Where can I find Amazon product research? Choosing “winning” items – products that produce high sales – is what Amazon Product Research is all about. Finding products that you can get cheap and selling at competitive prices with a good profit margin is a goal.
10 Tips for Amazon Product Hunting in 2023
It’s extremely important to invest considerable time in product hunting and if you don’t, you’re doomed! A seller is either a narrow observer or a strict criterion follower. What do WE suggest? In fact, the following blog post will undermine both.
In order to predict the success of a product, there is no exact formula or tool that can be used. The golden egg of success has to be hatched by combining data analysis, observations, and experiences.
Also, check Amazon product hunting tools:
Product and Product Strategy
The market destiny of each product is unique. The go-to-market strategy for each product will be unique, just like the uniqueness of the products themselves. Successful products can be achieved with the right strategy.
New vs Experienced Sellers
When new sellers have to make progressive decisions, they either overreact or are overly cautious. There is a balance between risk and reward based on your circumstances. However, we are providing you with a few pointers that will act as a guiding path, just to make sure you stay safe.
For those who are just getting started or who have started but are struggling at the moment, this guide is for you. Others are considering quitting altogether or restarting in a different way.
Some experienced sellers search for a product with exact precision and use market intelligence tools to arrive at their decisions, which is not the best approach. In order to make the best decision, you’ll need data analysis in your right hand, unbiased judgment in your left hand, and then you’ll need to join your hands together
1. High Demand & Low Competition
Finding a product with high or medium demand is the most important thing you can do. Why is this important? Once your product is up for sale on your Amazon storefront, the demand will determine how long it takes to sell.
The demand for every product niche can be compared with a river, and it has its own flow. A canoe ride would be ideal if the pace of the water was exceptional, fast enough to take you to your destination without knocking you over.
To determine if this will be a good market for us, we will also evaluate our competition as well as the number of competitors in total. As the river moves deeper, the number of competitors increases. Competition increases the depth of the river, increasing your product’s chances of drowning. You would have to swim farther for your product to reach the surface.
2. Keyword Search Volume
As far as importance and relevance go, this should be ranked second on your checklist. The way a Sales & Marketing Professional approaches footfall in a mall or a market is the same way you should approach keyword search volume.
As more people enter the mall or in our case are searching for the keyword (broad or specific) the greater the likelihood that the product will sell and, therefore, be deemed as high in demand.
3. Seasonality
We shouldn’t pick a product that is in demand once or twice a year or a seasonal item. Google Trends makes it easy to check the product demand trend by punching in the product keywords.
Due to their low seasonality, low-season products are, firstly, unpredictable in terms of their sales and, secondly, will only deliver for a specific period of time. As a result, it is a no-go area for new sellers, particularly since factories and whole sellers will be competing to sell in these categories.
4. Monitoring the Consistency of Product Behavior
When you check demand, keywords, or seasonality once, it’s as if you’re taking a snapshot of the current situation. Whenever you receive results, remember that they only pertain to that period.
To see whether the product behaves consistently over a period of time, you need to set aside a specific time, perhaps ranging from a few weeks to a month or more, based on the product. You can also use Keepa to see your competitors’ ages as well as their selling price patterns over time. Its results look like this:
5. Product Unique Title
Jungle Scout or AMZ Wordspy can be used to analyze products. However, instead of using the product title, you should use the main keywords. JS Opportunity Scores or AMZ Wordspy ratings by using incorrect terms is a common rookie mistake.
6. Healthy Margins
It is quite common for newbies to fall into this trap. By looking at product results incorrectly, they declare a product to be a hot seller. It is not taken into account that they also have to take into account how much the product will cost them to buy and how much it will cost them to sell. Spending so much effort, time, and money does not earn you cents or pennies. It earns you dollars and plenty of them.
So we recommend a price of $15 – $40 for the product (at least for newbies). You can check the FBA calculator here to get a reasonable idea of margins. In addition to Sourcing Platforms Other Than Alibaba, you can also check out our blog on Making Good Sourcing Decisions and Reducing Costs.
7. Average Revenue & Average Monthly Unit Sales
As The average revenue for the targeted product niche according to experienced sellers should exceed $5,000. This is a measure of the current market size in terms of the $ that this product currently serves.
A bigger cake means you can cut it into a bigger piece and take a bigger bite. The number of units sold may also give an indication of the volume of sales. For example, if 300 units are sold, a new competitor might have enough room to enter the market.
8. Reviews
The more reviews you have, the more social proof you have. How does rating influence business? The first thing to know is that Amazon is putting a lot of pressure on reviews, and raising them is one helluva job. Avoid products with reviews in the range of 500 to 5,000 unless you are glued to a product and have ample time and money to spare.
When you see a number of reviews, there is a sense of safety and security in the eyes of the customer. There have to be some paid/fake reviews among those 2,500 reviews, right? Of course there are some, but they can’t be that high.’ These are some questions that usually cross by your mind.
9. Small & Light Weight
We recommend choosing a product that weighs less than 1 pound and does not have extraordinary dimensions. What are the reasons for this? Most new sellers are highly sensitive to their expenses, at least in the beginning, and they are usually frustrated by surprise costs that suddenly appear.
Large and heavy products will result in higher transportation costs, which are calculated by weight, i.e. the distance from the supplier to the Amazon warehouse to the final customer. The cost of keeping your products in Amazon’s warehouse will also increase. Our suggestion is to keep an eye on your product’s size and weight since their calculation is largely based on the dimensions, so you’ll have to charge the end-user more for your product.
10. Seller’s Rank
There is no way to truly know how Amazon determines a seller’s rank, but based on experience, we can define it as a number that denotes the popularity of a product within its category. A product with the best BSR will have the highest sales volume (without mentioning the competition).