Watch this video to learn the 10 best Amazon product research practices to help you find profitable, winning products to sell!
Amazon FBA product research 2021 is different than 2020 and the previous years of selling on Amazon. As sellers may already know, Amazon changes super fast so we must change with it so we don't end up falling behind with new strategies.
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If you're looking to start a business selling products on Amazon, then you'll need to know and understand the product listing criteria and how to rank on Amazon FBA. Yes, you can start making money selling on Amazon, regardless of your experience selling online.
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10 Best Practices To Master Your Amazon Product Research-Audio file
Hey guys and welcome back to my channel. In today’s video I would like to go over the 10 best practices to do amazon FBA product research, so be sure to watch all the way through so you don't miss any of the important details as we do have a lot to cover.
Now, before I hop into this video, if you are new to this channel you're going to want to subscribe as I talk about the best ways to make a full time income with Amazon FBA and always get straight to the point.
So please subscribe and turn on your post notifications if you like channels that don’t waste your valuable time, with that said let's get right into this video.
Now, Amazon is the world’s largest marketplace, with 9.8 million sellers worldwide and 1.9 million actively selling. With all that competition, you have to find products to sell that make your business as profitable as possible. And one way to make sure your business runs profitably is by mastering product research.
So, what is product research and why is it important. Well, product research is when you take time to analyze and understand a market, in this case, products on Amazon.
With product research, the goal is to find the most profitable products that you can take advantage of. These may be products you can receive or manufacture at a low cost and sell for more, or even products that you can receive at an average price and sell on for one that is much higher.
As long as the product has a high profit margin, it is the ideal finding from your research. However, pricing isn’t everything. You also need to ensure that any product you find from your research is also high quality.
So if you find a product with a great profit margin and great reviews, you’re onto a winner. But if it has poor reviews it may be best to avoid it, as it will be less likely to sell.
Now, what kind of products are good to sell on Amazon. Certain products tend to have a higher level of profitability than others on Amazon. Those products are the ideal candidates to sell on the platform for that reason.
However, finding profitable products is a task in itself, which is why we should take the time to do our product research.
But what are the signs of a profitable product? Let’s go over some of the top characteristics of a product you should consider selling on Amazon.
The first one is to look for small and lightweight products because these products are easy and cheap to transport and store. This makes them ideal candidates to sell on Amazon, as even in a period where you have less demand the product will not set you back too much to store.
The second one to look for is products that fill market gaps. If you notice a need for a product that isn’t there? Or maybe it does exist, but there aren’t many sellers. This is an opportunity to jump in and fill the gap in the market.
If there is demand but insufficient supply, there is an opportunity for profitability. However, it should be noted that this may only be short term, as competitors catch on quickly.
The third thing you need to consider is you want products with high profit margin possibility. Products that have high profit margins and positive reviews tend to be some of the best sellers on Amazon. There are quite a few hidden gems on Amazon when it comes to products with high profit margins.
A good example of this is an unbranded product that has the potential to be branded. When the unbranded product is given a brand, its value usually increases substantially. This is because customers associate brands with trust and reliability.
You will also want to go after products that are within everybody’s price range; By selling a product that costs between 15 and $50, you open it up to be being purchased by more people. This gives you more chance of making sales due to the increased amount of potential customers.
Lower priced products are also subject to frequent impulse buys, where a higher-priced product may take longer for a customer to decide on.
By focusing your efforts on these product characteristics, you are much more likely to find profitable products on Amazon. This should both help you, and save you time when it comes to your product research.
Now, let’s go over 10 best practices to master your Amazon product research. Mastering your product research on Amazon can help turn your business into a winner.
The first best practice is to check if demand is permanent or periodical throughout the year. When you do your Amazon product research, it is important to consider how the product will perform throughout the year.
Some products will perform well seasonally or periodically. However, they will not be consistent sellers throughout the year, and therefore may not be profitable due to having to store them for longer periods without getting many sales. Ideally, it is best to find consistent high performers throughout the year.
Second is to consider the shipping and storage costs of the product. Certain types of products will cost more to store and ship than others would. Which makes them less profitable for you to sell.
For this reason, you should consider the costs of shipping and storage for a product in advance. Small, lightweight products are usually the best option to avoid high costs. Plus, they have the added benefit of costing less to keep if there is ever a temporary drop in demand.
