STUTTGART, GERMANY / ACCESSWIRE / February 14, 2023 / Vladi Gordon and Mihail Muhin are co-founders of Sellerboard. Vladi Gordon is a software engineer by trade. Like many entrepreneurs, he set up Sellerboard to solve problems he faced as a seller on Amazon. While working as a technician, he was intrigued by the buzz about virtual reality glasses. Vladi found a product that he sourced from China and started a seller account on Amazon in 2015. The glasses sold out fast through his online store and he added more products. Soon, he was in a situation where he was selling a lot of products and money kept coming in but he couldn't keep track of profits. Searching for tools that could help him analyze his revenue and costs, he could only find highly complex solutions that failed to give him the information he needed. This is when he and Mihail teamed up to build aplatform that could give Amazon sellers all the data they needed at one glance and automated many processes. Thus, Sellerboard was born and the team focused on building the software rather than selling products.
Credit: Sellerboard
Mihail Muhin, Co-Founder of Sellerboard is an entrepreneur with over 20 years of experience within the IT industry. specializing in outsourcing, consulting and the implementation of Enterprise Resource Planning systems. Mihail brought this knowledge to Sellerboard and has used such skills to the advantage of the company.
Sellerboard is a platform that offers financial analytics or profit analytics for Amazon sellers through a suite comprising different tools. The company was launched in 2017 and currently has over 10,000 customers drawn from different parts of the world. While many of them are individual sellers, there are a few wholesalers as well, who use Sellerboard's services to increase and track their profits. A seller would have multiple products and different business models for different products. While the focus would be on margin for some products, it might be on volume for others. Sellerboard streamlines the entire process of monitoring sales, profits, and inventory, and provides a comprehensive set of tools for sellers to maximize their profits, manage inventory and ads, while generating more user reviews when needed.
The core differentiator for Sellerboard is the quality of the profit analytics that it provides to the customer. While it is easy to monitor the sales and costs related to one product, as the seller scales operations, there will be multiple products, different selling prices based on promotions and the cost of goods, variations in transportation and storage charges, and even variations in Amazon's FBA charges. Keeping track to calculate profit accurately becomes difficult and Sellerboard fills this gap. If the seller opts for FBA (Fulfilment by Amazon), there are more than 100 different fees such as storage fees and return processing fees that are applied to every seller and are very dynamic. Other tools that are highly useful to sellers include inventory management and ad campaign management. The inventory management tool helps them reorder when stocks run low based on factors such as sales velocity and seasonality. The ad management module helps them optimize their advertising spend on Amazon by tracking the profitability of their advertising campaigns and increasing or decreasing their bids, so that they reach their target profitability by either increasing sales or decreasing the profitability per unit. Apart from that, Sellerboard has a monitoring module that monitors Amazon listings and other important events, so that the seller gets notified if an actionable event occurs. The module for inventory reconciliation helps sellers trace damaged and lost goods. The follow-up email campaign module, helps generate more reviews in an ethical way by asking buyers to leave a review without being intrusive and following Amazon's strict rules.
Said Vladi Gordon, "It's very hard to guess what the storage fee will be because the volume of the seller's goods in the warehouse changes as they are sold, and then a new batch is shipped in and the volume of goods stored increases again leading to the corresponding increase in storage fees. For the average seller, it is very difficult to keep track of such a scenario. It also doesn't make sense to wait for detailed reports from an accountant who is not familiar with the intricacies of the business. Again, another tricky area is returns as the number of goods returned can vary. Depending on the condition in which they are returned, the seller might not be able to sell them again and this leads to a loss. Thus, calculating the profit per unit becomes a highly complex process. Our real-time analytics provide sellers with a very detailed overview in a format that is easy to understand. We are constantly innovating and expanding our suite of tools to serve the needs of sellers on Amazon."
Sellerboard has ambitious plans to expand its range of products and services in the future. The company is currently testing an app so that sellers can monitor their online businesses even while they are on the move. Just recently, Sellerboard has expanded its services to countries like Australia, Japan, and Singapore. The firm is further refining its advertising management solution and also considering expansion into different types of advertising and different use cases. Advertising is a very important cost component for a seller on Amazon. Automation of advertisements through tools to manage keywords and campaigns can help sellers save time and money. Sellerboard is working on the development of reporting tools for its clients who are agencies helping sellers to run their businesses so that they can manage the accounts of multiple sellers.
There are also plans to expand its services to other e-commerce platforms like Shopify, due to demand from its customers. While sellers on Amazon can piggyback on the retailer's popularity for traffic and customers, having a store on Shopify would require more e-commerce tools. They would be essentially functioning as independent sellers and would need assistance with customer acquisition, for profitability and advertising attribution.
With many of its customers expanding into other channels, Sellerboard will be developing tools for them to support them on these platforms as well.
About Sellerboard
Sellerboard is an online platform that makes it possible for Amazon sellers to optimize their profits with the tools they need to automate several functions like review requests, inventory control, and profit calculation.
Media contact:
Name: Vladi Gordon
Email: [email protected]
SOURCE: Sellerboard