Introduction
Selling stuff on Amazon is like the hot thing now for people starting their own businesses or small ventures. You know, with a whopping 197 million different people visiting every month, Amazon basically rules the online shopping world. So naturally, it’s a top spot to get your products out there.
But hey, with millions upon millions of products already listed in every possible category, figuring out what to sell that’ll actually make you money? That’s a tough nut to crack. But don’t sweat it! This article will break it down for you, step by step, so you can find those killer products that’ll fly off the virtual shelves and rake in the cash on Amazon.
SUMMARY
1. Define Your Sourcing Strategy
2. Validate Market Demand
3. Assess the Competition Scene
4. Use Product Research Tools
5. Find Your Product Hook
Recap
1. Define Your Sourcing Strategy
To find products to sell on Amazon, define your strategy. Alright, what about setting up your sourcing strategy? First things first: you have to figure out what route you want to take. Are you leaning towards creating your own brand and making your products? Or maybe you’re thinking of selling stuff from wholesalers, liquidators, or retailers? Oh, and there’s also the option of using dropshipping suppliers to handle orders. Each approach comes with its perks and downsides.
Before you dive in, it’s essential to lay down your preferences and what you can manage. This will steer your product hunt in the right direction. You want to think about stuff like how much upfront cash you’ve got, any minimum order requirements, your existing relationships with suppliers, shipping logistics, profit margins per sale, and a bunch of other stuff. Consider all that before you make any big moves!
Tip: Consider the perspective of a client or customer!
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2. Validate Market Demand
To ensure you source for the right product(s), validate the market interest. Before diving into any product investment, it’s smart to make sure there’s a genuine demand in the market. Here are some handy methods to do just that:
- Scan Amazon’s Best Sellers Lists: These lists spill the beans on what people are actually buying across various categories. Look for items ranking below 100 for a solid indicator of strong sales.
- Keep an Eye on Google Trends: It’s like peeking into the crystal ball of search behavior. Google Trends gives you insights into how often specific keywords are searched, helping you understand if there are seasonal trends to watch out for.
- Dive into Keyword Research Tools: Tools like AMZScout and Helium10 can be your best friends here. They provide data on how often certain keywords are searched, giving you a sense of what people are actively looking to buy.
- Watch Amazon Movers & Shakers: This section reveals the products that are suddenly gaining traction in sales and popularity. It’s a goldmine for spotting emerging trends before they hit the mainstream.
- Scour Social Media and Forums: Pay attention to hashtag trends and discussions happening on platforms like Twitter, Instagram, and relevant forums. They can offer valuable qualitative insights into what consumers are talking about and what they want.
Tap into these resources and get a clearer picture of what the market is hungry for, making it easier to decide where to focus your investments.
3. Assess the Competition Scene
To avoid low sales with your product on Amazon, assess your competitors. Okay, so when you’re diving into the world of products, even the ones everyone is clamoring for, you’ve got to suss out the competition. Here are a few pointers to get a grip:
How Many Other Folks Are Selling the Same Thing? Less is more if you want to shine.
- Peek at the Reviews on the Top Dogs’ Listings: You’re shooting for less than 200 for a smoother start.
- Give a Nod to Seller Rep and Store Strength: Steer clear of crowded markets where the big names rule.
- Keep an Eye on Sponsored Ads: If there’s a hefty pay-per-click game, it’s a sign of some serious competition.
There are some nifty tools on Amazon that spill the beans on your competition. Or, if you’re feeling old-school, just take a stroll through listings and seller profiles. If there aren’t many sellers, go for the quick win with higher margins. If it’s a battlefield out there, make sure your product stands out like a boss and has that special something everyone wants.
>>>PRO TIPS – Best Dropshipping Suppliers for Amazon
4. Use Product Research Tools
To maintain time management while finding products to sell on Amazon, use product research tools. These tools like the product opportunity explorer are your trusty sidekick when it comes to figuring out what’s hot and what’s not in the market. They make it easy to check out all sorts of cool metrics across different products or search terms.
You get to peek into estimated monthly or yearly sales volume and trends. They’ll break down revenue potential and profit margin for you. It’s like having your own financial advisor but for your business. You’ll see if there are any seasonal sales fluctuations so you can plan ahead and ride those waves of profit.
They even give you scores to measure against your own standards. It’s like getting a report card for your products! And hey, they can link you up with leads for manufacturers or suppliers, because finding the right partners shouldn’t feel like searching for a needle in a haystack.
When you’re diving into these tools, think about checking out third-party product research tools like AMZScout, Jungle Scout, Helium10, or Unicorn Smasher. And most of them offer free trials or money-back guarantees, so you can try before you buy.
Amazon provides various tools for sellers to understand market trends and opportunities, such as Hot New Releases, Movers and Shakers, Most Wished For, and Gift Ideas. Apart from Amazon, sellers can leverage third-party platforms like Google Trends and other marketplaces such as eBay, Etsy, Alibaba, and Aliexpress to gain insights into product popularity and pricing. Moreover,
Happy hunting for those winning products!
5. Find Your Product Hook
To choose the right goods or services for Amazon, find your product hook. Think beyond just how much you can sell and what your competition is doing. Your product needs something special to make it stand out. Here are some ideas:
- Go for Top-Quality Materials or Craftsmanship: Think clothes with exclusive fabrics or outdoor gear made from premium metals or composites.
- Offer More Choices and Customization: Consider extras for your products like attachments for mixers or personalized phone cases.
- Make Improvements on Existing Designs: Think about adding ergonomic features to kitchen tools or making bike racks easier to install.
- Include Digital Extras: Offer customers something extra like e-books, videos, or warranty programs.
- Embrace Eco-Friendliness: Consider using recycled materials or donating a portion of your profits to environmental causes.
Be imaginative and make sure your product descriptions clearly highlight what makes your product special compared to others.
Recap
In summary, use this five step process when researching and identifying great products to sell on Amazon:
- Define your preferred sourcing strategy based on capabilities – private label, wholesale, dropshipping, etc.
- Validate market demand through Amazon listings data, Google Trends, keyword research tools and social media.
- Evaluate competition levels analyzing seller counts, reviews and advertising presence.
- Leverage product research software tools for sales, revenue and demand analysis.
- Establish differentiation and hooks making products stand out as unique.
Following this methodology will set up your Amazon business for success and strong financial performance. Conduct thorough research, test product viability, and implement compelling product variations and features.
