I will take this time to walk you through the entire process of connecting your account, creating repricing rules, importing your buy costs and everything else you need to get Bqool running for your Amazon business.
The first step is to sign up for a free trial.
Note: I will earn a commission if you sign up using my link. While using it would be highly appreciated, you can use any link you want. All proceeds will go towards the development of this blog to become the ultimate resource online for going from dirt broke to filthy rich.
You will have to create an account and then activate your email.
Once you get your account setup, you’ll want to connect Bqool with your Amazon seller account. You can do this via API. Simply click on the “Connect to Amazon” button.
You will have to enter your Amazon store name and select your marketplace. If you are located in the United States like I am, click on “Amazon US”. Next, click on “Connect to Amazon SP API”.
A window from Amazon will pop up asking you to authorize Bqool permissions. Check the box and click confirm to move on to the next step.
Now that you’ve completed connecting your Amazon seller account to Bqool, you will have to wait 4-8 hours for Bqool to download your listings. This is a one-time process that you will not have to repeat.
New listings that you create will be synced automatically by Bqool without you having to do any additional work.
Once the download is complete, you can move on to the next step.
Now it’s time to import your buy costs by syncing Bqool with Inventory Lab.
If you do not use InventoryLab, you can skip this step. You will, however, have to automatically input your buy costs for each ASIN manually.
You do not need to have your buy costs inputted into Bqool in order to reprice, but having them accessible can be useful especially if you want to utilize automatic ROI calculations or want to reference your buy costs while adjusting your prices so that you do not lose money.
That being said, this is a matter of personal preference and how you decide to run your Amazon business.
To begin importing InventoryLab buy costs, click on Active listings.
Click on Settings -> General
In general settings, find the section for InventoryLab Integration and turn it on. You can choose which cost type to import. I go for highest cost, because I often purchase the same item from different stores (Burlington, Ross, Marshalls) and I like to use the highest cost I have for an item as a reference when repricing. That being said, you can also use average cost or current cost.
Now that you’ve turned on the integration from the Bqool end, you’ll also be prompted to enable it from within InventoryLab.
The instructions are below.
Go to InventoryLab and click on the settings tab.
If you click on your name, a drop down menu will show up.
You can find settings under there.
Click on the Integrations tab on the left sidebar.
Then find Bqool and turn it on.
It will ask you if you are ready to sync your buy costs. Press connect.
You should get this message once the connection is successful.
Next, let’s review the other options in general settings
Set your default time zone to your time zone.
Next, I personally reset my prices to the maximum when my listings are out of stock.
I find that this is a useful feature for when I sell out of an item but find another one when I’m out sourcing.
Resetting the price to the maximum ensures that I can generate more profit than if I did not reset my prices after selling out.
The market may have risen since you sold out, and there is no need to sell your item for less than you can get for it on the market.
Next, I opt to pause repricing when my listings are out of stock for 30 days. I simply have this enabled so that my old out-of-stock listings do not clog up my available AI listings.
You only get a certain amount of listings that you can apply AI repricing rules to with Bqool plans.
Having this feature on ensures that you do not waste your AI repricing rules on listings that are out of stock. You can adjust the time frame to your own personal needs. If you have items that may take longer than 30 days to replenish, you may want to choose a different time frame. This is just how I have it set up.
Now let’s scroll down.
Refer to the pictures above/below when reading the next section
I personally do not set my minimum prices automatically, but you can choose to do so based on a variety of different criteria.
I recommend using bulk ROI calculations if you have a lot of listings but don’t have time to set minimums for them all.
If you have the time to do it or don’t have too many listings, then I would recommend doing it manually one by one.
You can have Bqool set your minimum prices for all your listings at a price that would generate 25% ROI from your costs. The reason I do not have this enabled is because I often find really good deals in stores that only cost $1-5. I plan on selling some of these items for $15-30. Because those items can produce ROI percentages of upwards of 200-500% at times, it wouldn’t be smart to settle for only 25% and sell the item for much less than it typically goes for.
It is because I carry items such as these that I do not have this feature enabled.
Next, I set my default maximum price based on my price + shipping.
I always offer free shipping for all my listings.
When I create a batch in Inventory Lab I make sure to set my sales price way high for items that are new to my inventory, so that my selling price on InventoryLab gets imported into Bqool as my maximum price.
I don’t set it too high so that I get a high pricing error, but that tends to happen from time to time.
In a future blog post, I will show you how I deal with high pricing errors and how to get rid of them quickly so your listings can become active again.
That being said, I always like to start off high, because you never know if you might just sell your items for the high price that you originally set it at.
Supply levels and prices change on Amazon on an hourly basis, and there is no need to give away profits even before your inventory gets checked into Amazon.
I learned from selling cars at Mercedes-Benz that the key to maximizing profits is to start negotiations off high and gradually lower the price only if absolutely necessary to earn the sale.
This applies perfectly to selling on Amazon as well.
Next, I set my default repricing rule to AI Max Profit.
If you are using conditional repricing, you can set your default rule to your conditional repricing rule instead (more on this in the next section).
That being said, just how I like to start high with my sales prices, I prefer to start off as conservatively as possible when it comes to repricing.
I see no need to aggressively reprice inventory when it is fresh to Amazon’s warehouse.
Price tankers will tank their prices as soon as their inventory gets checked in and do all their work simply to break even.
I like to let them sell out and hold my price for a bit.
You’ll still get sales at high prices due to the high demand on Amazon.
You can choose whichever repricing rule you like, but I always set the default rule to the most conservative one because you can always become more aggressive if your items do not sell.
That being said, if you start off aggressive, you won’t know if your items will sell at higher prices because you are consistently competing with price tankers and the lowest offers.
If you want to be successful at the game, you not only need to know how to generate high levels of sales but learn how to hold gross.
That’s what we called gross profit in the car world.
Anyone could blast tons of cars out the door by discounting the price, but the best closers are the ones who could hold gross while doing so.
The same holds true on Amazon.
Next, I do not set a default buy cost because I import my costs from Inventory Lab. That being said, if all of your products cost the same, for instance if you are selling used books from Goodwill, then you might want to set all your listings to have the same default buy cost.
I do not set my FBM shipping cost here because I do not use ROI calculations to automatically set my minimum and maximum costs. That being said, if you do, you will have to put in an average cost here for your FBM shipping.
You won’t be able to predict 100% what shipping costs will be, so I recommend putting in around $5-7 here if you are shipping items that weigh between 1-3 pounds.
I set my FBA shipping price to $0.
I leave the next two sections unchecked.
This is how it should look like, if you want to copy the settings:
That’s it for this section.
In the next section, I will be showing you how to bulk set repricing rules, how to automatically use desired ROI percentages and your buy costs to generate minimum and maximum prices and how to set up conditional repricing rules.