real-life experiences, and potential pitfalls in inventory management.

• Encouragement for continued learning and adaptation in personalized inventory management systems.

Video Transcript

(00:00) so welcome everybody so in the session today what I'm wanting to cover is just basic uh Amazon Inventory management and specifically how I have personally applied it to my personal Amazon business so as was mentioning to Ethan before we started that this is not like the be all end all I would never say that I'm like the Oracle of knowledge I don't know absolutely everything when it comes to Amazon these are just the things that I have picked up over the last six years selling on Amazon that we have applied to our own personal systems

(00:35) okay so for those that are not aware I'm currently sharing my screen uh it's not going to be a super interactive session I just have a lot of key points that I want to ensure that we cover um like with most of our sessions it's going to be relatively casual uh where we're going to discuss these things and then if you have any questions if you want any clarification if you want to add anything on to it as we go certainly feel free to cut in and ask those questions or um add your comments as we go whether on the mic or

(01:08) in the chat and then also like as I mentioned this is not always the best system like completely out there it's the best system that I've developed for ourselves so if you notice something that you believe may you may just like have a thought process that may be a bit of an improvement certainly feel feel free to share as well because I'm always consistently learning just like everybody else so if you have some tips or some things that you've noticed that may actually benefit our process I would certainly be I would certainly want to

(01:42) hear that for ourselves just to see if we can improve and then also other people can learn from that as well so to start off I just want to go over a couple things of why Inventory management on Amazon is important and why this is something that everybody that is outside of a beginner seller should consider so Inventory management is not really for the brand new sellers um it certainly can be but for those that are absolutely brand brand new your focus should be more so on just learning the platform growing your business growing

(02:19) your catalog and just trying to turn over inventory as much as you can um proper Inventory management kind of comes into effect for those that are more inter immediate and those that are wanting to scale their business a little bit further okay um the process that we're talking about in this particular session is going to be for inventory that we are going to be replenishing not specifically for new SKS but of course you can probably pick up some tips and tricks for some new SKS as well with inventory management in my

(02:55) opinion it's essential to help maximize the cash flow in your business and to help minimize your risk okay so a lot of people think just because of some of the things that we do uh there was somebody that mentioned to me yesterday that they thought that I'm just an extreme risk taker I'm not at all I'm actually relatively risk adverse I just take calculated risks and one of the things for inventory management is to be able to make better calculated risk and minimize your risk as much as possible okay another key point for inventory

(03:28) management is that it gives us a format to follow to make very educated purchasing decisions instead of just kind of purchasing our inventory blindly so everybody is probably um has probably experienced this themselves in the past where you kind of just oh this looks good oh I'm running out of this I should maybe purchase you know six of these but there's no actual real thought process that goes behind it when you have an actual inventory management system in place that takes all that guesswork out of it and makes it more streamlined it

(04:01) helps you build better processes and it ensures that you are actually growing um and making educated decisions in your business another key point is that when we are doing good Inventory management it helps us minimize the stock out times for our inventory so how how long we're stocked out for the inventory that we have uh which in turn should of course help increase our revenue and our profits with minimal additional work on our end another thing for inventory management is doing it properly uh helps us better understand and estimate our

(04:41) personal numbers in our business and manage our cash flow more effectively if we don't know what's going on in our business and we can't make good predictions and estimations it's hard for us to be able to Envision and get to those goals or if we're looking to secure something like capital investment loans Etc it's hard to explain that process to a a loan officer if we don't understand our numbers and the path how we're going to get there whereas if we do understand these things um those things are a lot easier to

(05:14) obtain and then of course another the last factor that I have written down here is that it helps us spend less overall time purchasing more inventory so we're able to maximize our value uh per hour and get more kind of dollar per hour on our time spent when we are utilizing a proper system and we are purchasing the right amount of inventory for our business so before we dig any deeper into this anybody have any questions comments concerns about anything before we kind of dive in yeah I just have a quick question

(05:50) Jordan can I go ahead yeah of course yeah so I've recently watched a video um this for Amazon us seller but they told they said uh there was an interview so on and so forth that in terms of pricing they would usually buy like a Year's worth of catalog um in order to get the best price from wholesalers right would that apply to kind of like the Canadian Marketplace for larger sellers or is that just like unviable in our in in Amazon CA so I'd be interested to hear what Steller said that because with the very very minimal

(06:25) exceptions I think that is a very bad decision to do in any Marketplace um it opens you up to a lot of risk uh Amazon is an everchanging Marketplace we don't know what kind of things will happen with the marketplace going forward uh even though like CLE there's minimum advertised pricing for wholesale we don't know if the market is going to change if somebody's going to attempt to drop that if Distributors are going to hop on that listing um if restrictions are going to happen with that listing if the buy box is going to

(06:54) get suppressed all kinds of stuff so exposing and like exposing yourself to 12 months worth of inventory all at once really increases your overall risk and in my opinion unnecessarily so okay maybe maybe for sellers that are like nine to 10 figure sellers maybe that might make sense but even so the ones that I've listened to and spoke with that are like in the mid to high nine figure sellers I've never heard of any large sellers at that point even doing that with the exception of very very few except ceptions for like close out deals

(07:31) and massive sales Etc gotcha okay thank you definitely did anybody else have any questions or comments before we continue on here okay cool then we'll get into it so the first thing is that it is very important that you understand your metrics and you purchase accordingly Okay so one of the main things that we are factoring in when we are doing inventory management is our inventory lead time and so what that means is how long it takes for that inventory to come from our supplier to us so for wholesale that's your wholesaler Distributors

(08:15) brands for Arbitrage that's your stores okay so how long it takes you to purchase that inventory and get it to you or your prep Center or your 3pl or whatever you're using uh how long it takes your prep Center to produce that inventory or how long it takes for you to produce it in house and then how long it takes for you to get that inventory to Amazon's warehouses get it received and get it start selling okay so lead time is going to vary for a lot of people uh depending on your own individual workflow how often you're prepping inventory what

(08:47) kind of prep Center you deal with the volume that you're doing Etc so this is something that I would re highly recommend that you start tracking to get an idea of what your overall average is and lead time can certainly change from supplier to supplier like there are some suppliers that we personally deal with that um a lot of stuff that we order is special order so they don't actually carry it um so every time we want to purchase that inventory we have to let them know it takes almost a month for it to hit them and then they have to ship

(09:19) it to us so we need to adjust our lead time for that supplier accordingly okay and that's metrics that are very important to know to understand on when the right time is to purchase your inventory which will'll be going over a little bit later in the session as well and I just made a note here that you want to ensure that you adjust lead times in your software or if doing it manually like through C Central Google Sheets and calculate that accordingly um and then I just made a note that our personal lead time for

(09:50) most inventory is between two to three weeks total with some exceptions and so when I say two to three weeks that's how long it takes for us to purchase it from the from the date we hit purchase or send that PO that's how long it takes to get to us for us to produce it and then it being available for sale at Amazon and again everybody is going to have their own individual averages if you're only producing inventory once a week or once every two weeks and obviously your time is going to be adjusted accordingly

(10:17) to that ideally new inventory should be getting received as we come close to stocking out of our existing inventory and they're always exceptions to this so again this is kind of taking it to the higher eons of inventory management this isn't something you necessarily need to strive towards when you're first getting into managing your inventory correctly but to have a very lean inventory um and to maximize our cash flow as much as we possibly can ideally our inventory should be basically running out at Amazon as our new inventory is heading

(10:52) the warehous is is getting ready to be available for sale it's a lot easier said than done to do it that way but that is the ideal uh the other thing I want to note is that new replans often take upwards of three to six months of purchase Data before we can actually get into the proper EB and flow and consistently stock the inventory know the lead times and avoid stock outs so this is something that does actually take a a while to get everything in tune and to get in the proper EB and Flow this is certainly not

(11:30) something that happens overnight so from the day that we um purchase new SKS on average it will take us like upwards of like three four sometimes up to six months uh buying that inventory producing it getting it to Amazon getting actual sales data adjusting our numbers buying more inventory sending off to Amazon Etc before we can get into a realistic flow of always having inventory in stock and minimizing our stock go periods and then I just make a note here that ideally most people you probably want to aim to stock about 30 to 45 days since

(12:11) the new low inventory fees for a lot of inventory you probably want to be closer about 45 days um but for the units that are kind of less volume that that fee will not apply you can still certainly aim for around the 30-day Mark so when I first started on with selling an Amazon on a lot of the general knowledge from a lot of the large wholesale sellers was that you should stock about 3 months worth of inventory because that was a good mix between having a a decent cash flow assuming that you have a good Capital uh

(12:46) and then not having to spend consistent time every single week every single month looking at the inventory and repurchasing it but ever since we've seen things like uh inventory limits um when Co popped off these new fees being introduced Etc everything points towards Amazon wanting us to run a more lean inventory and they are definitely favoring that more and more and more and it seems like based on everything that we've seen ideally they want us to be at about 30 to 45 to maybe upwards of like 60 days worth of stock at a time and in

(13:20) my opinion um if you are taking this business seriously it's not that hard to manage your inventory once you get in the flow to be in that stock count range which is a good mix to maximize cash flow and also limit your risk because then our risk really is only ever about 30 days worth of stock at a time and for most people uh once you are kind of an intermediate seller on individual SKS that's not going to completely break you if something happens with that inventory if it gets temporarily restricted or permanently restricted or you know

(13:54) whatever else happens if a bunch of units get damaged if you if that inventory just is no longer available whatever it's not going to break your business just having that one month of stock exposed for that individual asent right so any questions comments so far cool so we'll carry I'll carry on here before we start getting into where and how to manage inventory uh one thing I wanted to discuss is calculating a stat that I believe is very important called your ITR or your inventory turn rate so this is something

(14:40) that used to be actually available in Seller Central you used to be able to see this stat specifically right inside Celler Central but for some reason Amazon about like I think it was like around 18 months ago ago or so they just removed it from s Central and gave nobody any notice uh but we can still calculate it ourselves and in my opinion it's a stat that's actually pretty important to knowe so if you want to be able to calculate it yourself you can either do the calculation yourself manually or you can find our calculator

