As an Amazon seller, the first question that strikes in our mind is that what is the product that you need to sell. Which kind of Product will be preferred by the customer. What type of the product can increase my revenue? All your doubts are explained below.
- ✓ Amazon Product Research
- ✓ Importance of Amazon Product Research
- ✓ How to perform Amazon Product Research
- ✓ Some tips & tricks for Amazon Product Selection
- ✓ Famous software for Amazon Product Research
Amazon Product Research
Amazon is the biggest marketplace with a huge number of buyer’s as well as sellers. Many Amazon seller has taken the fortune of selling their product on Amazon while some are still struggling with research on their products.
There are millions of products sold by Amazon but you should know which product is suitable for you by making your revenue high as never before. It can be challenging for the new seller to find the product which has a huge demand in the market.
You will need to perform a thorough research on the product and its prices. There are a number of ways to search for your product on Amazon.
Importance of Amazon Product Research
Amazon Product Search is an essential step for your revenue. You should know the possibilities of market and need of your customer.
The in-depth research is needed for tracking record of your the competitor to know how they are working with their products.
You can also improve your sale by introducing your product with a classy description. Try to take reviews from your customer and take their complaints into consideration.
How to perform Amazon Product Research
There are a lot of ways to conduct Amazon Product Research. There are various automated tools and software for Amazon Product Research.
The Amazon Best Seller page gives the complete list of all the best selling products on this page. You can also find a product based on categories & subcategories. You can get an overall idea that which product is suitable for your customer. Also, you can check out the related products to expand your market.
If you start with the expensive product then your customer will do more research about the product and they try to compare your product with different sites. And at the opposite, if you start with low price product then they associate with cheap quality products.
Note: Don’t go for the product which is too high or too low in pricing.The purchase rate of a moderately priced item tends to be sold more in comparison of expensive and cheap products.
Some tips and tricks for Amazon Product Selection
The toughest part of selling Amazon Product is to select the products so that you can increase your revenue. Here are some important points you should keep in mind for Amazon Product Selection.
1. You should be familiar with a product which you
want to sell.
There is a known saying “write what you know?”.This is also applied to selling products. To increase your sale you need to understand your products so that you can easily highlight the key features and its description. Plus if you are passionate about your product you can easily convince them to try your product.
2. Try for a combination of rank & LQS
LQS stand for Listing Quality Score and it describes product selling length and its keyword richness. Your main concern should be to find a product with the low-rank score and its LQS should be about 70.
3. Don’t go for the product that has too many reviews
Reviews are incredibly important part of selling any product. But you should be careful about picking a product that has too many reviews. The reason behind this is that you may face a fierce competition. While if you choose a fewer reviewed product it will be easy to get 5-star reviews which can affect your rating in a positive way.
4. Keep your project margin to be 25% or less.
While selecting the product margin you should stick with 25% margin and less than what they had sold on Amazon. This is quite simple. You can easily estimate the profit you had made on a single unit and the investments.There are many factors for estimation.
- ☐ Product Price
- ☐ Product Size
- ☐ Product weight
- ☐ Monthly storage fees
- ☐ Monthly sale
- ☐ Total FBA fees
- ☐ Product Profit
- ☐ ROI
5. Products sold easily when they are light and small.
An item with heavy weight will cost more to ship. The size of packaging also matters. Larger item increases the price list cutting your profit margins. By picking smaller and lighter product you can easily manage your shipping changes and FBA fees.
You should be careful about the packaging. It should not be too small or too light as you don’t want the package to be easily crushed by simply falling. There is also a risk with a fragile product like glasses. Try to pick something durable and easy to hold with.
Famous Software for Amazon Product
You can find many product software which can help you with your product research. The tools have various features like a complete database, product description, tracking the competition to help the new seller. Few of them are listed below.
Jungle Scout– This web app is very popular for novice sellers. You can find a huge database of products with various filters like price, rank, rating, weight, marketplace and so on. This app can be used for all the marketplace in the world. It is available for google chrome extension that allows you to take data easily. In this, you can easily search for a product with high demand with low competition.
Unicorn Smasher– It helps as supporting tool for your Amazon business. It is a free tool which works great for a beginner. You can get sale estimates easily.