Market research is essential if you want to grow as a seller on Amazon. It’s a crucial step that you have to go through before diving into the Amazon marketplace or any market, for that matter. While many inexperienced sellers may find it easier to go for alternative methods such as retail arbitrage, the only proven method for success on Amazon is researching similar products and evaluating the market you’re hoping to compete in. Finding a profitable product idea is not as daunting or overwhelming as most new sellers think. You only have to be aware of brand restrictions, selling fees, niche selection, and other retail dynamics. If you’re thinking of selling your products on Amazon, here’s how you can conduct proper product research.
What Does Amazon Product Research Mean?
Amazon product research is when new Amazon sellers look up and research trending products they can resource easily and sell in the Amazon market for a profit. It entails the evaluation of the items and products grabbing the most attention at the time being. This way, new sellers can dive right into the action and start selling as soon as they put their products on sale. While this might sound simple to newbies, it’s a very complicated process of finding items that can be inexpensively sourced and sold for a profit. The process also includes many vital factors that need consideration before launching your Amazon selling account. These factors include checking brand restrictions, studying the competition, identifying and selecting your niche, and the required costs and fees. All these factors affect the products you sell and how successful your trading business becomes. They decide whether the products you research are viable or not.
The class of the products you research can be good products and bad products. There may not be products that one can refer to as bad products, per se, but there are definitely products that have outstanding characteristics that you should look for when researching products to sell on your Amazon account. Most importantly, you need to research products that sell because customers are the key to surviving this kind of business. Put into consideration that you should look at the products you research from a seller’s point of view as well. For example, 50-inch TVs may sell in the Amazon market or are trending on a global market level. However, as a work-from-home Amazon seller, you might not be able to store your stock of 50-inch TVs before selling them, and that’s without considering shipping fees and brand restrictions.
Create a Checklist
The products you research should meet certain criteria before you can confirm their worthiness. For starters, you need to identify your customer base. This means knowing who your audience is and who your customers and buyers are before choosing certain products. Next is you need to gain awareness about your customer needs. Find out who your buyers are, then identify what products would match their needs and interests. After you address these needs and find suitable bankable products, aim to narrow down your categories and find out which ones are worth your efforts. For example, Amazon has gating in some categories which means you’ll have to put in more work in order to sell these products. Look up your competition in the category you choose and find out who your competitors are and how they manage their market so that you can compensate for the things they are lacking in their marketing strategies. The last thing in your checklist should be the price which is decided based on your spending, operating costs, and potential revenue.
Where to Find Quality Products
After gaining enough information about trending products and creating a shortlist of your desired products, it’s time to find out where you can get these product ideas from. The recommended method is using an automated tool with a discount code available and using it to look for the highest selling products in each category. Other methods include browsing the Amazon Best Seller Page and checking other competitors to find out what they’re selling and how they’re sourcing their products. The Amazon Best Seller Page is updated hourly, displaying the items and products with the highest-selling volumes. For the best results, use all three methods to come up with profitable product ideas. Remember, researching your potential market rivals is crucial as it will provide you with valuable insights into how they sell their products, what products are selling the most, and how you can source your goods.
Check eBay’s Trending Lists
Anything that’s selling and trending on eBay will probably sell well on Amazon, too. eBay lists are substantial sources for trending products that can help you make huge money on Amazon as a seller. Make sure you check all categories to pick the most selling and in-demand products across the whole market.
Product research is the most important step in your journey as an Amazon seller. Without product analysis, you won’t be able to learn about all the trending products that are actually selling in today’s market. That’s why you need to start with researching the market and narrowing your choices to the highest selling and most bankable products that you can store and manage easily before shipping to your customers.