(15:08) in our gitbook under the Amazon resources and we have the inventory term rate calculator so you can grab this guy and all you have to do is just follow the instructions so you can make your own copy so that you can actually edit it and then you find a stat called your FBA sell through rate which you can find uh right in your inventory performance dashboard you punch that number in here and it'll calculate your inventory turn rate for you okay and so this may be a stat that a lot of people are completely unfamiliar with and I don't blame you

(15:43) because it's not something that's talked about a whole lot but in my opinion it's very important uh to keep tabs on when we are wanting to build a healthy Amazon business long term and what the stat is is how how often we're turning over our entire inent okay so if we have an inventory term rate of 12 that means we're turning over our entire inventory 12 times per year or about once per month okay and so a very healthy Arbitrage or wholesale business in my opinion has an inventory term rate of about 8 to 12 and again

(16:21) most of you if you run the stat yourself you may be pretty below this number and that's okay it's not something that you need to panic about about it just gives you kind of a a starting point of things that I believe you should start working on and working towards improving because once you have your sweet spot you know between 8 to 12 you're going to be able to cycle over and cycle through your cash flow a lot more consistently uh turn over more inventory and then obviously by default uh profit more in your business assuming that

(16:53) you're making good purchasing decisions right so does anybody have any questions about inventory turn rate at all or anything else that we've discussed so far does everybody understand inventory turn rate and how it works and why it's important for your business yep okay and again if you have any questions or comments certainly feel free toad what's up Ron sure so we cycle to the inventory but not the actual payout right yeah so th this is tracking your actual inventory turn this is not calculating how how often your payout is when we're

(17:38) managing cash flow that is more so calcula how how long it's going to take you to get your payout okay U okay do you have any other questions about that RW at all um given um on average we know that Amazon pays out every by weekly yeah every every two weeks right so is there a way to based on your invent inventory return rate to kind of canl um How would how would you be to cycle your cash kind of um managing cash flow is kind kind of a a very complicated topic there's a ton of variables that go into it uh there's been a spreadsheet that

(18:35) I've been working on for probably I want to say like three years at this point that I use every single week in our business on how we manage our cash flow and how we determine how much I'm going to spend for that week on inventory um eventually when I have it proper and understandable without having to really explain it in depth to people uh I will release it to everybody because I think it's a super helpful tool to use but um to make it not complicated if you are on a pay cycle of every two weeks with Amazon some people

(19:15) can get daily payouts uh myself included um if you have a two-e payout and you always get all of your reserve deposited to you and there's very little or none that's held back in reserve you can kind of guesstimate quite easily on what your payout is going to be for that week or that two we period it's not always direct directly related to your turn rate so to not keep it complicated I would say just try to calculate it based on what your reserve is and when you expect to get it paid out does that make sense no slightly it's just that um 80%

(20:02) of it 80% of the time um my Reserve is way higher than my pay out so uh it's just kind of hard that's it yeah see like that's another variable for a lot of people because the more established your account is generally speaking the less of a a reserve your account has right like there's certainly some accounts that have been around forever where they they'll drain that entire Reserve that down to zero and they'll have basically nothing there because their account has just been established for so long and Amazon

(20:34) trusts them that the reserve is almost set to zero every every two weeks when they get their payout whereas with other people the reserve is quite high so it's it's very hard to do kind of like a catchall solution for everybody when it comes to that that's why I say like it's I'm trying not to complicate it but try to just guesstimate your payouts based B on your prior history and that would probably help you the most so like if you know you get deposited you know three grand every two weeks chances are if [Music]

(21:08) your if your purchase history has stayed consistent your sales have stayed consistent then your payout is probably going to be relatively the same right yeah I have I have a full understanding yeah that so Chris says for me typically goes for like 8 to 10 days into my payout then all the last sales of the 5 to six days go into Reserve to then be my opening balance for the next payout yeah and like unfortunately maybe fortunately uh both of the accounts that I have have daily payouts so the system that I'm on may not be the same that uh you're on so

(21:48) it's hard for me to give you real world experience for by weekly payouts because I've never personally experienced that myself I can get payouts every 24 hours I still have I don't get like all the cash available um our Reserve in our account typically is about seven days the last seven days of sales but everything else is dispersed to us basically every 24 hours assuming that we requested just a quick question for your daily payout is it automatic or you have to request it daily you have to request it daily if your account has

(22:25) it okay so in that case a few people mentioned like that they not able to get like they have to wait by weekly this is something I didn't know you can actually like manually request it and Jordan told me you could do it daily and for my account it's not it's not like huge account so on so forth it's it's decently sized and it works for me so try going into Amazon Seller Central hopefully there's some money outside of reserve and you could try like every day like for me personally I usually wake up at 7 I try to aim for s in the morning

(22:55) to do that payout and it it gives me some money some days it's I don't know like $1,000 other days it's 50 it's strange but it's better than nothing right so as far as I'm aware when you have that option where you can request it every 24 hours that means your account has daily payouts if you can't request that from what I understand some accounts can't and then that means your account does not have daily payouts I see okay but again I don't have an account that is not like that so it's hard for me to say okay so we'll carry on here and then

(23:38) of course like I mentioned if you have any questions or any comments as we go certainly feel free to butt in so the next section is where we can manage our inventory and this is for those that don't currently have a a system in place so we can manage inventory in a couple different places some for free some some for cheap some for super expensive you can find whatever option works best for yourself but there's a multitude of different places and tools that we can use to manage your inventory so the first one

(24:09) is directly inside Seller Central so if you go to inventory FBA inventory and then at the top there's another tab that says inventory and then restock inventory that's a restock inventory screen directly from Amazon uh it can help show you what your inventory levels are at at what your sales have been for the last 30 days Etc it's not ideal for everything but also no options that we have right now are 100% perfect but it is a good place to certainly get started um you can obviously use a mix of things um I also mentioned or from a

(24:47) multitude of reports in Celler Central for your inventory reports some people pull reports stick that into a Google sheet or pull data directly from that uh report and manage your inventory that way that's not my preferred method but I know some people that do that uh you can use a mix of reports from inside Seller Central Amazon sales data directly like directly in your orders Tab and Google Sheets from like your prior order history Etc uh you can also utilize software such as seller board so stocked and there are some other ones on the market

(25:20) as well that I'm I'm uh personally familiar with but there are quite a few options that are out there and the one that we will be going over and actually um demoing today was is going to be seller board because that's one that I used to utilize to manage your inventory I think it's an okay place to get started and it's something that most people probably have access to and it's a very affordable tool that you can use that I believe works better than just using Celler Central so uh can just but in real quick of course um what tool do you use now if

(25:56) you said you used to use T solid board I use a tool called so stocked but I believe for most people it's not worth it it's a tool that I think last year they doubled their price so I want to say it's like upwards of like almost $200 us a month or something for their for their standard plan and I don't think it's worth it for most people um I'll talk about some differences as why I prefer so stocked over solar board and then of course everybody everybody can make their own opinions on what works best for them but

(26:23) for most people I feel that seller board is is sufficient for sure yeah so a couple things that I want to note and again these are things that we're going to discuss in the demo but I want to make sure that you're aware and you adjust what's called your waiting in seller board and your weightings are found in the inventory planner which we're going to go over and we take a look and we click into the sales velocity of a product you can adjust your your weightings so how much your velocity is going to to be waited over

(27:00) the last 3 Days 7 days 30 days 60 days and 180 days we're going to discuss this a little bit more in detail later on this is very important and for those that utilize cboard for inventory management I don't think most people ever look at this and it actually changes your velocity quite massively oops and then also to keep in mind that there is skew data at least there was when I used seller board a couple years ago for new SKS in Cellar board and again this is something that we're going to discuss a little bit

(27:34) later on so when you have a brand new skew it just hits Amazon unless they've changed it recently uh when I was utilizing starboard if it was a brand new skew it just sold like say one or two units right when it hit the warehouse the velocity that we see is going to be completely up and we can't rely on it so it's something that you just need to be aware of otherwise you're going to be making very bad purchasing decisions and again as far as I'm aware it's still the same today so then I just wanted to mention

(28:05) some advantages and disadvantages of utilizing software for uh quick question sorry to cut you off problem hey man uh so uh you use software but uh what's the advantage of having software and that um the inventory sheet that you have uh in Excel that you created or in Google Sheets so the like are you talking about like my order tracker that I use yeah yeah gotcha so the order tracker I don't specifically use for inventory management like for repurchasing inventory that's to track current inventory that's on order see

(28:41) the stats that we have for the inventory that we have ordered and then to build shipping plans and get stats off of that but again there are people there are very large sellers that utilize a tool just like that just like a Google sheet and that's basically all they use with maybe a mix of Seller Central stuff to do their inventory management and they're able to scale very large businesses with doing that so that's why I mentioned at the top of the conversation there's not a one-size fitall solution when it comes to

(29:08) inventory management there are definitely different mixes everybody can use everybody's comfortable with different tools people can build out just Google Sheets by themselves and be very effective just utilizing that this is just kind of the processes that I personally use that I've built out over the last six years but yeah like with somebody for example not Danny in here but Dan one of the other guys that's in the server um he's a relatively large seller and for my understanding they do use some coding in script and they basically pull their

(29:42) inventory reports out of Seller Central plug that into their Google sheet run a script and then that's how they do their inventory management and if you're if you're Savvy and able to utilize stuff like that that might be a much better system for yourself so any other questions about that at all co chillan uh no I'm good thanks okay cool so then uh before we get into some demos I just want to discuss kind of the advantages and disadvantages of utilizing a software for your inventory management so some advantages are we can

(30:24) see more key data a lot quicker which allows to make quicker informed decisions and typically allows us to spend our money a lot quicker right purchase a lot more inventory um Sol Central also does not provide any weighted averages orj justed sales velocity stats as far as I'm aware I don't utilize uh C Central directly uh which can obviously skew your purchasing decisions so for example if you look in your uh restock tab on St Central it will just tell you what you sold for the last 30 days right it doesn't tell you

