How To Do Product Research On Which Products To Sell On Amazon
Advice for Product Research and Development to Sell Better on Amazon
Any expert will tell you that the key to making big money as an Amazon Seller is proper market evaluation. The process may seem taxing, but every successful Amazon Seller has taken this route. There are various things to consider for product research, such as niche selection, brand restrictions, competition, selling fees, etc. Amazon Product Research will allow you to analyze current market trends to choose items that will generate high sales. You should buy products for cheap yet sell them for competitive prices with a good profit margin in return.
The Importance of Product Research
It is essential to find a winning product, which you can do by listing out the best-selling products on Amazon which you might want to sell. Following this, you will need to do a detailed analysis if similar items that are making enough sales. Once you have a list of all those potentially profitable products, you will need to look at their statistics such as sales, reviews, keyword search volume, and similar products.
These aspects are imperative to remember to become a successful Amazon Seller:
No legal problems: Avoid products with the trademark or legal issues.
Pricing: If you can have a higher price per unit, such as anything more significant than 18 dollars, you can easily make a considerable profit.
Low seasonality: The products can be sold year-round and aren't tied to the season-specific sales concept.
Lightweight: Small and lightweight products are more accessible to sell due to lower shipping charges and reduced storage option.
Room for improvement: Products that can perform better than your competitors.
These criteria will make your job gets easier further:
- Product prices between $10-$50;
- Products that garner at least ten sales a day;
- Products that can be sold year-round;
- A couple of products that have less than 50 reviews on the first page;
- Small and lightweight products;
- Similar products with a best seller rank of at least 5,000 in the main category;
- The top 3 related keywords have 50,000+ monthly searches on Amazon;
- Can one-up similar products in the market;
- Encourages recurring purchases;
- No legal issues with the products;
- Possibility for multiple product-related keywords;
- Expeditious product sourcing from China;
- A sturdy product range;
- Potential to expand your brand with related products;
- Unbranded or no trademarks associated with it;
- A product set up for 25% or even lesser than the sales price;
- Potential for product optimization and better listing.
How to Undertake Product Research on Amazon?
You can either perform Amazon Product Research manually or through automated tools.
- Manual Method
Check The Best-Sellers List
On Amazon's Best Sellers page, you can search for products based on their categories and subcategories. From here, determine which ones are the most sold ones so that you can easily establish a niche. You will also be able to check the related items into which you can expand your business. It's best to choose the moderately priced products. Alternatively, you can also check Amazon Storefronts, Retail Stores, Amazon's Movers & Shakers Amazon Basics, and even the "Customers Also Bought" section.
Observe Your Competitors
Analyze what your competitors are doing to sell the same product as you. If possible, buy the product from your competitor to see what kinds of services they provide. You can learn from them and improve yourself.
· Automatic Method
It is easy and the quickest way to perform product research. The Amazon Seller App will provide you with tools for estimating monthly sales and revenue, reviews, and more, which allow your research to be more efficient and organized as well.
Product Development to Sell on Amazon
Your product research will also give you better insights into product development as an Amazon Seller. The following tips may prove to be helpful for you:
Find a Niche
Pick a niche you have knowledge or interest in so that it's easier for you to innovate with a new product. Also, assess the market conditions for the niche before going ahead with it.
Your first products will define your brand and must stick to those values to become known in your field. Focus on a solid product range with a clear branding and marketing strategy. Carefully consider the product-market fit.
Pick an Established Market
Go for an exciting, well-established market and has reached a mature size as it will give you the best feedback.
Look for a Niche You Can Innovate in
Please make a list of your interests and split them into categories. Choose something general and then research each subcategory– ideally, ones you identify with such as hobbies, expertise or close to your profession.
Look into Problems in That Niche
Research the problems that exist in that niche. Avoid jumping on trends as they die out, and you will be back to square one. Bring something that is genuinely innovative to the market and which has the potential to excite customers. Your first product needs to be something stable that can be sold again and again, something that will give you profit well into the future. If you keep finding problems, you can create more products to solve them.
Make Sure You Have Access to the Market
Before starting your journey, make sure that the product you choose can reach your audience and customers.
Be Well-versed with the Attributes of a Successful Product
The best products have a great solution, trustable quality, ease of use, and are easy to understand.
Starting Your Journey as an Amazon Seller
The entire process may seem taxing, and sometimes some problems might crop up. However, no matter how difficult it seems, you can make significant progress as an Amazon Seller. There may be difficult times, but there will also be the time when you will have quick results and great success that you did not anticipate.
It can be considered to be a personal and business journey. Be true to yourself and give it your maximum efforts. If the world sees the value of your product, they will happily pay for them. That is from where your journey for success will begin.