Product Research – Detailed Guide
Deciding on your Amazon product requires research and thorough analysis. You may need to perform a detailed product search focusing on criteria that brings you high profits as well as sales and then select the ones that fit the bill.
Product Research helps you choose the best products from the most profitable niche. By proper research, you can also decide the perfect price to sell your items. It also helps you know your customers and their pain points. You can improve product features to stand apart from the crowd by taking hints from the reviews and suggestions for the existing products in the market.
With SellerApp you can shortlist products that you can profitably sell on Amazon. Base your product decisions on critical data like the sales volume, demand, sales, market trends.
- Enter the keyword, in the search – ‘chopsticks’
- Customize your preferences using numerous filters.
Product Research helps you drill down the product ideas you have narrowed down. If you have no clue as to what product to research about. You must first get a Product Idea.
For each product, you see 9 metrics that are listed to the right of the product.
BSR – The current sales rank of the product.
BSR gives you an understanding of the estimated sales. A product with a high BSR in that category definitely has better sales relative to the other products in the same category.
Learn more about Amazon BSR – Best Sellers Rank
Ratings and reviews – Indicates the number of reviews the product has.
The number of ratings and reviews also have a great influence on the selling potential of the product. Existing product reviews from top-selling competitor products are a good way to gather customer requirements and information before you actually start selling the product. You can find useful information by reading through the reviews. If a particular product category has a commonly complained flaw, you can try fixing it before you introduce a similar product.
Price – The selling price of the product.
This gives you an idea of the profit margins you could make by comparing the sourcing costs and the current selling price.
SellerPrime also helps you in your sourcing decisions. It offers you wide categories of wholesale manufacturers from whom you could source your Amazon Product. Tools > Product Source.
FBA Sellers – The no of FBA Sellers.
This helps you understand the buybox competition. FBA sellers get the buybox advantage over the other FBM sellers. If the product has a very good potential and no FBA sellers, the product is absolutely a good bet for your FBA.
Learn more about Amazon FBA
Sellers – The total number of Sellers that are attached to the product listing. These could possibly be hijacker sellers for the product listing. It includes both FBA and FBA sellers.
Daily Est. Unit Sales – How many pieces do the product sell per day? Understand the profit potential of the product. A minimum and maximum value estimate based on the total sales, observed for a year.
Daily Est Revenue – How much money does the product possibly make? The est. daily revenue answers this. This shows estimate revenue the product gets per day.
Revenue Potential – Is this my next Amazon product? Make easy decisions based on the sales and revenue potential.
A comprehensive product search also involves tracking top selling sellers and their products.
Step 1 - Track Sellers
Track interesting sellers with SellerApp. Tools > Seller Watch. You will find many new product ideas when you thoroughly check Seller Watch for new product releases by those sellers. You can predict which products are likely to have higher demands and add them to your Amazon inventory.
Step 2 - Track Products
Be clear as to what you are looking for when you are carrying out product research – especially since it’s easy to want to list more products than you originally planned to. Whether you are researching to launch a new product or checking out other products, add them to tracked products. Once you track a product you get critical Amazon data which looks like this.
Once you have found a great product to sell, one with limited competition and high profitability. What do you do next?
To be the number one product you must have a listing that targets specific keywords to showcase the product benefits and convert customers through sales copy, Amazon Product photography, and design. Before you write your Amazon listing, you must research to find the most relevant keywords. This takes quite some time, but the right keywords will guide customers to you.
Find the best keywords for your Amazon product with SellerPrime Keyword Research.
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