(31:00) if you stocked 10 units and you sold those 10 units in with like within a two-day period right so if you're unaware or if you have a lot of different inventory going on if all you see is that you sold 10 units in the last 30 days you may say oh I only need to purchase 10 units and that may skew your purchasing decisions right so when you're utilizing just say Seller Central directly you tend to make viable purchasing decisions you tend tend to have to do a lot more back and forth where you look at like your order

(31:30) history and then your restock tab whereas if you're utilizing software you can typically see all that data all in one place and then the disadvantages of software is most softwares that are out there that I've personally tried not everything we are looking for is included in that software and some data may be missing entirely or not in the most ideal places which slows down our workflow and quite often depending on what software we're using uh we still regularly need to reference back to C Central data specifically uh with seller

(32:06) board when we are stocking new SKS quite often we have to reference back to our order history on Amazon in order to make good purchasing decisions so any questions about any of that so far yeah I just have a quick question yeah what's up yeah so let's say for example we mentioned seasonality before so let's say Q4 is coming up if I have a product that's selling around like let's say 20 units a month right Q4 is coming obviously people are going to spend more money so on so forth Christmas time um do you have like a weight that you like

(32:41) multiply like let's say you multiply all your unit sold in the past 30 Days by 1.5 to really prep for that time of year or like how do you how do you go about that yeah so like for those that have never went through a Q4 and like say you're brand new generally I would just say don't really change a whole lot for Q4 just try to continue purchasing inventory being very consistent get through it and get that data if you had prior q4s you can actually look back at your actual data like ideally you can if you've been tracking stats somewhere you

(33:16) can look at that data if not you can pull through your purchase Reports look directly in your order history Etc and you can kind of see what your differences were from like say October to like November to December to January and then with that data assuming that you're stocking very similar inventory you can kind of make some calculations based off of that right the best data that we have is always our own purchase data because everybody's situation is different depending on the products that you're stocking your cash flow how much

(33:45) inventory you have uh the categories you're selling in ETC so like with us generally speaking we definitely see a bump throughout Q4 uh December and January always January is my highest month uh we typically see like say from October to January we can see upwards of like a 50% increase of Revenue just from those couple months uh but generally speaking throughout Q4 we'll see anywhere from like a 10 to like a about 30% bump uh but for us January is always a much higher bump and that's a lot different for other people if you're

(34:20) focusing on like Electronics or toys you're probably going to have a much higher December than I would personally have whereas I'm selling a lot of consumables and people are like offloading gift cards and stuff after the holidays on stuff to replenish their stocks but ideally tldr you want to use your own prior your own prior data that's always the best data to use in my opinion does that help yeah makes sense cool so then what I want to discuss is sales velocity what it is and how you can find it in software and also how you

(35:04) can calculate it manually so sales velocity is very simple at the heart of it it's just calculating on average how many units per day are you selling over a set time period okay so if we're calculating this manually what you typically would want to do is either pull a sales report or what I do is because I just like looking through the order history in instead uh I would open up the Amazon order tab I would filter by as I would input that as in the order Tab and then just uh count how many orders you've had in a set time period

(35:41) so like whether that's 14 days 30 days Etc and then you can do some basic calculations so for example we have some examples here you add up your total unit sold in a set time period so like say 14 or 30 days and divide that number by 30 so about a month right so for example if you sold 30 units over the past 30 days you would simply do 30 divided by 30 which means on average you sold one unit per day over the last month right or if you sold 60 units in that 30-day period you do 60 units divided by 30 days which means your

(36:19) average velocity is about two units sold per day on average okay where things become a little bit more interested in utilizing software even Cellar board is we have weighted averages which helps us get a lot more realistic selling data okay so we look at something like seller board here this is just a demo account uh but we see there's a sales velocity and so seller board so stocked all have this and they have weighted averages based on whatever time period you input into your software so for Stellar board if we

(36:56) click on the sales velocity the hyperlink here we can change this for either individual inventory or we can change it for all of our inventory okay and this gives you an overall overall weighted average based on whatever stat you decide to choose here okay because the reason why this is important is because say we stock some inventory and it's just getting in stock at the FBA fulfillment centers and say uh like say in the last 30 days because it's just been getting in stock over the last 30 we're selling on average two units per

(37:33) day and then over like the last 14 over the last seven days all of our inventory is in stock it's been transferred it's available we're getting more buy box distribution now instead of selling on average two units per day we're selling on average 10 units per day right and now say maybe our stock is fully stocked we are getting much more buybox distribution over the last 3 days and our average is maybe 11 12 15 units per day that's very important data to see because it will help us determine what kind of inventory levels

(38:06) we should be purchasing uh so you can either look at kind of your weighted increase or you can take your overall average okay so I haven't Again full disclosure I haven't used Sellar board myself for quite some time I believe it's been probably like two plus years but as far as I know based on this demo account if you come into here I want to say by default seller board changes the weighting a little bit more evenly they don't just calculate the 30 days where the demo account by default just has 30-day waiting I want to say they

(38:40) calculate a little bit more evenly but like you can change this on the Fly per as or you can apply it evenly to all your inventory in my opinion you should apply it relatively evenly at least for the last 3 seven 30 and potentially 60 days for all your stock that will help you get a much more better average but then you may want to adjust a little bit on the fly or review your velocities especially for some new asens to make better purchasing decisions okay so like for example for this particular inventory here right now

(39:19) it says on average we've sold 8.07 units per day okay that is putting all the average all the waiting only on the last 30-day time period whereas if we change this we can see like over the last seven and over the last three days on average we sold a lot more okay so if we're only looking at the last 30 days our decisions our purchasing decisions if we're only looking at that inventory may be low and if we're only looking at purchasing eight units per day we when we make a purchase we may be under purchasing our

(39:54) stock quite a lot and then when we go to actually s an inventory hits the warehouse it goes back up to our weight our higher velocities here we might be stocking out a lot sooner than we expected and obviously if we're stocking out inventory we are losing sales we're losing Revenue we're losing profits right so again mentioned at the top of the conversation it takes us a while to get new inventory and a proper EB and flow multiple months but once we do the goal is to consistently have the inventory in stock not stocking out but

(40:29) also maximizing our cash flow and minimizing our risk in my opinion okay so if we look at something like this for an example this to me looks like it may be some new inventory or something that somebody had sent in like a lower test amount over the last 180 days and they've been stocking more and or selling more or the sales velocity just picked up over the last about seven about 30 to 7 day or 30 to 7day period right so you still need to factor in other variables like seasonality if sellers have fallen off a listing if

(41:07) more sellers have come on a listing if the price pricing has decreased suppressed buy Boxes Etc all the variables that go into an Amazon listing but if you look at if you take a step back and look at the big picture then we can make a good educated purchasing decision based on that data so if this is a product that I have personally purchased it's not a seasonal product nothing else has really changed we don't really see a massive change in competitive seller account what I would gauge from this data here is that we are getting more

(41:39) established on this listing maybe a seller or two have fallen off we're getting more buybox distribution and I probably need to adjust my standard stock count accordingly based on my recent velocities right so I might calculate this I might get the weighted average myself because um you can input your weighted in here directly on solar board or you can just calculate it yourself so if you want to calculate yourself you just take your velocities you add them together and then divide by how many velocities that is so in this

(42:15) example if we want to just factor in the last three seven and 30 days we would take 1633 plus 13.3 or 13.43 Plus 807 divided by three because it's three time periods and that gives us an adjusted average velocity of 12.6 wat so if everything look good I don't have any other red flags on the inventory at all and say I want to stock 30 days I would personally take that 12.

(42:50) 6 one number times it by 30 and then I know how much inventory I need to stock to be covered for a month which would be just around 378 units so I know that's a lot especially for those that may not be familiar with this or may be uncomfortable with math but does anybody have any questions about that I want to ensure that everybody understands this before we carry on because this is very important to know and again don't be shy if you have any questions I want to ensure that everybody's able to understand all these Concepts here any questions comments concerns s

(43:27) does that make sense for everybody yeah it makes sense okay everybody else is shy today so again utilizing software like I know I just did some math there but if you use software you don't need to calculate that stuff yourself right so for most like if you just want like Bare Bones basic kind of set it and forget it kind of stuff which realistically deep Inventory management is not that but if you just want to like get into Inventory management a bit but not get overwhelmed uh separate your waiting make it average make it the same over

(44:14) the last three seven and 30 days at a minimum and maybe add in the last 60 and then look at the number that's produced here it's not going to be a perfect system but it's going to give you a a okay estimation on how many units you should be stocking and then the more history you have with that with that individual as the more selling history you have the more accurate that data will become over time okay so we kind of already discussed it but with software you can review your sales velocity or what's called in so

(44:55) stock adjusted velocity you can adjust your individual weightings and then I mentioned that I personally prefer so stock specifically for this reason as you can adjust your weightings on the fly a lot easier than seller board uh and then they also you can factor out things like stock out dates Etc whereas with solell board as far as I know specifically for the stocko dates it doesn't factor that in and so what I mean by this is in seller board we can come in here and we can adjust the the weightings that we have directly in here whereas with so

(45:31) stocked they just have like a uh something similar to this but they have a 2 day 7day 14 day 30day 60 day 180 day where you can turn on and off very quickly you just click them and then that's automatically factoring in or factoring out that velocity in your average sales velocity right and then so stock would also not factor in if you choose that setting not factor in days that you've been stocked out so whereas with say seller board if you've been stocked out over the last 30 days our velocity is going to be down to

(46:08) zero for the last 30 days and that's obviously going to dis skew the data that we have right and as far as I'm aware I don't believe there's a setting in Celler board to oh hold on it says out of stock days are ignored when calculating sales velocity never mind disregard what I just said they they already factor that in so I'm wrong I didn't see that so they already factor in out of stock days out of stock days are ignored so that's good that's ideal that's what it should be so any questions comments clarifications needed from anybody so

