This week on That Kat Radio, Kim McCaffery joined us to talk about Inventory Lab.
First Kim introduced herself to the audience. She said that around the same time, she was thinking about wrapping her career in the nonprofit sector, she became aware of an opportunity to join the Inventory Lab team. Without a second thought she sent her resume and didn’t really know what to expect. She just knew that she loves everything about Inventory Lab and wanted to join their team. Thankfully they thought she would be a good fit and hired her last fall.
Kat and Kim discussed about Kim’s career in the nonprofit public sector. She was focused on violence preventions. Her role was a sexual assault prevention court meter, so she gets all the public speaking and outreach work.
Kat and Kim talked about Kim’s own Amazon business and how she got started. She has a passion for prevention of violence and also empowerment. She was really fascinated with the concept of building an at home business and the empowerment of that would bring. Kim said that she and her husband started selling on eBay way back in 2004. Her husband was a restaurant manager, so they move around very often but they love auctions and yard sales, so it made total sense to use the eBay platform to generate additional income. When she got her eBay business to where she wanted it to be, she focused on getting more information about selling on Amazon.
Kim explained that she and her husband love the thrill of the hunt. They love being in the community, love going to yard sales and meeting new people, looking for that super fun find. They get such a thrill out of those and that’s their idea of a good time.
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Kat and Kim explained about how Inventory Lab got started and what it does to Amazon sellers. Ryan Stephens Founder and CEO of Inventory Lab was a full time Amazon and eBay seller, but he was able to identify that the existing system was inefficient. He also was able to identify that there could be a better way, so that’s how Inventory Lab was born. Today Inventory Lab is ever evolving company. It offers comprehensive tools, focused on increasing the efficiency of the workflow of the average Amazon seller. The entire product life cycle is supported by Inventory Lab. So resourcing and researching, inventory, listing, printing labels, inventory management, accounting and most importantly is the ability to assess and analyze the profitability, all these are going to be there and available in Inventory Lab.
Kat and Kim talked about the growth of Inventory Lab. 2016 has been a huge year for Inventory Lab so far. They’re excited and anxious to see what the rest of the year is going to bring. Ryan and Elizabeth Harding their Operations Manager, surefooted decision makers of the company, chose to ensure quality for existing customers over investing in strategies to increase their number of subscribers. They really wanted customers to have a quality experience all around. They started implementing a plan. Abigail Piner the Customer Happiness Manager, she and Kim joined the team around the same time, they jumped in as Customer Champions that provide support to customers.
Kat and Kim explained about all the updates and changes for handling support request with Inventory Lab. The Customer Champions, they’re focused exactly on providing support to customers. They just implemented their new Self Help Portal, in addition to their User Guide and Troubleshooting Guide. Their User Guide has been greatly enhanced, it’s a step by step guide, detailed breakdowns on topics that are usually very confusing. They’ve added a lot of tools that support Inventory Lab folks to reduce learning curve for new Inventory Lab subscribers.
Kat and Kim discussed more about the portal and how someone can access it. Subscribers can go tosupport.inventorylab.com and they can find self help guide. They can open a ticket if they can’t find the information that they need and they’ll be able to stay connected and monitor the progress. Inventory Lab implemented a lot of new tools to give information to customers, because they want everybody to be able to utilize their entire Inventory Lab account and get everything out of the subscription that they can.
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Kat and Kim talked about the webinars that Kim do. Kim said that they’re doing webinars once or twice a week. They are taking people for a guided tour of Inventory Lab. Kim’s favorite part is the question and answer portion, where they would be able to answer questions from a live demonstration using Inventory Lab account. People can sign up for the webinar to find out the information that they need and Inventory Lab is constantly posting them on their facebook group when they’re available. They’ve also added a video tutorial library that’s available in the support portal.
Kat and Kim spoke about the features of Inventory Lab has that they find customers don’t realize how to use in their business. Kim said that people usually under utilize the reports, the ability to analyze whether or not their profitable. She added that she talks a lot about the power of knowing factually where people stand in their business. By knowing how profitable you are, supplies or categories working for you or which one isn’t, this information changes everything. Being tentative due to lack of information won’t grow businesses but confidence backed by data will. People have to know where they stand in their businesses, is it healthy, is it robust? What direction they need to go or where do they really need to put their revenue? These are the informations that people need and people don’t give respect to that knowledge and understand the power that it gives them. In the webinar Kim always talk about this and want people to know that this information is available to them and should start using this tool more.
Kat asked Kim about Inventory Lab integration of accounting functions, bookkeeping and filing income tax. Kim explained that Inventory Lab is a great tool, it’s not really intended to reconcile 1099 form, it exist to provide quick report and give you that data that you need. Inventory Lab folks like to use their profit margin report and their inventory evaluation report around tax time because they are great tools for that time of the year but they encourage people to rely on their CPA. Inventory Lab can help provide the data that people need to file their taxes.
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Kat and Kim talked about the help Inventory Lab can provide with collecting Sales Tax. If Amazon is collecting Sales Tax on your behalf, Inventory Lab has the ability to import that data and even has a Sales Tax report available. Amazon is collecting Sales Tax based on the settings that you set in, Inventory Lab is capturing that data about the Sales Tax that Amazon has collected and then the report will show you how much tax was collected and in what state. Inventory Lab does not have a limit.
Kat and Kim discussed about another feature of Inventory Lab that people do not use to it’s full capacity. Kim said that the Lists feature in Inventory Lab is basically listing of inventory. Some people come to Inventory Lab thinking that it’s only for accounting and they don’t bother listing their inventory with the Inventory Lab app. It’s available and it’s really a great and efficient tool to use. People are able to list any item that is already existing in the Amazon Product Catalog, they can just simply plug in all the information that they need and add it to their inventory. They can also plug in their suppliers, date purchased, set their list price and they’ll be able to print their labels as they list.
Kat and Kim explained about Scoutify and what it does for Inventory Lab users. Scoutify is a powerful mobile tool, it can be installed on multiple mobile devices. If someone has more than one mobile device, they can download Scoutify on their other mobile devices without additional cost. Kat added that Inventory Lab subscription covers Scoutify Apps.
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InventoryLab website: https://www.inventorylab.com/
IL Facebook page: https://www.facebook.com/InventoryLab/?fref=ts
IL Facebook Group: https://www.facebook.com/groups/inventorylab/
IL User Guide: http://www.manula.com/manuals/inventorylab/inventorylab-user-guide/1/en/topic/introduction
IL Video Tutorial Library: http://support.inventorylab.com/support/solutions/folders/14000105885