As a seller, when you think of the major e-commerce giant Amazon, the first word that hits your mind are products. Amazon has more than 400 million individual products. Sometimes it becomes tricky for new sellers to find the best niche for their business, and they fail due to poor product research. Product research is one of the essential components that can help you grow and maximize your sales on Amazon.
Finding products is a very mundane task, and it needs a lot of time and effort. However, before finding profitable products for your business, it is necessary to do proper product research in order to earn a good profit-margin.
“According to 47% of Amazon sellers, finding products is a tough task to do.”
(Source: Jungle scout)
Amazon Product Research
Finding the accurate and profitable product for your business is a challenging task. One has to analyze ongoing market trends and prices in order to find the highest profitable product. Product research includes various factors that can help you to perform better on Amazon. Following are the few steps included in an Amazon product research.
Step 1: Choose Your Seller Type
Before starting your product research, you need to select your seller type. The three types of Amazon sellers are Amazon FBA sellers, Professional sellers, and Amazon vendors. The fee charges are different based on the selling account you choose.
Step 2: Product criteria
In order to select a profitable product for your business, you need to go through specific criteria. Once you know the criteria, it can be simpler for you to select and decide your products. Following are the important factors to consider for the product selection:
· Price factor
The price factor is one of the most important elements of the product research. It is necessary to look for a product that can give you a high return. Products with $20 or less can provide you a good profit margin. Anything above $100 is hard to convince customers to buy from brands they’ve never even heard of.
It is important to choose those products that are constant and in high demand. You can also follow Google trends to analyze the market demands and select the most profitable products in the market.
· Profit margin
While choosing a product for your business, it is essential to keep a close track of how much profit you would make on every product and what would be the return on investment.
Finding a product with less competition in the market can be highly profitable for you. However, the lesser the competition, the more you’ll get the chance to grow your business. For this, you need a winning and ideal product for your business.
Step 3: Select the Right Niche
One of the successful ways to increase sales on Amazon is by finding a lucrative niche. Always think of the niche that will have continuous demand in the market. Keywords are the most advanced tools you can use for searching and selling products on Amazon. Valuable and relevant keywords can help the buyers to find you easily.
Step 4: Contact Suppliers
If you are having difficulty finding the perfect product for your business, you can reach out to suppliers. Contact different suppliers to provide you information about the products they have. This can help you have a better idea about the products you wish to sell.
Tips for Finding Perfect Products for Your Amazon Store
Here are a few of the tips that can help you find profitable products for your business.
· Choose Products with Fewer Reviews
Reviews are the essential part of selling on Amazon. If you want to find a perfect and winning product for your Amazon store, you must choose products with fewer reviews. It will make a better way for you to win new customers and get at the top of the pile.
· Small and Lightweight Products
There are high sales for small and lightweight products because it has fewer shipment charges. Heavy items have high shipment charges and are difficult to pack. Moreover, it can reduce your profit margins. Choosing small and lightweight products can help you stay ahead and get a good profit margin in the market.
· Choose Products You’re Familiar with!
It’s not just about selling on Amazon. It’s equally necessary for you to know what you are selling. The more you are familiar with the product you are selling on Amazon, the easier it will be for you to target your customers and stay ahead.
It is hard to find the perfect products for your business. There is massive competition on Amazon, and hence there is a lower rate of profit for the new Amazon sellers. If you want to be successful, it’s important to do things differently in order to target the right audience and the right market. However, you can find the winning products by researching market trends and analysis on Amazon.
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