(46:52) far so again I I hope that everybody sees like why this is important um because this allows us again to make very good educated purchasing decisions in our business ensure that we're purchasing enough but not too much maintaining a lean business and really maximizing cash flow and minimizing risk and again I know if you haven't done something like this if you haven't utilized a system like this it can seem and feel overwhelming but once you get used to utilizing a system like this and you do it week in week out it becomes a lot

(47:30) more like second nature and it becomes a lot a lot more easier to use I always use my dad as kind of a a test subject because he's so old and so technology illiterate uh like he's in his mid-60s he sells on Amazon he's retired I've just recently introduced him to utilizing seller board for inventory management because before he was just kind of blindly buying inventory so he's still not ideal with his inventory management but utilizing a system like this he's been able to cut out multiple hours per week with him repurchasing

(48:02) inventory just from utilizing the the standard planner and not even worrying about the Ws or anything just looking at what seller board recommends he should be purchasing it's helped him save many hours per week just with repurchasing inventory okay so then there's a few things some additional things that I want to ensure that everybody also considers when they're utilizing these types of systems so old inventory that has been out of stock for longer than our default awaiting will not be included our in our reports and this is inventory that

(48:42) should be Revisited every now and again so for example if we come into solar board and we just look at stuff that has the high sales velocity or just stuff that has a low amount of um stock left we're never going to Rel see inventory that has been sold out for more than like six months or 180 days Etc um so that's not always inventory that you want to disregard permanently it may be inventory that has fallen off for a while maybe it's unprofitable maybe you can't find it anymore but it's inventory that you always want to

(49:17) attempt to revisit every now and again assuming that there appears to be potentially any viability right if it looks like it's just completely dead you're never going to stock that again whatever you can hide that inventory in something like solar board but if there's a potential where maybe it'll come back on sale again it'll make sense profit-wise uh the price may look like it may come back to a reasonable selling price then that's inventory you just want to ensure that you revisit every now and again once a month or every

(49:45) couple months right I would also encourage everybody to play with the settings in their software if you're utilizing them and adjust them to your own personal liking and workflow most people when they utilize something like this they just take it for its face value with what it is they never click into anything they never adjust anything and I think you're underutilizing the potential with software if you do that you're probably missing out on a lot of features or functionality that could work really well with your personal workflow right

(50:19) like if you're not familiar with seller board you may not know that you can click into this little guy here and see what your stock history has has been over time right so that can really help us gauge on how many sales we've actually been making recently if you have never clicked into that you wouldn't know that you may also not know that you can uh have additional filters in here to see additional data what your historical day of Supply looks like what your profit looks like on that inventory Etc right and that may be data

(50:49) that you want to use in your business but you've never played around with it you wouldn't know that um or you can also Al edit in here your lead times right so another nice thing about software is what we mentioned at the top of the conversation is it can automatically factor in lead times for you instead of you trying to attempt to manually Factor those in you can input this information in here which we'll discuss shortly and it'll automatically factor that in and tell you that you need to order your inventory you know 14

(51:24) or 21 days in advance because you have a 21 Day lead time right so make sure you play around with your software explore it and try to utilize the features that are available to you another thing that I want everybody to consider specifically if you are using Sellar Central for inventory management or Sellar board I would recommend this to everybody regardless but consider utilizing custom M SKS or Merchant SKS with a supplier code system to more easily order by supplier and so what that means is when you're adding

(52:02) inventory into Seller Central you have the option to add in your own custom skew right if you add nothing in there it just defaults to a random string of text uh but I would highly encourage that you utilize that system because it can help you immensely if you do and a standard very basic system that you can use for your MCS is just to put a supplier Dash your purchase price Dash a random string of numbers just as a placeholder right so like say if you buy something from Walmart what we would do is we would have an M of WM for Walmart

(52:39) Dash if we purchase it for $5 we put our buy cost of 5.00 Dash a random string of numbers just to ensure we don't have any duplicates and that tells us right when we look at that inventory we can see very quickly that we bought this from Walmart last and we paid five bucks that helps a ton when you're inputting cost data into something like seller board cost data into something like your repricer something into like a2x and then you can also uh sort bu supplier and seller board you can search up here you can type in something like Walmart Dash and

(53:16) then you'll see all your inventory only from Walmart so then you can you can go through and run through an entire supplier very quickly all at once without having to look through their own custom data like their own custom uh filtering options here I would recommend that everybody if you don't to start implementing something uh your own mq into all your inventory that's very helpful if you're using so stocked specifically I mentioned that to ensure you regularly assign inventory to A supplier so unfortunately I don't have a

(53:55) demo for Soo today I was hoping to have one but they didn't have one ready for me and I'm not going to show everybody my personal account but um in so stocked how their inventory is typically organized is by supplier whereas with um seller board by default you're going to default it to your highest sales velocity items or your lowest days of stock left whereas with so stocked it's going to by default organize this inv uh this this data by supplier so you want to ensure you organize everything by suppliers just to make it easier for

(54:33) yourself and then kind of like I mentioned at the top of the conversation as well is this is not a set in stone system you need to be able to adjust purchase numbers on the fly if other factors have changed such as current velocity versus your historical velocity like say your current velocity has just picked up massively or has fallen off a cliff recently uh increases in competitive FBA sellers suppressed buy Boxes Etc these are all things that you need to factor into your decisions uh but the more you do it the

(55:06) more often you do it the lot the easier it becomes a lot of these things may not be things that you factor in right away when you first start doing proper Inventory management and that's fine but as you grow and scale these are certainly things you want to ensure you're factored into your purchasing decisions to again minimize your risk as much as possible cuz because if we see a massive influx of new sellers coming on a listing and they're all competitive FBA Sellers and this is a a low barrier of Entry product to purchase just like a

(55:36) standard OA item from a a very accessible Source like Walmart we see a massive influx of sellers we can probably predict that we're going to probably start seeing price decreases right so it may not make sense for me to purchase 150 units of this stock when I know in you know a150 if it increases by $150 it wouldn't be something I consider at all right but these are things that you'll probably end up considering a little bit more as you get a little bit more advanced and utilize an inventory management system a little bit more

(56:08) later on so any questions about any of that so far I know we have seen some people that have just recently joined us so session is being recorded if you guys want to review but any questions so far is all all this making sense to everybody yeah it say a lot of value for sure whether you want to hop on the mic put in the chat everybody does this make sense everybody is anybody confused about anything Yes No Maybe So following everything so far cool so is anybody actively utilizing a system like this in their own business

(57:02) today honestly no and I want to implement it so for yourself Danny when you're repurchasing inventory um how are you making your decisions on what you should be repurchasing yeah so like the that's the thing right I'm trying to scale more into wholesale because so much of my business is in liquidation and replans um are Al like non-existent like it's very rare for you to get rep because it just depends on what your supplier has right um but for the business that I do wholesale with um essentially what I did is manually I just looked through how

(57:40) much it sold and I need to place another order soon because I am stocked out which is not good so yeah I I need that's that's the whole thing with my business right now I'm trying to make this thing a full-time thing right um so I'm I'm just Building Systems right now I'm literally building a flowchart as we speak Beauty yeah for everybody else is anybody else utilizing like um a standard regular inventory system in their business at all maybe not specifically what we do but any other kind of system and if you're not that's okay so

(58:18) I know some sellers that are actually like decent mid mid to i' say mid to like decently large getting large Sellers and basically have no inventory system at all and they kind of just fly by the seat of their pants and you can do that it's just in my opinion if you put proper systems in place you can much better utilize your time you can do things a lot more effectively a lot more efficiently and overall you can make a lot more better decisions in your business murza asks will you share this check list yeah definitely um if anybody

(58:58) wants this I can just save a copy uh with the video that I upload that won't be a problem for sure so then I want to discuss kind of what our personal process looks like from start to finish and then we'll start exploring some software a little bit more in depth and talking about some of the things that are in there that I mentioned earlier so and again this is just to give everybody their own inspiration for your own process this doesn't mean you need to mimic our process this is just to show you what we personally do for

(59:33) your own inspiration okay so right now we are reviewing inventory for purchasing every single weekday however Monday is typically our heavier purchasing date every other day is just for outliers uh limited time sales and things that we miss out on Monday okay uh we organize our personal inventory by supplier because we use so stocked if you're if you're utilizing seller board you may want to just search by custom McQ or look at uh sales velocity or days of stock left filtered by those guys uh but we organize by supplier then

(1:00:11) focus on inventory that is stocking out soon then we move on to inventory that has been stocked out for for a longer period uh that we have not reviewed recently and then each supplier is addressed individually as needed and the reason why we do that is because we're placing larger orders with individual suppliers if you're doing OA where you're purchasing some here some there some there that may not be as important to you to organize by supplier and that's okay uh asens are always opened up on Amazon to confirm profitability this is

(1:00:43) something that's very important you can't you cannot and you should not blindly purchase anything based on what you see in Seller Central seller board or any software that you use um and then we confirm our profitability to ensure it's still profitable today and then we always look through keepa again to see if there's changes in current sales velocity spikes in sellers decreases in sellers things of that nature to ensure that we don't have any red flags for that listing and that maybe we want to adjust our purchasing Behavior based on the things

(1:01:17) that we see so common things that we may see that may adjust our purchasing Behavior would be sudden increases in sellers sudden decreases in sellers whether positive or negative obviously if we see uh decrees decreases or increases in pricing we're going to adjust our purchasing decisions based on that information um and a multitude of of of other things right what our current profitability is if it's meeting our current minimum profitability for my personal profit per month things of that nature and then if it meets our personal

(1:01:58) velocity overall monthly profit requirement has no red flags we would then simply multiply our expected velocity by about 45 to get about 45 days of stock and that would be the amount of inventory that we placed an order for right obviously that's going to be a lot different for you if you have a much lower Capital cash flow you may not be at the point where you want to stock a month month and a half worth of inventory yet that's okay but that should be ideally the goal that you're working up to and again um kind of what we mentioned at

