Tracking profitability is important to Amazon sellers because it helps understand how much money they are making or losing. This information can be used to make decisions about operations, investments, and ad campaigns. It also helps them identify areas where costs can be reduced and revenue increased, which can improve overall financial performance.
Let's look at the differences between SellerBoard, SellerLegend, ManageByStats, Shopkeeper, and InventoryLab.
We wanted to find what software is best for understanding and learning your profitability as an Amazon Seller. Below is a breakdown of the strengths and weaknesses of each of these software tools.
Editors Note: I’ve been an Amazon seller for 10 years and have tried and tested many types of software. Ultimately, the software is an extremely helpful part of growing your business. You want to make sure you’re using a tool you can trust and can help you make great decisions. The value can be on how you use it, not so much on what you use.
If you’re in the phase of growing your Amazon business, SmartScout is a unique perspective of opportunities of Amazon. No other tools can give you the ability to see your competitors and learn where the profitable products are and how they’re doing what they do. It’s used by both new sellers and the largest sellers on Amazon.
SellerBoard is a highly recommended Amazon Advertising Software that is known for its robustness and flexibility in the amount of data it can provide. It is very effective in helping sellers quickly understand the profitability of their business. One of its standout features is the ability to see different windows of time, which can help sellers compare their profits over different periods. Additionally, SellerBoard is very good at understanding returns and how they impact profits, which can be invaluable for sellers looking to optimize their campaigns and improve their ROI.
Another key feature of SellerBoard is its ability to help with accounting books, which can be especially helpful for sellers who want to keep a closer eye on their finances. This feature can be particularly beneficial for sellers who want to have a better understanding of their financials and how it relates to their profitability. Additionally, the tool's robust and flexible data reporting makes it easy for users to understand their businesses profitability.
SellerLegend is a tool that is often compared to SellerBoard as it is also a popular Amazon Advertising software. It is known for its ability to help sellers understand their profits, although it is a bit more expensive than other options in the market. One of the standout features of Seller Legend is its ability to understand the impact of FBA fees and cost of goods on profitability, which can be invaluable for sellers looking to optimize their campaigns and improve their ROI.
The User Interface (UI) of Seller Legend may not be as quick as other tools to get exactly what you're looking for, but it's a matter of personal preference. Nevertheless, the tool's ability to understand FBA fees and cost of goods on profitability makes it a valuable tool for sellers who want to have a better understanding of their financials and how it relates to their profitability.
ManageByStats is an Amazon Advertising software that offers a variety of tools for sellers. It brings in conversion rates and page views which can be helpful in understanding the performance of campaigns. The tool is particularly good at seeing brand-level profitability for sellers with multiple brands. Additionally, ManageByStats has recently improved its User Interface (UI) making it easier to use.
However, it's worth noting that it may be a bit difficult to get your cost of goods sold (COGS) in at the beginning. This can be a limitation for sellers who want to have a better understanding of their financials and how it relates to their profitability. Additionally, despite the recent UI improvements, some users may still find it difficult to navigate.
Shopkeeper is an Amazon Advertising Software that is known for its ability to help sellers see their profitability. It offers a decent User Interface (UI) which makes it easy for users to understand their business's profitability. However, it may not be as good as other tools when it comes to understanding returns and reimbursements and how they are affecting profitability.
It's easy to use and it offers a decent UI. However, it may not be as good as other tools when it comes to understanding returns and reimbursements and how they are affecting profitability. It's worth evaluating if the tool aligns with your business goals and preferences before making a decision.
InventoryLab is a tool designed to help sellers better understand their Amazon inventory. It offers a high-level summary of the value of a seller's inventory, which can be useful for tracking and managing stock levels. Despite its popularity among sellers, there are some complaints about its functionality. InventoryLab is not as robust as some other tools when it comes to understanding all aspects of profitability, but it excels when it comes to building shipping plans.
If you're looking for a tool that can help you understand your amazon inventory and assist you in building shipping plans, InventoryLab is still a good option. However, it may not be the best option if you're looking for a tool that can give you a detailed understanding of all aspects of your profitability. It's worth evaluating if the tool aligns with your business goals and preferences before making a decision.