In the 25 years since Amazon was launched, it holds the title as the world’s largest online retailer and has become a household name. Marketplace Pulse states there are more than 2.5 million sellers on the Amazon Marketplace. Of those, 25,000 are making more than $1 million a year in sales, so you may be wanting to get in on the action.
The World Of E-Commerce
With nearly 200 million different items for sale on Amazon, finding a sourceable, profitable, shippable product with limited competition is a significant challenge. Today’s consumers don’t just compare products and services; they compare personalization shopping, customer service, shipping, delivery service, and returns. When it comes to selling physical items online, your choice of products is the most critical factor in your success.
When it comes to being a successful Amazon seller, there are vital aspects to remember. It’s imperative to note there is no room in the world of running an e-commerce business for you to make guesses or uninformed decisions, particularly if you want your business to be successful and to grow. Whether you are just starting as an associate seller with Amazon or want to maximize profits and revenue through Amazon’s FBA program, you ought to know that product research is the key.
The one thing that experts agree on is if you want to increase sales as an Amazon seller, you must look at market evaluation. Fortunately, product research tools can help accelerate this evaluation process significantly, allowing you to become more efficient and data-driven in your sourcing decisions. Amazon FBA has a strong allure, especially for consumers accustomed to selling on eBay. The main reason is that selling with Amazon FBA makes managing an online retail business much more manageable as Amazon takes care of all the tedious logistics for you instead of other sites where you have to do everything yourself.
Simplify The Process
Amazon FBA sellers say that product research is the most time-consuming and frustrating aspect of the selling process. There are dozens of product categories with thousands of products, so it is impossible to analyze them and find a profitable niche manually. Amazon product research is the system you use to find a product to sell on Amazon with the highest demand, least amount of competition, to make you the most amount of money. Typically it reveals a product that is a few months away from trending in popularity and is early in the product life cycle.
In determining which product research tools will be best suited for you, it’s essential to consider your business expectations and goals. Consider how much product you believe you’ll be selling if you want to grow your business as large as possible and how much data you think you need to have to form a profitable system.
Information For The Win
An excellent all-in-one tool is the Amazon product research from Helium 10. It covers everything you need to build, launch, and scale an Amazon business. It’s impressive stats boast over 250,000 users worldwide, 204,500 Chrome extension downloads, over 450 million products tracked, and $1.4 billion in monthly sales processed.
Smart filters assist in uncovering winning product ideas based on your exact needs, niche, and preferences. You can search by product category, estimated monthly sales revenue, price, weight, review rating, number of images, amount of sellers, and more. The feature Cerebro allows users to look at different Amazon Standard Identification Numbers to see how specific keywords are performing. Another feature, BlackBox, assists in product research and finding business opportunities. Their Chrome extension XRay helps locate and research products you might want to sell.
When you can better understand market data, including rankings, trends, and revenue, you’ll have a better handle on future directions. You’re not going to get lost in the flow of retrieved data. Experts also advise getting as many reviews as possible and also having good engagement when damaging feedback surfaces. Amazon creator Jeff Bezos reminds business owners, “If there’s one reason we have done better than our peers in the Internet space over the last six years, it is because we have focused like a laser on customer experience, and that really does matter, I think, in any business. It certainly matters online, where word-of-mouth is so very, very powerful.”
While there are free tools you can utilize, keep in mind the investment in understanding data will pay off long term for your business. Most research tool companies offer different plan levels, so no matter what size of business you own, it’s affordable. Go ahead and set your business up for success. With the right tools, data, creativity, and a bit of ingenuity, your business will continue to thrive and grow.