(1:02:34) the top of the conversation for those that came in a little bit late uh Danny had mentioned that he's heard some people stock six 12 months worth of inventory at a time I would not personally recommend doing that because that in my opinion exposes you to a lot of risk that is unnecessary there's not really any point in this business to purchase six-month worth of inventory set it in and forget it unless you're extremely lazy or you have so many other things going on that you can't tend to your inventory at all

(1:03:02) because it doesn't take that long once you build out a system to review your inventory every 30 days every couple weeks Etc and of course if you're purchasing uh six 12 months worth of inventory at a time sending it all into to Amazon uh Amazon can be a very hostile Marketplace we never know what's going to change if there's going to be listing restrictions prices are going to drop Amazon's going to come on listing whatever the case may be so if you're stocking 12 months worth of inventory at a time unless you have a

(1:03:36) brand exclusive deal and nobody else is ever going to be selling that listing in my opinion it opens you up to way too much risk and does not help you maximize your cash flow where you could be turning that inventory a lot a lot turning that cash flow turning that inventory a lot more versus putting it all and parking it into 12 months with the stock at once so any questions comments concerns about anything before we get into some demo then for S board we'll go through some additional settings in the SL board and kind of how

(1:04:13) I would personally utilize it cool so let's take a look so so again for those that are not aware uh Celler board has its own inventory planner built in uh again I personally utilize so stocked but as I mentioned at the top of the conversation I think it's too expensive for most people and it's not worth it especially since they basically doubled their price uh we're hoping that eventually carbon 6 is going to be making a plan to just give people access to just their inventory forecast system because like their product does do more than just

(1:04:53) inventory forecasting it's kind of a tool built for private label sellers but hopefully they'll give people access just to the inventory management and charge a much more reasonable price but until then for most people I would tell you it's not worth it just utilize something like cbard neither one is perfect but cbard will get you through for most people it'll be a lot better than just utilizing Seller Central or build your own system if you're techsavvy enough so if you come into the inventory planner this is where we can see all of

(1:05:24) our velocities and make all of our adjustments and make our purchases of course so for me personally if I utilize sellerboard I would search for inventory by McQ specifically by my supplier code so I'll see if it works here I don't do we have custom end SKS here we do so it just says skew 16 so like if we had all of our suppliers under skew 16 we could then search 16 or skew 16 and ideally it should just show us that inventory so this is a demo so it might be buggy but we can see this is skew 16 and when we search 16 it only shows

(1:06:05) us that inventory so then we can select all that inventory and then we can filter by that that's how I would personally do it uh but for most you're probably just going to organize by sales velocity that probably be the best bet or your lowest days of stock left okay so then when I'm reviewing the inventory I would want to adjust my waiting like I mentioned earlier in the conversation I would adjust my waiting to be about even for the last 3 73 days and potentially 60 then I would come in here I would look at the inventory I may take a peek

(1:06:44) at the FBA stock just so I can see if we've actually sold inventory recently uh this is another section where so stocked in my opinion does better than seller board because with so stocked uh you can click into the inventory and it actually tells you how many physical units you've sold for whatever time period you choose you can choose like last seven days last 30 days Etc whereas with seller board it shows you your stock history I'm not 100% certain if they factor in like FC transfers or not so that'd be something

(1:07:18) that you need to confirm if they are factoring F transfers and obviously this might be skewed data and this shows you your stock history do doesn't actually tell you how many units you've sold so you kind of have to manually manually calculate that unless there is something that um can be changed to adjust that data I'm not sure if there is so I just want to obviously confirm that we have sold some stock if it's a new skew I would grab the as copy the as right here paste it into the order section of Seller Central via

(1:07:53) the as filter and that we have actually sold and that the uh recommended or quantity makes sense because if it's a new skew again like we mentioned at the at the top of the conversation that number is going to be because sellerboard doesn't factor in things properly for brand new inventory for some reason and then I would just multiply my velocity by my target days of stock left and then that would be the amount about I'm going to purchase so like if my inventory comes in cases of 12 and my recommended stock is 50 I'd probably

(1:08:28) just order 48 just for the simplistic Simplicity of ordering right the other thing that I want to discuss in solar board that I kind of uh alluded to was the lead time information in here so if you are utilizing seller board I would highly recommend that you based on your own personal averages input your lead time into the seller board so it's factoring that data into your stock outdates and your velocity right so you can put all this data into one thing into like manufacturing time or into ship into FBA or whatever or you

(1:09:08) can split it up whatever works best for you it doesn't matter it's factoring it all all the same okay it doesn't matter if you indicate you use a prep Center or not it's just going to take away that stat for you you can act like your own warehous is your own prep Center if you want to right you can change the data however you want so if on average your personal lead time from purchase date to arriving to you to prep to to prep and pack to ship off to FBA to receive at FBA and be available for sale is three weeks you

(1:09:42) want to ensure that you have a total of 21 days in these fields here to factor that into your calculations and then this is going to tell you based on your buffer and how much stock you want to carry so we can uh have an FBA buffer how many days we want to buffer so like say if we want a buffer of like 14 days or 21 days it's going to tell you 21 days plus your lead time you need to start ordering this stock so like if we have a buffer of 21 days for 3 weeks notice and we have 21 days lead time it's going to tell you

(1:10:21) six weeks in advance you need to start ordering the stock now if you want to get the FBA before you stock out for buffer personally uh because we review this on a regular basis we review this every single weekday uh I would put an FBA buffer of about 10 to 14 days and then your own personal lead time in there to get a um an accurate calculation and then you see some visuals very easily it tells you about approximately how many days you of stock you have left at FBA rate now and how long until you need to order this

(1:10:58) inventory so this inventory here it tells us we should have ordered this inventory 13 days ago if we don't want to stock out based on the um the lead time that we have entered in seller board this inventory here we don't need to place a purchase for another 133 days so it shows you very easily and very visually of how long it's going to be until you need to purchase that inventory and then Al then obviously also shows you if you filter by velocity what your best sellers are so any questions about any of this

(1:11:35) anybody want to go through anything comment anything talk about their own process uh just a quick question in terms of seller board uh do they have the option to just buy this feature because I have my own like um my I have another software for listing cost of goods all that stuff I just want this feature for tracking items I don't think so it's all included but I mean cbard is like 20 bucks something like that a month so it's relatively affordable anyway oh okay all right yeah I'm not sure the cost of solell board let's see

(1:12:07) what it costs here today I know it's it's a very reasonable price like that's why so many people use it um I have mixed opinions about it but uh so yeah if you build annually if you have 3,000 or less orders per month it cost you $179 us per year mhm so okay that's not that's not too bad very it's a very affordable tool interesting and that's why like for most like most people probably already utilize solar board in some capacity if you don't it's the most affordable Inventory management tool that I've personally found that's probably like

(1:12:42) the best way to get started fair enough fair enough yeah anybody else have any questions comments want to go through anything regard Inventory management whatsoever a couple additional things for solar board specifically and again you can make this work to your own process however you want you can input stats here about like how much inventory is currently at your prep Center or how much inventory you currently have on order whether or not you want to utilize that feature is up to yourself um when I utilize board I personally did not

(1:13:27) because we used like my order tracker right but you can utilize this just to keep tabs on how many units you have on order how many units your prep Center has Etc you just want to ensure if you are utilizing this that say when you have seven ordered you just want when you actually receive it remove that stat so your your data is not being skewed or when your prep Center or your Warehouse no longer has those 15 in stock remove that stat so your data is not being skewed and then of course uh you can also add in your own comments for each individual

(1:14:04) uh inventory for Celler board so like if you have your own custom McQ and stuff over here that's cool and then like if you want to have like a link directly to the supplier here or their their inventory skew whatever it may be you can put that in here or if you're working with a team you can indicate reviewed don't need to look at this whatever you want to use that comment system for it's just a nice little feature to have so yeah that wraps up basically everything that I wanted to discuss today so again before we wrap it up

(1:14:42) anybody have any questions comments concerns about anything don't be shy can I go through and ask everybody has this made sense so far Chris Ethan I know you guys have been here since the beginning cold chilling does this all make sense to you guys Ron yeah I picked up some valuable tips especially because I utilize celo so um especially when to culate the 37 and and 6 sorry Ron your mic kind of cut out there I'm not sure if you can hear me did Ron's mic cut out for anybody

(1:15:47) else may have disconnected yeah I don't hear m may be getting disconnected there ra I'm not sure if you can hear us I'm just going to put this in here may have been disconnected Ron just in case he's talking and nobody can hear him so while we wait for what's happening with Ron uh Ethan Chris coill and you guys mentioned um everything that we discussed in the session today did it make sense do you have any questions about anything yeah yeah that made sense to me it was it was super informative so thank you um do you know if there's any like

(1:16:39) Inventory management software that integrates with repricer so if you're going to go out to stock you could kind of change your repricing strategy I'm not sure if there's any inventory management software that does like I know um there's something that's more so popular in the UK I'm not sure I think they do some type of inventory management but there's like um seller tool kit uh they may have a connection to seller snap and be cool but I'm not 100% I want to say that they do but I don't know for sure okay thank you very much for

(1:17:21) sure Chris mentioned I've heard seller amp is integrated but I don't know if that's beta or what the word is on that however not inventory software yeah s ramp made some announcement that they have some kind of connection would be cool but yeah I think that's just like import data from seller amp when you're purchasing inventory directly into your repricer as far as I know I'm not sure if there's anything that exists that can automatically increase your prices you might just have to make custom rules for that you know if I'm going to stock out

(1:17:50) or if you have so much stock left you increase your price to your max price or whatever you want to do there yeah Ron I'm not sure if you're with us now but it seemed like your mic got disconnected for a short while there oh I'm back I think I can hear you now uh sorry do you want to uh just repeat what you were mentioning uh when you were last talking there no uh I was just saying that it actually helped especially when I and you can um see your three seven and um 30 days and the calculation because um I just

(1:18:36) normally buy off the win sometimes so on most occasions especially for stuff that are replans I sometime go overboard yeah and like again um if we we have the data here right so like when we're buying new inventory we are making a lot of guesses we're we're making as good of educated guess as we can but it's a guess for new inventory when we have existing inventory and we have existing sales data this is very good information and it's as good of information as we can get and this is actual data and there's no reason why we

