In this competitive era, it’s important to do some market evaluation before you dive into product selling. The same thing applies to the Amazon FBA business.
In this guide, we’re going to discuss some points that will assist you with Amazon product research. However, before that, let’s analyze why it’s important to do product research.
Importance of Amazon Product Research
Over the years, Amazon has become very strict about its selling policies. The old tricks are no longer effective in the current scenario. Amazon algorithms have progressed to a point where only using custom packaging and a nice logo don’t work. As a result, good Amazon product research is important to find the key elements of a great product opportunity. It will help you know what products have huge demand, better profit margins, low competition, etc.
Checklist for Amazon Product Research Requirements
- Products that can be sold all-year-round
- At least 50 reviews on the first page
- Price between $10 and $50
- No brand names or trademarks associated with the product
- Easy sourcing from wholesalers
Ways to do Amazon Product Research
There are two ways to perform Amazon product research:
- Automated tools
For the manual process, you can check Amazon’s best-sellers page. There you can search for products based on their categories & subcategories.
However, if you want to perform quick product research, you may go for automatic tools. Find a tool that helps you search for the bestseller lists and check the hot-selling products. Profitguru is one such tool that enables you to conduct quick and effective Amazon product research.
Unique Ways to Perform Amazon Product Research
It is one of the best tactics to find Amazon products. You can even learn how many products a seller has in his FBA inventory and how many products they sell regularly.
Follow the below step to use this method.
- Visit the Amazon page of the product of your choice
- Add the product to your cart
- Click on the quantity in the “Shopping Cart” and edit it to 10+
- Write 999 and click update
- If the seller has less than 999 items left in his stock, you will see, “This seller only has XX of these available.
Thus you can keep track of inventory daily.
Note: This method won’t work if the seller has put in a limit on the maximum products that a user can buy.
BSR (Best Sellers Rank) Movers
These are those products whose selling ranking has considerably improved over the past 24 hours. You might be wondering why you should track such products for your Amazon product research.
Well, the BSR of the product is calculated by the number of recent sales. So if the BSR is increasing rapidly on some days, something about that product is working very well.
A lot of people ignore new-releases while performing Amazon product research. However, such products gain momentum despite the fact they’re recently launched. For instance, hand sanitizers are the most-selling product during this coronavirus pandemic. The list of new arrivals shows products that are new releases.
This list includes products that are top trending and have a huge customer demand. Such products sell throughout the year.
Most Wished Products
You can also check for the most gifted products in the category of your interest. In this product list, you can find products that have a huge profit margin and low competition. Such products have huge demand during the holiday season.
Track Successful Sellers’ Products
Find an automatic tool that lets you track the listings of popular Amazon sellers. Thus you can quickly see any new product the seller is listing. This will inspire you for your next product and Amazon FBA product research.
Things You Need to Avoid When Doing an Amazon Product Research
Choosing a Small Niche
Don’t narrow down your market by choosing a very small niche. You should select an active market so that your products get noticed and sold quickly.
Not Calculating the Profit Margins Properly
This is the major mistake most newbies make. They don’t realize what impact Amazon fees can have on the product they want to sell. It is advisable to use a good Amazon FBA calculator to know the appropriate estimation for a product ASIN.
Setting up Low Price
It’s important to be competitive, but don’t put up your product price below your decided price as thus you will weaken your online business. In fact, you shouldn’t set the price based on what others have put up as you don’t know about their profit margin.
Not Trying to Improve Product
If you want to beat your completion, you should take advantage of what your competitors are lacking. If you notice that they have poor reviews and bad ratings for the same product you’re selling, you should improve what customers are complaining about. If you don’t make any improvement and make the same mistakes others are doing, it will be more difficult for you to generate some good sales.
Amazon product research is all about evaluating new market patterns to pick winning products that produce high sales. We hope these tips will help you find kick-ass products that have lesser competition and but higher demand.