New Product Launch Decision
AMAZON PRODUCT RESEARCH
The one thing that experts stress on if you want to make huge money as an Amazon seller is market evaluation. So it becomes absolutely crucial to do proper Amazon product research before diving into it full time. Newbies sometimes explore alternative business methods like retail arbitrage as the whole process of being a seller on Amazon may come off as too taxing. But trust us, every successful Amazon seller has gone through this phase. Deciding on a bankable product is not as overwhelming as it seems.
Researching for products on Amazon has evolved since the last few years. What used to work before may or may not work now.
This detailed guide has some definitive tips to assist you in Amazon product research.
As a bonus tip, we will tell you the secret to complete this entire time-consuming process in just a few minutes.
What Is Amazon Product Research?
Amazon Product Research is all about analyzing current market trends to choose “winning” items – something that can generate high sales. The idea is to search for products that you can get for cheap and yet sell for competitive prices with a good profit margin in return.
Say, for instance, you can sell gym socks at $2 for each pair but if they aren’t that good, you will end up getting negative feedback from your customers, eventually generating low sales.
Hence, you need to look for those “winner” products but also sell high and get fetch positive reviews.
Why Is It Important To Do A Product Research?
The foremost and the most crucial step to kick start as an Amazon seller is to find a kick ass product. It is not a big surprise that most people who look into FBA will never start unless they come up with low-competition, high-demand, and private label products.
Amazon has evolved to a point where just slapping up a nice logo and designing custom packaging doesn’t work anymore. With an increased number of sellers and stringent selling policies, it is important to understand that those old tricks of finding products are no longer going to work in the current scenario.
You need to list down the best-selling products on Amazon, which you desire to sell. Then, do a deep analysis if similar items are making enough sales. This step is imperative because you will never want to trade items that people are not even searching for. After you have jotted down the list of potentially profitable products, the further steps involved in looking at their statistics like sales, reviews, keyword search volume, and similar products.
In simple words, you need to go for products that will have a great opportunity, good demand, and yet below competitive.
Key Elements of an Amazing Product Opportunity
Make a note of the criteria listed below, as they will help you make a wise decision for your business.
Amazon Product Criteria
|Must Have||Great to Have|
|Huge demand||Lightweight items|
|Decent profit margins||Small items|
|Low competition||Products with a room for improvement|
|No legal issues|
|Products > 18 dollars|
To be a successful Amazon, these are the key aspects to remember:
- Low seasonality: Look for products that can sell year round and aren’t limited to season sales.
- No legal problems: Avoid picking up products that have the trademark or legal issues.
- A price that is greater than 18 dollars: You can easily increase the ability to make millions of dollars through sales by having a higher price per unit.
- Lightweight and small: These types of products tend to generate better sales than the ones that are not. This is due to two reasons- one: lower shipping charges, and two reduced storage.
Room for improvement: If you can choose a product that can perform better than your competitors, then it increases the chances of making more sales.
Checklist of Amazon Product Research Requirements
Here is a quick checklist of what is required to come up with the right product. With these criteria, your job gets easier.
- Product prices that fall between the range $10 and $50
- Products that make at least 10 sales a day
- Similar products that feature best seller rank of at least 5,000 in the main category
- The top 3 related keywords have 50,000+ monthly searches on Amazon
- Not seasonal products. They can be sold year-round
- 2-3 products with less than 50 reviews on the first page
- Small and lightweight products (under 2 to 3 pounds)
- No brand names or trademarks associated with the product
- A product can be set up for 25% or even lesser than the sale price
- Proper room for product optimization and improvement of present listings
- Multiple product-related keyword opportunities
- Quick and easy product sourcing from China
- The product should not be fragile
- Ability to expand your brand with related products
- Can make a superior product over similar products in the market
- Product encourages recurring purchases
- The product should not have any legal issues