(1:19:14) can't use our data to make a very informed purchasing decision right so there's very little reason why we should be under purchasing or overp purchasing inventory unless something external changes that we cannot control but yeah like um oh sorry go ahead do you know if cbard has any feature where for instance you have a VA you can just give them like um permission maybe to look but maybe not uh Miss within cell board yeah so I know like there's a user permission section in seller board uh have a good night Chris he just mentioned he's leaving uh

(1:19:58) but there's a user permission where you can give them any specific access that you want so like if you want to just give them access to your inventory planner and not see your inventory cost or sales data you can do that uh like when I used Celler board before I had a VA that only had access to our our inventory screen I believe it was where was it it was products I believe because I had her input uh purchase price data in here and this is only the only thing that she had access to so when she came to the dashboard I saw her screen she

(1:20:33) couldn't see any of this uh sales data at all she could only see the uh the inventory screen okay and you just Shar Shar her email address yeah and that and that would be yeah like if you go into the settings there's like a user permission section somewhere probably uh right here users you can add users into here I can't do it on the demo account but then you can give them whatever access you want oh oh good yeah and that's how you you basically run it um with cell Central as well if you're on wording uh prep Center or

(1:21:15) something yes 100% obviously solar central obviously solar central is a lot more um sensitive you want to sure only those that really need access have access and very limited access seller board like if somebody has access to seller board only they can't really anything up whereas if they have C Central they can certainly screw you over if they have untethered access yeah yeah so yeah like again seller board I have personal mixed opinions about because I don't really personal personally utilize it I think it has

(1:21:50) good value for the cost that it is and especially if you're utilizing it for for inventory management I think it can be a very effective Tool uh the only gripe I have with solar board is like people think you can use it for accounting which you can't it's not an accounting tool but for the other features I think it's pretty solid yeah um one thing I'm not sure if I mention it or not with the recommended quantities I believe in solar board you can can change the setting I want to say you can you'd have to play around with it to

(1:22:31) uh see if you can change the setting for how much it recommends that you order purchase order where would it be I'm not sure exactly which one Target Target stock stock range right there so you'd input how much stock you actually want so if you don't have that setting changed then you want to ignore ignore this number because it may be very skewed but if you have your settings correct then obviously you could utilize this and this case is it correct so it' be 807 * 30 so I think this might be close but you just want to ensure that you watch

(1:23:12) that and also on Seller Central as well the recommended order order quantity directly on Celler Central is always super out of whack I would never recommend that you make make your purchases based on Amazon's recommendations always do your own calculations based on your own data don't ever blindly purchase stuff and just because like Amazon tells you you should order 200 units doesn't mean you should make sure you calculate it properly cool so does anybody else have any other questions comments concerns at all before we wrap it up today

(1:24:01) Tommy you haven't been part of too many of our live sessions I don't believe how's it going I'm not sure if we've actually talked on the mic if you have a mic maybe maybe not Vin you just joined us we're going to be wrapping up shortly here I believe but of course the session is recorded So if you do want to review it um yeah my last question um totally off topic um Can per say someone uh us seller um buy stuff in the can I us seller buy stuff have a per in Canada just the same like um vice versa so as far as I'm aware no so like the

(1:24:57) remote fulfillment option is only available for inventory that is in a Us warehouse I don't believe we have an option for vice versa that you can turn on to be offered in the US that's stored in Canada um the program I believe used to be called the narf program like the North American remote fulfillment I want to say it operated the same it may have been available to offer inventory elsewhere from Canada but I don't think so as far as I'm aware it's only available for inventory stored in the US okay so we have to actually

(1:25:36) constantly send across to the US yeah oh okay yeah and like that's something that um I'm happy brought that up because like Melanie who's in here she had posted something a couple days ago about that program so for those that are not aware if you have inventory in a Us warehouse you'll probably get sent an uh an email asking you if you want to make your inventory available in other marketplaces so you have to opt into it um I think if you send inventory directly on Seller Central there's a setting at the bottom that you can turn

(1:26:09) on per inventory where it allows you to list the inventory in both Canada and the US and then you can obviously adjust your price accordingly for each Marketplace as well uh Melanie had asked whether or not it's worth utilizing or it should be something that you ignore I think if you do have inventory in the US warehouse and that inventory is going to be profitable in say selling in Canada or in Mexico it's certainly worth it because it just opens you up to some additional sales channels that you wouldn't have had

(1:26:42) prior actually they told me it would be um I have to opt out of it it would automatically automatically enroll me in it got have to opt out if I was interested fair enough yeah so which yeah that's interesting because I'd wonder what they set your default pricing at for their Market places well that's what makes me nervous that's why I asked the question right so I might actually opt out until I get a full grip of what that looks like yeah like because basically I only have a few items in States right now all the

(1:27:21) majority of my inventory is in Canada so that's basically saying all my inventory in Canada could be sold in the states basically right no it shouldn't so like your inventory that's in Canada should not apply to the remote fulfillment program it should only be this the stuff that's in the US be now available in Canada and potentially Mexico oh see I misunderstood y yeah like like like with what Ron had asked I'm pretty sure we do not have the option to remote fulfill our inventory from Canada to the US just from us to uh

(1:28:05) Canada and Mexico okay and I would assume if you don't opt out like I don't know this for sure but I would assume that they would just take your current US selling price adjust the currency for the current Marketplace and listed at that that by default but I'm not 100% certain and with Amazon you always want to confirm these things assume yeah yeah that's why I the question because it it's it's confusing so I might just opt out for the time being I don't have a lot of stuff there anyway yeah and then I thought I thought it was I was more

(1:28:43) concerned about it going the other way where all my stuff in the Canadian Marketplace can be sold in the US Marketplace no like I'm 98% certain that we can't unless there's something that slipped By Me Oh 98 oh it's a big 2% there's something like there is a possibility of something slipped by me where I didn't see it that it's possible but I don't think so because I've I don't sell in the US and I've never gotten that email so you know what I'll I'll send it to you you could double check it but yeah I don't know I'll reread it too

(1:29:17) it all makes me nervous to be honest but yeah like anybody that does have like a substantial stock in the US I would say for most it's probably worth it to turn that on because again like we can see a lot on Canadian listings that buy box holders are us specific sellers right yes so as long as you can be price competitive in that corresponding Marketplace um you can still get buy box over local sellers which is kind of powerful yeah but that's why I thought it was all my Canadian inventory would be available in the US yeah

(1:29:54) oh God okay I'm going to look at it again but I mean like if it were just per se which again I'm pretty certain that it's not if it were I think that would be kind of a a net benefit for us it'd be a lot easier to list in the US versus having to take it over The Bard ourselves yeah because I I knew another American seller she lives in the states and she's like yeah I'm making all kinds of sales in Canada I don't have to send it to your fulfillment center just goes automatically and I'm like oh that's nice yeah the US is spoiled like

(1:30:31) that so that's why I thought it was the same it was offering me the same from Canada to the us cuz then I wouldn't send one thing there I would just keep it here no like if I hope obviously in the future that they offer that but I'm quite certain that they don't currently that would make it it would kind of be twofold because right now Canada to us is so profitable because of that additional barrier of Entry of having you know a limited amount cross the border per day additional steps to get AC cross Bard Etc so it would obviously

(1:31:05) lower the barrier of Entry so a lot of things would be less profitable but it would also be just by default easier to do so it would be a lot more beneficial for a lot of people well if you think about the logistics say something is stored in Miami okay for example Warehouse in Miami and they're automatically sending it to Vancouver how how is that like the cost like I don't understand logistically how that would work with Amazon when it comes to Logistics it doesn't I don't know where that where they do like are they is there like one

(1:31:44) of those shoots where you just shoot the the thing down it it ends up in I don't know like it just to me like I've tried to think of it logic and I just don't understand how how that happens even in Mexico where are we going with Amazon with Logistics it doesn't really make sense because of the systems that they've deployed and how willing they are to not turn a profit so it doesn't have to make sense because like oh I don't think Amazon has a problem with profit their retail business has been their retail sector of their business has been

(1:32:23) extremely unprofitable until the last couple years I believe for like I believe like the first 20 years Amazon was in business they never turned a profit on their retail sector well they're making money off of the third party sellers that's for sure no because that that would Encompass their retail sector so where Amazon makes most of their money is through Amazon web services Amazon hosts more than half the internet Jeff and see like this is this is interesting because not a lot of people know this no I I did not know this I just assume that

(1:33:01) they're just like getting it from everywhere no no they're they're like I think they're the biggest even more so than Microsoft AWS they have uh a lot of servers yeah and like they're the ones that made it so accessible that's why they're so uh successful because like back in the day you had to pay a ton for bandwidth and it was not easily accessible and it was super expensive whereas with Amazon they made it very accessible very cheap and you only have to pay for what you use whereas before you got a set amount and you pay for it

(1:33:37) regardless if you went over you paid a ton on top of that right and so like that's why they've been so successful and like again that's what a lot of people don't realize just like the regular population up until recently didn't realize like Prime items were being sold by third party sellers they thought every everything was coming from Amazon just like a lot of people don't assume people assume that Amazon's retail business is super profitable it's not Amazon's full of misconceptions and they're a very interesting company

(1:34:04) because they're so valuable but they're the only ones that have shown almost no profits for so long for decades but have continued to gain value but because of the Innovation that they've been doing and the things that they've been able to achieve they're definitely ruthless and they they negotiate peanuts with places like ups for their shipping contracts in order to make it somewhat viable but the reason why people are so impatient for things and expect to get things immediately is 100% because of Amazon before then it would take you like a

(1:34:41) week to get stuff in the mail they changed everything yeah but it's good though because I was speaking to my fanc is like I wanted something and like I wanted it now and I was like that's why I don't think Amazon is going to come out of business anytime soon 100% And like most people when you look at where people are able to make money and what matters to people is if you're able to save money or save time and Amazon you're able to do both right because why would you go to Walmart and buy something that you don't need right now

