Inventory Lab or Scanpower?
We are going to review two softwares that helps manage inventory, product listing, and prep and pack. Although you can do all these tasks in Seller Central, using software like the ones we are about to review can often speed up the process.
What is Inventory lab?
Inventory Lab is a well rounded application preferred by many 3rd party sellers. It provides functions that aid in product sourcing, listing, accounting, managing your inventory, and having comprehensive financial reports.
Two tools of Inventory Lab
IL calls one part of their software Stratify. It provides the functions below.
- List on-hand products and make shipments
- Track your costs
- Review Pricing History
- Print Product Labels
- Research Products
- Inventory Management
- Profit Loss Statements
- Other Comprehensive Reports
In the Scoutify application, you may access the tool through your mobile phone. In this application, you can do the following:
- Product Scan
- See product Information which includes
- Offers – shows New, Used, and FBA
- Buybox – shows offer used in the Buybox
- Condition – shows the further breakdown of conditions of products
- Access the Product Research Links – shows icons that link to websites that might be useful for product research.
- Access Profit Calculator – calculations are based on fees and expenses which helps with deciding the better purchase
- View Tabs
- Profitability – shows expenses and profit information
- History – shows purchase and Sales History
- Create Buy Lists – you can create buy lists and import later into stratify while you shop. Good for Retail arbitrage.
InventoryLab lets you try the tool for free in the first 30 days. After which, you may avail of a monthly subscription for $49 per month or an annual subscription for $40 per month.
What is Scanpower?
Scanpower is a competitor of Inventory lab. Scanpower similarly does the same job as it also provides solutions for making a list and managing an inventory, assists in sourcing and shipping items, and is used to scout products, measure opportunities, and get important data. You can access ScanPower through the Web or download it for your mobile.
6 main features of ScanPower
- ScanPower Mobile – offers free Apple and Android applications where you can scan a barcode and lets the users view live pricing data for each item in Amazon Catalog. For instance, if you cannot search the barcode, you can easily search by using the ASIN, UPC, ISBN, or even a keyword.
- ScanPower List – helps to create a listing on Amazon and print labels in an instant.
- ScanPower Boxt – helps to make a box- level contents to be able to print 2D barcodes of the box contents.
- ScanPower Evaluate – helps to compute the net payout of each item from a list of products. This can also separate worthy products from not worthy ones because you can set your own standard here which will be applied to all items.
- ScanPower Scout – provides unified sales rank and price history graphs.
- ScanPower Report – delivers comprehensive inventory management reports including FBA Fees, taxes, shipping, and other expenses. You can keep track of your cost of goods sold and return of investment. You can also sort the report by source, shipment, category, or date.
- All plans have a 30-day trial
- Basic Plan costs $49 per month
- Pro Plan costs $99 per month
- Enterprise Plan costs $199 per month
Our opinion about these two software applications
After using both of these two applications to run our business we have a few thoughts about each. Inventory Lab’s user interface definitely feels more polished than Scanpower. The Scanpower team definitely needs to up their game on the look and feel of the application. There are also many annoying things about Scanpower such as having to hit Enter on the keyboard to save changes, Switching between FBA and FBM Listings, the search bar on the bottom is hidden and hard to find and a bunch more we care not to list. What we don’t like about Inventory lab is the lack of innovation since using the program. We don’t find many enhancements or meaningful updates in nearly 2 years. Also, there is no live support for Inventory Lab. You need to submit a support ticket and most of the time you get an answer back 24 hours later. If you need to further respond to this ticket, you have to wait again. Not good!!
On the flip side, Scanpower’s support team is excellent. We’ve even been offered a cell phone number to a support staff that answers our questions super fast. They have weekly Zoom training days where you can get on and ask questions or get training. We also love that in Scanpower, multiple team members can work on a shipment and pack different boxes. Another huge thing is being able to add on to shipments. For instance if you are listing a batch and complete it, then you create a new listing batch, once you submit the batch Scanpower will attempt to add the listings to the existing shipment. If Amazon doesn’t allow certain skus to be added, it then creates a new shipment. This is very useful to consolidate shipments and speeds up workflow. Scanpower can also print SPD labels without having to log into Seller Central. This eliminates extra security logins you need to give to your staff. Very useful feature.
BoxT is another reason why we love Scanpower. This part of the software is the pack and ship portion. What we really like about BoxT is the ability to print Box Labels before submitting the entire shipment to Amazon. With Inventory lab, you would have to wait until the very end when you are done packing your boxes, submit your shipment, log into Seller Central to print your box labels. With Scanpower, you pack a box, tape it up, print your label and you are done. When you are shipping using freight LTL or FTL, this is actually a massive time saver. With Inventory lab, you would need to number your box to somehow identify them later to put the correct box labels on each box. This leaves room for error and adds a massive time wasting activity to the shipping process. BoxT is definitely the hero function of their software especially if you ship LTL.
Overall, both software is very good but based on our experience, our team can work much faster using Scanpower over Inventory Lab. If you don’t mind the buggy quirks and ugly interface, we would steer you in the direction of Scanpower.
Which of the two software programs for Inventory Management would you prefer to use for your business? Or would you rather use the two interchangeably? Let me know, I want to hear about it. Thank you! See you on our next blog.