Listen to this articleStartup ProfitSourcery helps you find the exact products you could sell on Amazon to make money. ProfitSourcery is a one-stop shop that caters for everyone from experienced Amazon traders to complete newbies. Below is our interview with Ed Brooks, Founder of ProfitSourcery:
Q: Ed, tell us how did the idea behind ProfitSourcery come about?
A: I have some friends who used to run an ecommerce store, and they’d found it really hard to find products that would make money after all of the fees. I assumed that there would be software to help out with that process, but when I had a look I was intrigued to see that there wasn’t. Seemed that it was the kind of problem that would lend itself well to automation, so I did a little research to seek validation of the concept.
When I found that the frustration around profitable stock sourcing was reflected in the FAQs of one of the worlds biggest dropshippers, I thought it would be worth exploring further.
Q: Tell us how you founded the company, and what made you decide to jump in and create the business?
A: Well, I was running a different company at the time, called Leopard Digital. We’d just won start-up of the year from ESTNet, but I was so drawn to the possibilities that I just couldn’t seem to leave the new idea alone. I discussed the concept with Adrian Walker, who’d been one of my clients. He immediately saw the potential of the idea and offered to back it. I exited Leopard and started to assemble a talented team to see whether this idea would work in reality. It was a lot more complex than we thought, but after a lot of testing and development we’ve got to a place where we have a product we’re really proud of.
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Q: Could you explain how does ProfitSourcery work?
A: In its simplest form we compare products available from a wide variety of online stores against their Amazon selling price. Where there is a big enough price differential, we then check to see if they are fast selling products. If they meet both margin and sales velocity criteria, they get added to the database to be shared amongst ProfitSourcery members.
From a users perspective, customers get access to a dashboard highlighting 10 new profitable opportunities every day. There are links included so that you can instantly check the supplier’s website as well as the current selling price on Amazon.
Funnily enough we all shop at Amazon much more now we’ve been analysing the data for so long – its rare to find items that are sufficiently cheaper elsewhere to make it worth the trouble of looking around. About 1 in 1000 that we analyse meets our criteria.
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Q: What are the biggest benefits for the users?
A: Instant access to products that you can order, get sent to your home/ premises that display margin potential of 30 to 75% after all fees. Users can buy as little or as much stock as suits them; ProfitSourcery is a one-stop shop that caters for everyone from experienced traders to complete newbies. For people that haven’t traded on Amazon before, there are over 20 step by step training guides. What really appeals to people is how easy it is to trade on Amazon. There are no listing fees, and no need to upload descriptions or pictures – you just add your products to the listing that’s already there.
What’s more, Amazon have a great service for sellers called ‘Fulfilment By Amazon’. This lets you send in all your stock at once. Amazon then store, ship and handle customer services when the products get sold. No trips to the post office every day… and what’s more, we include all the extra fees for this service in our profit calculations.
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Q: What’s your revenue model? How are you funded?
A: The data is evergreen; constantly changing which lends itself well to a recurring subscription model. We’re fortunate to be privately funded with the support of my co-founder, Adrian Walker.
Q: How would you convince the reader to start using it?
A: We offer a 7 day free trial to users so its very straightforward to check it out and see if its for you.
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