Are you ready to find a profitable product to sell on Amazon? Inside this video, I walk you through my product research criteria!
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In this video, I talk about how to find a profitable product to sell on Amazon.
I show you a powerful piece of software that I use to analyze products on Amazon. You also get access to my Amazon product research criteria.
I encourage you to take notes in your journal as you watch this video. By the time you finish, I want you to have ideas about potential products that you can sell on Amazon.
Are you ready to find a profitable product to sell on Amazon? If so, let's dive right in!
How To Find A Profitable Product To Sell On Amazon in 2021- Audio file |
How To Find A Profitable Product To Sell On Amazon in 2021 - Video transcript |
Hey guys and welcome back to my channel. Today I want to help you with product research so you can find profitable products and start selling them on Amazon, 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 consider subscribing and turning 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, inside this video I'm going to show you a powerful tool that I use to analyze products on Amazon. You're also going to get access to my Amazon product research criteria.
I invite you to take notes in your journal as we go along. By the time you finish watching this, I want you to have ideas about potential products that you can sell on Amazon.
So, are you ready to find a profitable product to sell on Amazon? If so, let's dive right in!
Now, Amazon FBA product research is critical to your success. Unfortunately, a lot of people get overwhelmed with product research. The challenges they encounter can be traced back to their mindset.
They think they have a great product idea and assume that it will sell well on Amazon. As a result, they invest a lot of time and money into it. When it doesn't sell well, they are left feeling discouraged.
They assume that their failure is merely the result of a saturated market. In a perfect world you could select and sell a product on Amazon that you love.
However, in today's competitive eCommerce world that mindset will not serve you well. You cannot guess what will work, nor should you sell what you want to sell.
Rather, you need to sell what is already selling! That’s why it's so important that you do product research. Not only will this help you mitigate your risks, but it will also set you up to win as an Amazon seller.
So here are eight criteria that I suggest you follow when it comes to choosing a product to sell on Amazon.
Once you gain more experience selling on Amazon, you can make your own decisions and venture away from some of these criteria. Of course, this will depend on your tolerance for risk. Take out your journal and let's dive right in!
The first criteria is that your product needs to be in high demand & profitable. You need to make sure that the product that you choose is highly profitable. There needs to be demand for whatever it is that you're selling.
Competition is your friend. Don't be afraid of it! It shows you what is already working. See what people are already selling and how much money they are making.
As a beginner, don't aim to make a million dollars with your first product. Your first product is all about getting your feet wet and gaining experience so that by the time you create your second and third product you'll know what works and what doesn't.
The second criteria is that you need a product that can be private labeled. Private labeling means that you can put your logo and branding on a product.
When you as a seller private label something it becomes yours. It allows you to differentiate yourself from the competition. The first step to private labeling a product is finding a supplier who already manufactures the product you're interested in.
On Alibaba you will find thousands of suppliers to choose from. Browse the website, reach out to a handful of suppliers and get samples delivered to you.
Ask them what it will cost to manufacture your product. This will help you determine what your profit margins will be.
The third step is that you need to find a product that sells for more than $15 on Amazon. When you are doing your research, you first want to determine which country you want to sell in.
The U.S., the UK, and Germany are the three biggest Amazon marketplaces that I recommend. You want to be sure that the product you choose to private label can sell for more than $15 on Amazon.
As long as you can find a few competitors who are selling for $15 or more that's a good sign. If your product sells for less than $10, customers will not be able to buy that product by itself.
Rather, they will have to buy something else to be able to purchase your product. On top of that, your profit margins will be too low with a $10 product.
The fourth thing you need to keep in mind is that you want to sell a product that is lightweight and small. The bigger a product is, the more expensive it will be to ship.
There are shipping costs involved in selling a physical product so you want to keep your costs low. Depending on what your budget is, keep your product light and small. Again, this isn't a hard and fast rule.
If you find a product that is a bit heavier but has high demand then that's okay. Just know that you will be spending more money. As long as the math makes sense to you and you still get a good profit margin from it of at least 25% or more it's worth your while.
Now, before we move on to step number 5. As you can see, there are a lot of steps involved in building an Amazon business. I wouldn't recommend piecing together everything that I am sharing with you today by simply watching videos on YouTube.
That is why I suggest investing your time in a great free training that can guide you through this process.
Now, there is a free upcoming training that will build off of what I've talked about and I left a link for you in the description below this video. If you're serious about selling on Amazon, I encourage you to check it out!
This is the best free training on the market and one that I have personally gone through. They walk you through step-by-step, every aspect of what it takes to start, grow and scale your Amazon business.
Have an open mind and take notes as you go through the training. You've got nothing to lose and everything to gain from this training.
So, moving onto step number 5 which is to find products that solve a problem. When you create a product that solves a problem for people, you open up the door to building a brand.
If your first product ends up being a success, you want to think about how you can create a second and third product that will complement one another. This is how to build a collection of products that cross-promote each other.
Let's just take supplements as an example. A good friend of mine sells his supplement line in the health market under the niche of digestion.
He sells many different products that solve problems related to digestion, with the goal of optimizing your digestive health. Also, he has created courses and a variety of other resources to support people on their health journey.
Now, the next thing to keep into consideration is to try and sell products that can be marketed outside of Amazon. If you can find a product that can be marketed outside of Amazon, that's a huge bonus.
This is where the power of influencers come into play. Some Amazon sellers promote their products by sending them to models who have large Instagram followings.
They give them the product for free or pay them to promote their product on their Instagram pages. In turn, they get more sales on Amazon than their competitors do. And similarly, you could send your product to bloggers and ask them to write about it.
Step number 7 is to find products and a niche that you are passionate about. When I first started selling physical products on Amazon I was spending a lot of time in the fitness.
At the time I was taking a lot of fat loss supplements and I felt confident about selling these products because I had a passion for fitness. On top of that, I experienced the benefits of using these supplements.
Keep in mind that you don't need to be passionate about your product. If you just want to sell a product on Amazon to make money that's fine.
However, passion will motivate you to build your business on a bigger scale. It will inspire you to do whatever it takes to ensure that your product becomes a best seller on Amazon because passion goes a long way in business.
Now, the last criteria I want to cover is to find a product that is durable. I would avoid any glass-related products that could break during shipping, as well as electronics.
You don't want to deal with the headaches that come with customers receiving broken products. When this happens, you may end up with a bad review on Amazon.
Even worse, you will have to refund the product and send your customers a new one. When you're a beginner you don't want to deal with issues like this. I would avoid them at all costs.
When it comes to doing product research, I use a tool called Jungle Scout to help me determine which products are in high demand.
Jungle Scout will save you so much time and make the product research process a lot easier. They have a lot of great pieces of training too that can help you with the research process. I left a link for you in the description if you want to check it out.
Now, if you choose to take action and start your product research I advise you to start off by spending a couple of hours browsing products in different categories on Amazon. Take notes on the products that stand out to you and do deeper research on them.
Make it a goal to narrow down your options to your top three products. Of those three products, identify which one you want to pursue. This is how to find the best products to sell on Amazon!
Once you find your winning product, it's so exciting to move forward with it and start selling on Amazon! I hope the knowledge that I have shared with you in this video helps you better understand how the Amazon product research works.
Amazon has the power to change your entire life. You are only one decision away from building a dream lifestyle that you never need a vacation from.
Thanks for watching and please make sure to watch the next videos with more Amazon FBA tips that will show up right about now.
