Selling on Amazon - Product Research
Amazon, being the biggest online market for buying and selling product, is actually giving business to over 12 million products, where most of the customers go at the first place to find their desired product though it be related to medical, mechanical parts, toys, beauty product and you name it, Amazon provides you everything.
Amazon is buyer-oriented marketplace that builds the customer trust and ultimately attracting a huge traffic to its online market. Amazon not only lets your find a product from its ocean of 12 million product and resell it on amazon but also encourages you to list an innovative product of your own or RE-SELL a product that is already listed in there (make sure it’s not trademarked)
As this marketplace is growing day by day so are the opportunities continuously on rise, and you can easily find a product that generates a handsome amount of revenue for you and serves you for a long time. This blog aims at providing you an overview of finding a profitable product on amazon and what should you dive deeper into, to find a product that sells well.
WHY AMAZON :
Amazon has grown into a marketplace that offers everything you think of and secondly it offers reliable customer service which attracts more people, shopping from this platform and this number of customers is continuously gowning. As a general rule, more the number of customers bigger will be the market and the bigger the market is the greater are the chances for a successful business.
Almost 197 million people open amazon every month to find their desired product so definitely the people are also searching for your product that needs to be on board from today!! and because of this every growing number, more of the people are now coming towards amazon because of its trusted behaviour and promising earning results.
The real question is how to find a profitable product that actually generates revenue and earns a handsome sum of money for you? What are the factors that we should keep in mind before taking a deep dive in amazon ocean for finding a product to sell? Which product is best to sell, and which one should be on a lesser priority? All these questions will be answered in detail and step wise clarification on concept will be provided.
WHERE CAN YOU GO FOR FINDING A PRODUCT ?
There are a number of platforms and countless methods from where you can find a product. Some of the most effective ones of them are discussed here;
Social Listening :
Social listening is the key skill in your online business. You have to listen and absorb what people are talking about, what people are liking, what they are disliking, which product is trending and how people are reacting to that product, is there something that people want but can’t find online or is there something that is in the market, but the people need some modification etc. Keep your focus on product hunting while listening to people talking about these above-mentioned topics for example power bank was something that was needed but was a hidden need until someone came up with an idea of creating this device and helped the people charge their phone anywhere.
TOP SELLERS ON AMAZON :
Our aim is to give you an insight about finding a profitable product that actually has HIGH demand and LOW competition (an ideal product) with minimal reviews and ratings. Top sellers tab on amazon is a good place to hunt for the products that are selling really well and have earned a tag of top selling products. These products although have a high competition but surely have decent profit margin and generate quite a good revenue.
Scrolling through these products might prove beneficial for you and you may encounter your dream product, but please bear in mind every niche and product has a different level of competition and hence requires a specific amount of budget to flow for launching that particular product in a specific niche.
NEW RELEASES :
New releases tab is another option that is considered while hunting a product. In this tab you can find out what are the most recent releases or what products have recently been released. Evaluating those products according to a specific criterion of reviews, revenue, search volume etc. may help you finding a product that actually have
HELIUM 10 BLACKBOX TOOL :
Helium 10 is a tool that allows you to play with figures and simplifies amazon results for you, giving you results just a couple of click away. Among its vast variety of tools, helium 10 offer you a product searching tool that is BLACKBOX which offers you to search for the products, keywords, competitor, niche, and product targeting.
Getting all the updates from amazon database, helium 10 has the most recent data and allows you to find a product as well as keywords. Keywords of the products can lead you to a profitable product but don’t forget to analyse the product before finalizing it for sourcing.
While finalizing a product you need to check a few things that decide the future of your product. They are discussed below.
JUNGLE SCOUT OPPORTUNITY SCORE :
Jungle scout is another trusted and effective tool for analysing the product ideas you obtain using the top seller, hot selling, or helium 10 results. Jungle Scout, depending upon the data it receives from amazon, rates your product idea with an opportunity score that shows you what is the standing of your product in amazon, either it is newly introduced, a mature product, growing product or a declining product. It is high recommended to select a product that has a has high demand and low competition as it generates most of the sales leaving you a handsome revenue.
UNDERSTANING A VALID PRODUCT :
Although the product that you have researched might be generating a really good revenue, but it doesn’t necessarily mean that it will keep on generating these sales for a long time. For example, a fidget spinner did a business of millions but after the peak of the trend the sales started to decline and ultimately the inventories were abandoned, therefore you need to have a sound understanding of product’s seasonality before launching it.
OUTSOURCE WHAT YOU CAN :
These things might seem a little harder to absorb but you don’t have to worry as you just need to outsource what you aren’t really expert in and let the professionals deal with it.