ScoutIQ's Smart Triggers are a set of customizable rules used to determine which Target Price is selected by the app for analysis in evaluating whether or not the item will be profitable for resale on Amazon. The app comes preloaded with Default Triggers. These triggers are the product of extensive research and can be used just as they are, or customized to suit your preferences. These triggers analyze data such as a book's eScore, Sales Rank, competitive Used Offers and FBA offers to categorize a book as an "Accept" or "Reject." You can customize these triggers to align the app’s decision-making process with your specific business strategy and risk tolerance.
1. eScore and Sales Rank:
- eScore is an exclusive ScoutIQ metric that indicates how often a book has sold in the past six months and is designed to even out the volatility found in Sales Rank and provide a historical perspective.
- Triggers primarily use eScore to evaluate a book's sales history but fall back on Sales Rank if no eScore is available. Books and media items with higher eScores are more likely to sell quickly, and books and media items with lower Sales Ranks sell more quickly.
2. FBA and Used Offers:
- Triggers examine up to five FBA (Fulfilled by Amazon) column 2 on the Standard Scout Screen and used offers column 1 on the Standard Scout Screen, selecting a price slot based on your preference.
- You can configure triggers to ignore FBA offers or choose the lowest, second-lowest, etc., depending on your strategy.
3. Comparing to the Used Buy Box:
- ScoutIQ can compare your selected FBA or Used offer to the Used Buy Box price if you like. The Used Buy Box is often the lowest FBA price from a reputable seller and is a key indicator of a book's market price.
- If the Used Buy Box price is higher than the selected offer, ScoutIQ will swap to this higher price, helping you avoid pricing too low.
4. Price Discount and Target Profit:
- You can set a percentage discount to undercut Amazon's new price, ensuring you remain competitive.
- Set a target profit to guarantee a minimum payout, factoring in your costs and desired margins. Lower target profits are suitable for fast-selling books, while slower-moving books may require a higher target profit.
5. Accept and Reject Criteria:
- Triggers use the criteria set (eScore, Sales Rank, FBA/used prices, target profit) to decide whether to Accept or Reject a book. For instance, if a book meets your set minimum eScore and target profit, it will be marked Accept.
- You can also set a range to automatically reject books with certain eScores or sales ranks to avoid slow-moving inventory.
Customizing Triggers:
- Default Triggers: ScoutIQ comes with preloaded default triggers based on extensive research. These are optimized for beginners and work well for most book categories.
- Creating Custom Triggers: For more control, you can create custom trigger sets, either from scratch or by modifying the default set. This involves adjusting parameters like eScore ranges, FBA slots, and profit targets to fit your business needs. This article goes over how to add a new trigger set in detail.
ScoutIQ Triggers streamline your sourcing process and make more informed purchasing decisions. If you'd like to learn more about ScoutIQ Triggers, you can read more here. Or, you can join our free, live, interactive, customer coaching class Beyond Accept & Reject: ScoutIQ Triggers. For an updated schedule of classes click here.