Tip number 3 is to always research the keyword search volume for a product. The best way to monitor demand for a product is to check its monthly keyword search volume. By researching the keyword search volume, you will know exactly how many people are showing interest in that product during a month.
There are numerous keyword tools on the market that can help you with this, many of which even allow you to refine your parameters so you can find the perfect in-demand product.
Now, before we move on. As you can see, there are a lot of steps involved in building an Amazon business. And I wouldn't recommend piecing together everything by simply watching videos on YouTube. This is why I suggest investing your time in a great free training that can guide you through this process.
I recommend this training because this is the best training on the market and one that I have personally gone through. They walk you through every aspect of what it takes to start, grow and scale your Amazon business.
This training will build off of what I talk about inside my videos so I left a link for you in the description and if you're serious about selling on Amazon I encourage you to check it out!
Now; the next tip I have for you is to consider the Amazon Best Sellers Rank when determining profitability.
Amazon’s bestsellers list is a haven of insight. You can find bestsellers as well as the most wished for products. With the bestsellers list, you can dive deep into Amazon’s subcategories and find attractive niches with plenty of profitable products.
By using the best seller lists, you can determine what people may want and spot the in-demand profitable items.
Now, high profit margins are ideal when it comes to selling a product. However, it is also important to consider the average amount of the product sold each day when comparing what products are the best to sell on Amazon.
This is because some items may have a slightly lower profit margin than others, but may sell far more frequently. This would lead to better long term profitability.
Google Trends is another useful way of finding trending, popular products. With Google Trends, you can either set up alerts for new trends or conduct your own searches which you can refine by location.
Google Trends may not give you specific products but it will give you topics you can dive into, and learn more about what is likely to be in demand in certain locations. Consider the real-world environment and the product demands it may create
Monitoring online trends may help you spot opportunities as they happen, but what about noticing them before they happen?
You can do this by recognizing real-world changes that may significantly impact markets. This could be anything from the introduction of new technologies to an extremely hot summer creating new product demands.
If you do notice something that may impact the demand for a certain type of product, then it may well be worth stocking up to take advantage of that imminent demand.
Other marketplaces can also be great sources for your Amazon product research. Marketplaces like eBay have a ‘trending list’ where you can find in demand products that may not yet be available on Amazon, or at least have less competition.
You can also find similar lists to eBay’s ‘trending list’ on other marketplaces by using the filters. All you have to do select a product category, and filter products out with a rating below 4 stars. You can then order products to be listed by popularity or orders.
The next tip is to browse the ‘Customers also bought’ and ‘Customers frequently bought together’ sections.
Using these sections can help you to get a better idea of your customers and their mindset. You will gain valuable insight into the thoughts behind your customers’ purchases, as you can see what they bought products with, and make conclusions about their goals from those buys.
This can help you to create relevant product bundles of your own in the future, which could be their own bestseller in no time.
Looking into sponsored products on Amazon can also give you a good idea of which products have high profit margins. This is because sellers are rarely willing to pay to advertise a product if there’s not enough profit margin to justify the ad costs.
However, you should also ensure you check the number of sellers selling each sponsored product. Some sellers may be sponsoring a product to stay ahead of the competition, and whilst it may be profitable for them to advertise and sell that product, the market for it could quickly become saturated.
Now, when doing Amazon product research, tools can go a long way to helping your cause. And the best software tool to do your product research in my opinion is a software called Jungle Scout.
Jungle Scout is one of the best known Amazon product research tools on the market and is available in web app or chrome extension. Jungle Scout allows you to use numerous filters to narrow down your list of potential products globally across all Amazon marketplaces.
It also allows you to monitor all your competitors, and to use an FBA calculator to factor in all your seller fees. I left a link in the description for you if you want to check it out.
Thorough Amazon product research is the key to finding profitable products to sell on the platform. But regardless of how you decide to conduct your research, you need to ensure you stay on top of any changing trends.
A profitable product may not remain so forever, so it is vital you continue to keep up with your research and adapt to an ever fluctuating market. Should you do this, you will be well on your way to mastering selling on Amazon.
Thanks for watching and please make sure to watch the next videos with more Amazon FBA tips that will show up right about now.