Profit Spy – Why i’d run the other way!
As most of my existing readers know, I’ve built up a business buying items from Amazon and selling on eBay with over 2,500 active listings and monthly revenues in excess of $12,500. What began as a part time hobby is quickly turning into a good secondary source of income (note this is not a get rich scheme and does take time/dedication). None of this would have been possible if it wasn’t for the wonders of online platforms which help to automate 90% of the process. Again existing readers may have recently read why I have recently moved from Profit Scraper to Pricematik, however I’ve also been inundated with questions about alternative products on the market and have taken some time preparing what I hope is an honest review of Profit Spy.
Profit Spy is available for both US and UK markets.
Once you’ve signed up to Profit Spy, you gain access to a relatively user-friendly dashboard with options to scrape items from Amazon. What soon becomes apparent and isn’t clear on Profit Spy’s website is that this isn’t a fully automated model unlike many others on the market.
Profit Spy has been created to scrape categories on Amazon identifying opportunities on eBay where items are selling for more than a set profit margin (say 10%) than listed on Amazon.
Now usually I like to run through the pricing and value for money at the end of reviews however on the basis that this is a limited service product, I thought it would be useful to outline how pricing for the entry level subscription compares to the likes of Profit Scraper and Pricematik.
|Profit Spy – Entry Level $67 per month||Pricematik – Entry Level $100 per month||Profit Scraper Review – Entry Level $67 per month|
|Ability to scrape eBay||Yes||Yes||Yes|
|eBay Bulk Upload||No*||Yes||Yes|
|Monitor Sold eBay Items||No||Yes – 1,000 items||Yes – 500 items|
|Automatic Ordering||No||Yes – additional cost||Yes – additional cost|
|Free Trial||No||Yes – 14 days||Yes – 7 days|
*The Profit Spy software allows you to export the scrapes in an excel format. You’ll then need to subscribe to a third party platform to upload the items to eBay.
**The Profit Spy software will highlight where prices have changed however does not update prices or inventory on eBay.
From the above you’ll have hopefully noticed 3 important takeaways:
- Profit Spy is the same price as fully automated models such as Profit Scraper
- Profit Spy provides limited alternative provisions in addition to sourcing products
- Both Pricematik and Profit Scraper offer free trails to their software whereas Profit Spy does not. Is it just me or does that seem a little strange? Use the following links for free trails to both Pricematik and Profit Scraper:
As I mentioned earlier the general interface is easy to use and directs you in the direction of the scraping facilities. The scraping facilities allow you to search for items by category with a minimum profit margin. See below.
Once you’ve scraped a category you’ll be able to sort through the items and check that they’ve matched correct. As with my experience with Profit Scraper (see my first 8 weeks diary and step by step guide here) you’ll notice that the software occasionally picks up the incorrect items and as such it’s import that these are filtered out.
From this point forwards and once you’ve selected the items you’d like to upload to eBay, you’ll need to download the items in an CVS format using a third-party software to upload the items.
Once uploaded to eBay you can run reports to see whether the pricing has changed on the Amazon product and update the pricing manually. Note that this is an extremely high-risk approach. Pricing on Amazon can change on an hourly basis and there’s a huge possibility that the prices will move against you’ll resulting in a loss being made.
I highlighted in my opening paragraph that the only way to be successful with Amazon to eBay Arbitrage is to automate as much of the system as is possible. With some sellers listing over 50,000 items just updating pricing would be a full-time job. In addition to those offered by Profit Spy I’d expect the minimum requirements from any software to include the following:
- Automatically upload items to eBay
- Automatically monitor pricing and inventory levels
- Monitor sales on eBay with redirect to Amazon product links
- Not essential: Automatic Ordering
Profit Spy Summary
Profit Spy offers a limited service product for full services prices. There are considerable risks associated with not having automatic pricing updates. I’d recommend anyone seeking to enter the world of Amazon to eBay arbitrage to sign up to a free trial at either Pricematik (click here) or Profit Scraper (click here). Profit Scraper have recently reopened their membership subscription having closed it due to popular demand in 2017. I’d recommend signing up to a free trial before they’re close membership subscriptions.
If you want to find out more about Amazon to eBay Arbitrage please visit the following post: