Nowadays, every e-commerce company is hunting for its own Mona Lisa of things, but it is difficult to locate the ideal product.
Everyone wants something unique and life-changing, yet there are already more than 500 million possibilities available. Finding these hidden "golden eggs" among millions of other items requires considerable research skills and patience, but they will eventually contribute to your business's success. amazon product hunting is by far the most important stage, and if you don't spend enough time here, you will fail! There are two types of sellers: those that make decisions based on their limited observations, and those who adhere to strict criteria. What do we propose? This blog will disprove both. No instrument can provide an accurate outcome or formula for predicting the success of a product. It must be a combination of data analysis, observations, and experiences that yields the golden egg of achievement. Product & Product Strategy Each product is unique and has a market destiny. The "go-to-market strategy" for each product will be unique, just as the product itself is. However, any product can prosper if the proper approach is taken. New versus Experienced Sellers When it comes to making a progressive decision, new sellers are either too impulsive or too risk-averse. Based on your circumstances, you must strike a balance on the risk-reward spectrum. However, we have jotted down some recommendations for you to use as a guide, just to be cautious. This guide is intended for individuals who are just getting started or who have already started but are having difficulty. Some are considering quitting altogether or restarting selling in a different way. However, we have jotted down some recommendations for you that will serve as a guideline to keep you secure. This guide is intended for individuals who are just getting started or who have already started but are having difficulty. Some are considering leaving entirely or restarting sales in a different way. Some experienced sellers typically search for a product with absolute precision and make every selection statistically after using market intelligence tools, which is not the best technique. To make the optimal decision, you must first analyze data with your right hand, then use unbiased judgment with your left hand. Let's go ahead and begin. 1. High demand with low competition product You must select a product with a high or even moderate demand. What does this mean? Demand will decide how long it takes your goods to sell once it is listed for sale on your Amazon storefront. Consider demand to be the flow of a river, with each product niche having its own particular flow. You'd like to go on a canoe journey where the water moves at a rapid pace, fast enough to get you to your destination without tipping over. We will also evaluate our competition and the total number of competitors to determine whether this is the proper market for us to enter. The number of competitors is comparable to the river's depth. The more rivals, the deeper the water, and the more chances your product will drown. As a result, your goods would have to swim further in order to reach the surface and be seen. Amazonetic Tip. So, ideally, you'd want to go for a product with a high sales velocity and fewer sellers so you can stand out quickly. Whatever product you choose, you will need to build a strategy to get it to the first page. Now, let us confront the elephant in the room. How can we determine the demand 'exactly'? The basic answer is 'we cannot'. We can only provide an estimate and guess reasonably utilizing various methods to gain a sense of the degree of demand across several channels. The most popular tool advised by all gurus is the Jungle Scout (JS) Chrome Extension. For those using it for the first time or in the early stages, the JS Extension gives row-by-row data for Amazon merchants, as well as an opportunity score. Beginners are typically advised to begin with products with Opportunity Scores 6, 7, 8, 9, since they reflect products in high or medium demand with medium or low competition. You will also need to consider total revenue, price, reviews, sales per day, and other factors. Egrow is another developing market tool that provides similar results to Jungle Scout but with a different UI. If you don’t know how to find high demand with low competition product then you should take this service from a professional amazon va agency. 2. Keyword Search Volume This should be the second most important and relevant item on your checklist. You should always treat keyword search volume in the same way that a Sales & Marketing Professional would look at foot traffic in a mall or marketplace. The more individuals who visit the mall or search for the term (wide or specialized), the more likely the goods will sell and thus be considered in high demand. Several technologies are available that share various data types while displaying keywords. We always advocate that our users utilize 'genuine' tools and explore how different tools obtain their data. What exactly do we mean by 'authentic'? In layman's terms, you should use an accurate instrument that does not create too intricate estimates or exaggerate results. You may read our detailed blog on this subject by clicking here. 3. Seasonality The product we choose should not be a seasonal best-seller or in high demand once a year. By entering the product keywords into Google Trends, you can quickly track the product demand trend. Products with low seasonality will have unpredictable sales and only deliver for a limited time. So it's a no-go zone for new vendors, especially since it'll only be a battleground for factories or wholesalers in these areas. 