Since you run an Amazon store, you are wondering how to find top-selling products and sell thousands of them in a day. However, there's no shortcut to the success of Amazon product research, you must do it step by step.
First of all, if you want to find unbeatable products, you must fully understand how to do product research to make the best use of all ways to find the right products to sell on Amazon.
What Does Product Research Mean?
Success is 70 percent product research and 30 percent operation. Product research means finding the right products to sell on the platform. On Amazon, products are the most essential.
Don't forget that you can easily find the best-selling products on Amazon by going to "Platform Top Sellers" on SaleYee.
Now that you know the product research is of great importance, let's move on to how to do product research for selling on Amazon.
6 Winning Tactics to Do Amazon Product Research
1. Define your niche and product category
Before sourcing products, you should be clear about what products you can sell on Amazon. For beginners, Amazon limits the product categories. As the business grows, Amazon sellers can expand the business into more product categories.
Each product category includes diverse sub-categories. For example, you can find Kitchenware, Home Appliances, Furniture under Home & Garden.
2. Carry out a market analysis
It's necessary to do market analysis during product research to get an overview. You should analyze the product itself, be clear about the ranking of the product, how many competitors you have, and their sales. In the meantime, check out the lists of bestsellers to learn more about the sales volume.
3. Avoid infringement
To avoid running into risks and stable operation in the long run, keep yourself away from intellectual property infringement. Make sure whether the product infringes on the intellectual property right or not by inquiring suppliers and experienced sellers, looking up in the WIPO database, etc. It's not recommended to sell infringing products.
4. Check out competition
To stand out in the competition, apart from self-inspection, competition analysis is important. Find out the best-performing products, prices, sales volume, details on their product pages, etc. Try to conclude their advantages and develop your own!
5. Compare side by side
After you find a particular product, you should carry out a side-by-side analysis to know the differences between the products that you are going to sell and our competitors' and what improvements can be made.
6. Analyze the profit margin and ROI
Apart from the above, ensuring the profit is especially important because anybody strives for maximum profits. You should take all costs into account to determine whether you should sell the product or not. The costs include the cost of the product, transportation, marketing, after-sales service, and more. Only through a comprehensive analysis can you achieve huge profits and the highest ROI.
How to Make Products Sell Like Hotcakes on Amazon?
You can't sell a product like hotcakes on Amazon within one or two days. What can you do to boost sales? As data is indispensable from the product sales, you can find out customers' pain points from data to realize spikes of sales!
1. Analysis of Negative Reviews
Crawl the web pages to gather the bad reviews of the top-selling products on Amazon. Find out the reasons why customers are dissatisfied with them. Try to improve the product or choose products which can solve customers' pain points.
While analyzing the negative reviews, you can also conclude the demands and expectations that customers have from the positive reviews.
2. Strategic Product Lining
When setting up a product line, you should combine 20% core products for high profits, 20% bestsellers for driving traffic, and 70% normal products. Of course, all your products shouldn't be at the same prices, with the same quality. Differences in prices and product quality might bring more sales.
You can also refer to Amazon's ranking of best-sellers and popular products for better evaluation.
3. Analyze with Google Trends & Google Analytics
Doing product research with Google Trends in combination with the analysis of the industry development and your business, you can discover valuable information that serves as a reference to product research. You can easily find out the seasonality of different product categories with Google Trends, and trends of the sales volume. Google Analytics is a great tool for you to know the sales, traffic, conversion rate, etc. for the hot sales.
All in all, to make a product sell like hotcakes on Amazon, you should work down to earth, follow "ESPAE," and expect the surge of sales.
Extensive
You should target a variety of product categories at the beginning of product research instead of being constrained by just a few ones. Only by learning more about products in different categories can you find the best suitable ones for yourself.
Specific
After comparing multiple product categories, you will find the one which interests you, brings substantial sales and profits. In this case, you should target the specific niche and build up your expertise.
Professional
With the accumulation of the product category, you have a more deep understanding of related products. On the basis, you should carefully choose and select the best ones. Bear in mind that 80% of your profit will be generated by 20% of your products. As a seller, you should try your best to find out the 20% most profitable products.
Adherent
Product research is ongoing for the success of your business on Amazon. You can't do it once for all. It's important to choose products regularly, have some bestsellers, and study the trends for the future.
Enthusiastic
Most people are tired of repeating the same process and even lose their passion. This is the reason why some sellers become known with merely a product but their fame goes down immediately. For running an Amazon store steadily in the long run, one must always be enthusiastic about his/her job. Although product research is tedious, it's exciting to have some discoveries.