(1:35:29) if you need you know you need toilet paper next week or you know you need a toilet brush next week your toilet's not overflowing right now is it really worth your time to get in the car drive across the city if it's not super close to you maybe 15 30 minutes there have to go in the store buy it stand in line drive back it's an hour plus of your time whereas you can order it on Amazon for the exact same price if not cheaper many times and you can just get it in the mail but that's also why like the whole what we do with Retail Arbitrage works

(1:36:04) is because there's a big subsection of people that value their time more than money and that's why people are willing to pay three fourx for a product on Amazon when they can buy it somewhere else like Walmart online get it shipped for cheaper because Amazon's just so convenient it's there they already have the app they can find it order it immediately they're done cuz they've made it so convenient and taken out so many of the obstacles for purchasing and that that's why the Amazon effect works that's why we if

(1:36:37) you're in Arbitrage that's why we all have a business yeah that's true yeah cuz again like I'm not super old by any means like I'm how old am I 30 turning 31 like when I was a kid it was a pain to get stuff on the internet like I recall like being in high school before I ever ordered anything from Amazon and to me at that time it was wild and there was barely anything available on the Canadian Marketplace but it was so easy and convenient and it was never like that before I didn't Dad Dad you sorry I just jump

(1:37:24) jump in the the in the yeah go ahead you go no no yeah yeah I say yeah you're 30 31 year years old yeah I'm turning 31 I think in September if I recall nice man this far at a quite a young age I think I'm old but that's just me no you're not old 31 not me at 31 yeah I know there I think there's a couple in here that are a little bit older than me but of course I feel old but yeah so like I'm I'm old enough to know what life was like without so much convenience right but I've also been enthralled in it for the majority of my

(1:38:25) life now at this point so it's it's very interesting to see how big of a contrast it is and how quickly it's taken over like by all means like Amazon is not a new company Amazon started in like what 94 or 97 so they've been around forever but they've only become like a household name over like the last decade 15 years is yeah yeah that's true um and to go to your notes especially at the first part you mainly focusing on um wholesale sellers right especially when you um you said like your lead time and everything it

(1:39:12) felt more like um targeting to wholesale wholesale personnels so yeah most of our inventory and purchasing is coming via wholesale right now um but when it comes to lead times depending on where you're buying from like if you're doing Arbitrage lead times can be very similar for wholesale and Arbitrage um in some cases like I have some suppliers where I can order stuff I'll order it right now and I'll get it tomorrow morning right but most of our suppliers it takes about a week or so for us to get most products and then what's the major

(1:39:54) difference sorry to break you what's the major difference um between like the wholesale separately separately apart from um you the access to inventory like what's the big difference like is there a major drop off in like Roi per product or not I think it depends on what you focus on like again with wholesale there's not a one size of it's all so like with ar with Arbitrage when we talk to most people a lot of people will say oh like average you're gonna get like 20 30 perish Roi I know people where their typical Roi is 100 plus percent and they

(1:40:31) sell it they sell products that profit hundred plus dollars per unit right um so there's there's massively different business models for both Arbitrage and wholesale depending on what you sell but generally speaking as a general typical rule of thumb as you scale as you sell more units typically speaking your margins end up reducing overall but you make up for in volume but like the most significant difference for wholesale versus Arbitrage is access to inventory like you mentioned you can get access to a lot more inventory a lot

(1:41:09) easier generally speaking and then depending like again you can have a mixed bag with wholesale like there's definitely wholesale listings that are super volatile that change just as much as Arbitrage listings do but then there's a lot of stuff that is a lot harder to get um a lot more barriers of Entry to go through a lot of those listings can be basically flat when it comes to the price right they never change ever they're super stable they're a lot they're very bread and butter products you can depend on them no

(1:41:43) matter what um but a lot of that stuff is a lot harder to find you can't just open up an account with pday life and expect the to find products like that okay okay I understand understand the concept of the higher you scale the less profit you make but at a certain point cuz I think if someone is typically spending um say 60,000 70,000 uh a month on products um more than like their margins Maybe may be better than the person that is spending 200 200,000 a month yeah that definitely happens for sure and again it depends on how in tune

(1:42:35) everybody is with their numbers how what they think is acceptable and what kind of business that they run there's businesses that operate on Amazon that you see every single day where they are profiting zero dollars and they have no idea and they don't know until they file their taxes a year too later that's just because it's people that do not know their numbers in any capacity and they don't realize it until they actually generate a profit and loss statement with their accountant and they see oh I've made nothing I've been

(1:43:07) making less than a minimum wage or I've been losing money because they don't pay attention that that definitely happens and there's definitely people in ra that make a ton more selling less than a lot of people that sell more and wholesale just because they have their business um they have their business what is the word I'm looking for they've positioned their business that way model business model yeah no and um you knowing your numbers it's mainly come down to like how you manage your returns and everything um mainly

(1:43:45) reason I said that because me going to all my stuff I was like I have a ton of stuff in the house and all and um like that's that's crazy to me yeah like um with anything if you're able to implement some form of system like again it doesn't have to be a big software it can be simple as like a spreadsheet or you taking notes as long as consistent a lot of things if you implement a a consistent mindful system it can help you overall because yeah if you have a ton of inventory sitting around your house that either you just

(1:44:25) haven't sent in you've been restricted on it's been returned Etc you have a ton of value sitting there you have a ton of cash flow sitting there not making you money and it's not a good business decision we've all been through it we've all done it I've done it personally but when you look at it and you see it's a problem it's up to you as a business owner to try to correct that error and Implement something so that that doesn't consistently happen whether it's you know selling that inventory in local marketplaces hiring

(1:44:57) somebody to do it for you relisting it on Amazon list on eBay whatever it is but you want to find those things that are discrepancies in your business and work on correcting them because that yeah at the end of the day it does boil down to how much can we profit on our inventory but the reality of it there's a lot more that goes into it because a lot of people don't talk about how do I deal with returns how do I deal with all this sitting around my house and depending on your scale that can massively impact your

(1:45:45) mergence yeah that's I'm going to tell you some I had returns from Canadian Tires and I just took it back to the store I don't care fair play I mean like for if you're ever doing wholesale I would never recommend you do that if you want to maintain your relationship with your suppliers in any capacity um obviously obviously with retailers it's kind of like a mixed bag like I have certainly done that with Costco like I had a ton of inventory um of a certain skew I think at a certain point it got restricted it took forever to get it back sent back to

(1:46:26) us and by the time we got it back all of it was either expired or close to expiring and it wasn't like it wasn't like it was super cheap like these units cost like I don't know 15 16 bucks a unit and I want to say like we had I don't know 250 units so like it's not like it was a small amount it was a decent amount but I was like well I can either like donate this because it was still good but it's expired I can't sell it or I was like I we could take it back to C so I'm like this I'm gonna try and risk this even though I was buying a

(1:47:01) bunch of stuff from Costco at the time I was like they probably don't care because of how much we spend so I'm like I'm just going to try it right and so I set my NE I think I sent my nephew to take him back and he said oh yeah they gave me no problems at all they they took it all back I was like cool no they're good they're actually really good with stuff like that the one time entire to also has 90 days they're pretty leading and as long as you you have it on your receipt if you have a triangle card it's even easier yeah for

(1:47:31) sure um I know some retailers though like you might get some questions if you're trying to return like a large amount of inventory because they're like what the but yeah for sure well 200 is a little crazy well like I think I think we missed some of them too that had like our FN skes on them so like we're trying to like make it so like the people didn't see those like to ask us what we were doing even though stupid because like on our membership it says that we buy products for resale so I don't know why we're concerned about it but

(1:48:02) whatever yeah um but yeah like the one time it wasn't that large I don't remember how many units it was I want to say it was like I don't know like 30 units or something that I took back to Costco myself and the lady the lady kind of like gave me like a funny look and she seemed like uncertain about it and then I'm like yeah I just want to return these and she was like she was like concerned about it and then she pulled up my account and at that time we're probably spending like probably like close to like 100 Grand a year at Costco

(1:48:32) and uh she looked at my account she's like oh yeah that's not a problem as soon as she saw our account everything changed I'm like okay yeah depends on who yeah it depends on who you get to sometimes some people take their job a little too seriously um but Costco has a thing that you can turn whatever you want no questions asked whenever you want so yeah happy birthday to there just may be a point like if people abuse that which they certainly have just in general not just in reselling um that may end up getting changed in the future

(1:49:10) right well I got I got B I got banned from um personally this is like before I started selling on Amazon I like to return things I like to buy stuff and then I like to return turn see the credit back on my credit card I have problems anyway at winners they they pay me from returns without invoices and it's not that or receipts it's not that I didn't have them I was just too lazy to find them so I'd be like okay I'm just going to whatever so then they banned me but I found out that when the year starts over you're good so

(1:49:46) anyway yeah that's funny you just like shopping but you just don't like spending the money so you want to shop spend it and get it back yeah sometimes like or I'll I'll bring it home and try it on and it's like ah no okay we'll bring it back the winners is good for that so but like I said it was laziness because but now I have all my invoices in an email so right we're good um I'm curious uh uh where do you uh put all the streaming that you have done uh in which um section can we uh find find it I think U last week you've

(1:50:28) done a streaming have you like put it on the Discord channel so yeah if you look under the support and resources category near the top of the server uh there's a channel called guides and resources so whenever we post anything um all the sessions they're always posted in there and then you can always reference back to them in our GI book so if you open up the book is all organized in there it's like at the top is all the calls um but Amazon tickets Etc you can find them all in there all right thanks I appreciate

(1:51:06) definitely but yeah if you haven't um if you haven't looked through a giit book yet I would highly encourage that you do uh I know again like with everything with the server it can seem like a lot and it can see seem overwhelming but there's a lot of good stuff in there that you may find some good value with yeah sure yeah definitely I'll take the the time to look more into it definitely and yeah like everything that goes in there uh I try to provide a lot of value there's a lot of guides in there like that I've