4. Monitoring Product Consistency Demand, Keyword Search, Seasonality, and checking their findings at once is similar to capturing a picture of the scenario at that moment. You must keep in mind that the findings you obtain are only valid for that particular period of time. 5. Monitoring Product Consistency Demand, Keyword Search, Seasonality, and checking their findings at once is similar to capturing a picture of the scenario at that moment. You must keep in mind that the findings you obtain are only valid for that particular period of time. So you need to set a specified duration, ranging from weeks to months or even longer depending on the product, to watch the product's behavior and check if it is constant over time. Using Keepa will also let you see the age of your competition and their selling price patterns over time. 6. Product Title When utilizing Jungle Scout, avoid using the product title and instead analyze the product using the major keywords. It's a classic rookie mistake to get excited about JS Opportunity Scores by using the wrong terminology. 7. Healthy margins This is a common problem for newcomers. They get enthusiastic by looking at product results incorrectly and proclaiming a product a hot seller. They neglect to evaluate how much they will be able to source the product and sell it for. You are devoting so much time, effort, and money to earn cash, and plenty of them. Amazon sells products at both low and high prices, with the majority falling somewhere in the middle. In 2022, the products offered on this platform are divided into two price ranges: more than half (52%) fall between $11 and $25 or more, while 32% sell for more than $25 USD! To check margins and get a general notion, use the FBA calculator by clicking here. Check out our blog on Sourcing Platforms Other Than Alibaba to help you make better sourcing selections and save money. 8. Average Revenue and Average Monthly Unit Sales According to experienced sellers, the typical revenue for the specified product area should exceed $5,000. To generate a profit, strive for an average margin of 10-30%. This represents the product's current sales volume and overall market value in terms of dollars. The larger the cake, the larger the slice and bite size. The quantity of units is also a good indicator of sales volume. If 300 pieces of the product are sold, there may be enough place for a newcomer to squeeze in. 9. Average Revenue and Average Monthly Unit Sales According to experienced sellers, the typical revenue for the specified product area should exceed $5,000. To generate a profit, strive for an average margin of 10-30%. This represents the product's current sales volume and overall market value in terms of dollars. Consider the customer's perspective; seeing multiple evaluations provides a sense of comfort and safety. 'That amount of 2,500 reviews has to signify something; there could be some paid/fake reviews, but they can't be that numerous, can they?' These are some of the questions that come to mind. Amazonetic Tip. Experienced sellers frequently profess a theory that states that the product you choose should have three sellers in the top ten with less than 50 reviews, and that if the top three players have more than 1,000 reviews, the market will be challenging. You should be prepared to spend a large amount of time and money. As a result, it is an unsuitable location for new sellers. 10. Small and lightweight Our advise is to select a product that weighs less than one pound and does not have unusual measurements. Why are we suggesting this? Sellers are particularly sensitive to their spending, at least initially, and they are frequently frustrated by unexpected fees that arise from time to time. Heavy and large-sized products will increase transportation costs, which are calculated depending on volume, i.e. from the supplier to the Amazon warehouse to the end client. Amazon will also incur higher costs for storing your merchandise in its warehouse. Their calculation is primarily dependent on dimensions, so we recommend that you double-check your product size and weight, as you will eventually have to increase the product cost that is paid to the final consumer. 11. Margin of Improvement You should read the comments of new and established brands in your product category to determine if there are any suggestions from customers or areas for improvement that the company should focus on. Innovate the product, provide value to the marketplace, and offer a solution to customers. Last Words As you can see, there are various things to consider when deciding which goods to sell on Amazon. Understanding the data surrounding these items and using it as a guide puts you in a much better position to make informed judgments about what will work best for your organization. If you require assistance applying any of these concepts or obtaining more extensive data and analysis, our team at Amazonetic is here to help. Amazonetic is the best amazon growth agency in USA. We have a team of experts and they will hunt the best products for your business.
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