(1:51:44) produced uh myself like we have a very extensive virtual assistant guide in there that's I think it's like 40 plus pages long uh put it together myself so I try not to just put like diluted information in there I try to put like really in-depth stuff that people can actually find some value with yeah uh that's very gentle a few for for sure uh helping uh all of us you know uh knowing all this how this game works and I think it's the only Discord Channel that I found that there's Canadian you know yeah 100% I think

(1:52:24) there are a couple other ones that have been popping up that have some Canadian components to them but as far as I know from every ones that I've seen uh there's not really any other ones specifically for Amazon that are super active at all yeah yeah yeah yeah but yeah like ideally in the future um it just takes a lot of time but like we'll have like an entire section of the get book that like has an entire walkth through on you know the very Basics and fundamentals of Amazon to very advanced stuff basically

(1:52:57) and like I I don't like saying the word because I hate that word but like a course format but it's like very structured so like anybody that wants information for for Amazon almost everything ideally should be covered in there that's that's my plan and then I want to be able to do something similar like that with basically every every kind of section that we have in the server whether it's eBay tickets sports betting Etc cool yeah I've never uh sold anything yet on eBay so yeah if you haven't um I would definitely recommend that you take a

(1:53:39) peek at some of the drop channels that we have that the ones that are like very profitable I would definitely encourage you to take a look at that stuff assuming that you have the time of course um not everything is super viable but like stuff like the the couple kith releases that we had last week for like the kith uh as6 Marvel sneakers or The kith Infinity Gauntlet like some of those units will profit you multiple hundreds if not thousand dollar Plus on that stuff and it's not hard to resell right yeah yeah it's all you know stuff

(1:54:15) that we just don't know and since you have lots lots of knowledge in e-commerce you know like those type of stuff sell and yeah definitely I'll think the time to uh you know get better in this e-commerce game get to know more for sure and like again we we definitely have a much more heavy Amazon focus compared to like a lot of places but like with every like I would definitely encourage everybody just to slowly explore the other stuff that we have in the server because there can be a lot of value in here that you're

(1:54:50) completely unaware of right assuming that you want to of course you're not required to but you can certainly get a lot of additional value in here even just like from looking at um our utility server you can get basically free food consistently every single week if you want to you just have to spend a few minutes to figure out how to do it with the guides that we have in there yeah yeah sure sure uh uh I just uh saw it a few days ago um yeah um I'll take the time to look at it but um like um can we have like problem in the

(1:55:25) future like you know doing those kind of cheap way of getting Foods or so there's nothing illegal that's happening with it we are exploiting a loophole that these companies present okay so the only thing that could realistically happen is that the companies stop offering that deal or stop sending it to us there's nothing else legally that they can do because we're not doing anything illegal we're taking advantage of the loopholes that they are presenting oh okay I see yeah so like the things like the the free food in my

(1:56:00) opinion that's very like green like you're good to go area the only thing that I would say is gray in this server and I I tend to stay away from Gray stuff in general is like the listing errors that we have like with Amazon it's a gray area that's the only thing that's really gray everything else you don't really have to be concerned about whatsoever even like the okay I get it with like chips blades and hresh and all all that stuff yeah like you say it's it's legal but what about like the Uber e you know um it's like

(1:56:31) one of the biggest major platform H it's also fine to you know um to take advantage of those gos it's the same thing yeah again again you're simply exploiting a a loophole that they present there's absolutely nothing illegal about it uh if if you want to see something that like feel feels super illegal but it isn't uh hopefully soon uh the one uh staff member that we have in the server AK or Drew he has access to an instacart bot so again this is ex exploiting loopholes for instacart it's not illegal even though it feels illegal

(1:57:13) but instacart if you make accounts with instacart and you leave those accounts dament for a while they'll start sending you promos right so yeah yeah I sell like a $60 coupon or $30 for you know what whatever yeah so yeah so like a lot of the time you can get like $50 off of $125 like that's usually like the highest you can get and you may look at that and think oh well that's not that's not that huge but like so what the bot does is it can produce mass emails for you and subscribe to instacart and then monitor those promos so it'll tell you

(1:57:51) when you get promos and then what then what you can do is you can add $125 of items to your cart use that promo to get $50 off when your Shopper goes to the store you tell them that you don't want these $75 worth of items anymore so they remove it from your order you still get the promo code so you get $50 off so you get the the entire thing for free minus the server fee or the the service fees and the driver tip yeah okay yeah that's ADV way up sure yeah it's a bit of a process but you can get basically $50 worth of stuff for

(1:58:32) like 10 bucks and again it feels super legal but it isn't because all you're doing is just being presented with a loophole that a system allows you to exploit and you're exploiting that loophole but again of course if you don't feel good about anything of course you certainly do not have to participate I get it but I mean why not why not we live in you know in the world with like all of those stuff and I guess there are many stuff that you know companies are know stealing money here and there so why not US citizen take advantage of those Loop you

(1:59:13) know we uh shouldn't feel that bad yeah like honestly in my opinion if it's legal it's fair game if if it's a if it's illegal then obviously that's up to discussion interpretation and I wouldn't encourage it but legal I'm a 100% for personally yeah I get it yeah for for sure I'll think the the time to set you know our VCC card we co and all that that stuff that that stuff yeah like I can't remember the last time I bought groceries and typically speaking uh food is a very large cost for most Canadians right so it can help yeah save

(1:59:53) you a lot of money you you've been doing that for like many months or many years I don't know uh since we started in about April so I think it's been about four four months okay yeah so I didn't know I didn't know about any of the stuff until like we started the server and like until like recently so I think it was like March or April this year is when we started doing that stuff all right yeah but yeah for anybody that isn't here I would at the minimum encourage you to take advantage of things like Chef's plate because

(2:00:33) for all the way from free absolutely zero dollars to $4.99 $4.99 you can get 12 very solid meals I think I got to do that again it's very very they were good actually there's a lot of food yeah it is and they're very easy to Loop like you may have the first time you try to do it where you try to like Loop it with like your same address or something you might run into a little bit of trouble um if you can't sort it out with the guides that we have just open up a support ticket and probably myself or Drew we'll

(2:01:09) walk you through how to do it and we can probably even hop on a a call with you and it's pretty easy to do that's good um anybody sell on TikTok all right is that a thing I think it's only in the states isn't it Ron I don't know I only used Amazon I do know yeah I think it's only I think TikTok shop is only in the states I know that we have somebody in the server that does do TikTok shop like I don't think they sell themselves but they do like affiliate marketing on TikTok um fellow in the server named Mark I think his his

(2:01:48) username is Mark B I know that he does that as kind of a a side thing I don't I don't know what anybody else though from what I've been looking on YouTube I think it's only available in United State to earn uh you know um affiliate marketing with TikTok shop um but I think there's a way for Canadian but you know it's it's not yet allow yeah like he's in Canada so there's obviously definitely ways to do it I just I'm not familiar with that at all yeah but I heard recently that uh TikTok is going to be connecting e-commerce

(2:02:35) somehow to make things easily purchasable through Amazon so that seems very interesting as well oh I think the affiliate the only thing he could be doing maybe is he's an influencer and has an affiliate link right no so someone clicks on this link no what he's doing from what I from as far as I'm aware is um he will actually make videos uh he's not an influencer just has like relatively like no name accounts but makes videos with products and then drives traffic to purchase those products and whenever somebody visits

(2:03:16) and purchases via their link the brands give them a set commission yeah that's that's what I mean maybe he doesn't title himself as an influencer but anytime you drive traffic to that specific whatever store using your link same thing yeah same same idea for sure but yeah like from the aspect of like the customer it's almost like the brand making a video and you buying from that brand I suppose directly right yeah yeah and I've I've heard of quite a few people that are able to make a good amount of money with that again it's

(2:03:57) still relatively a newer thing so those that can get in pretty early can probably do quite well um I just haven't spent the time personally but it as far as I know it can be very viable yeah I saw doing on on YouTube was talking about it also um do the um Amazon influencer program it's also a in Canada so you do some video review of object this is like much more easier because you know you just take your phone you fil for like two or three minutes and it's done but the affiliate marketing with TikTok shop said you

(2:04:35) know you need like the AI software you need to you know you need to have knowledge how to capture you know the customer into like your video and you need to you know edit your video and stuff like that but once you nailed it it does more money than the Amazon influencer program for sure yeah and I've heard I've heard things about all those things like for both of them I've heard both of them can be very viable oh you said you were doing the Amazon influencer program uh no no no no I I didn't U sign up uh but I know it's available in

(2:05:18) Canada and we I think Canadian can also apply once we're approved for the Canadian Market we can also apply for the do com so United States and you can put both let's say um if you're you know um doing a video on a certain object and the listing exists on canada.com you can put both your video on the United State and Canadian market so you can do like how we say in French imp one stone to hit and yeah uh you you can make a lot of money like the guy you know he says that he was making about like 4K a month just doing like uh you know Amazon

(2:06:00) review videos and also 4K a month with the TikTok shop affiliate uh yeah so it's pretty viable but you need to uh you need to get approve and I think there's a Discord server that you know talk about it and you know because you need to do like three videos and stuff like that but whatever you once you you get prove I mean it's a easy way to make money for sure um okay because I watch several videos and um where persons are saying um if they get banned because they have both an influencer program and a set essential

(2:06:45) account maybe that's an issue I'm not sure about that but I know the the guy that was doing DM on influencer program he also sells some private label on Amazon so uh I'm I think you can do both yeah I would imagine you just again that would be something you have to look into terms of service for but you probably just can't overlap conflicts of interest where you're like quote unquote influencing products that you personally sell oh yeah maybe like those kind of stuff yeah I don't know to be honest didn't look too much into it

(2:07:25) yeah however everybody I have another meeting I have to attend to here shortly in about 15 minutes so I'm going to call the session there um of course with everybody here if you do want to hang around and chat with one another certainly feel free but I appreciate everybody coming out I hope everybody found some value in the session and I will be getting the video uploaded um probably either later tonight if not tomorrow and then of course can review at at your will so again thank you everybody and I hope everybody has

(2:07:57) themselves a good evening