If you're starting a new retail business online, you can learn a lot from those who have been successful and still on top of their game — namely, Amazon (of course).
Want to choose products to sell on Amazon? Their wealth of buyer data is a goldmine for research. By simply following a few of these strategies, you can identify the most profitable Amazon products.
1. Use Amazon as a Way to Research Your Target Market
It's possible that you already know who and what your market is. By researching Amazon's Best Seller list in your niche, you can adjust your ecommerce strategy according to buyer needs and preferences.
By studying customer responses, you can be able to gauge what's missing in the market and what's causing dissatisfaction.
An easy way to do this is by reading Amazon reviews. Often, buyers will state the negative things about a particular product they bought. By studying their responses, you can be able to gauge what's missing in the market and what's causing dissatisfaction, thereby tweaking your marketing to meet customer demand.
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2. Find Out the Latest Trends and Influencers by Browsing Lists
In any category (such as Books), you can go to the subcategory (such as Books > Children's Books > Animals) and you will find a list of the 100 top-selling products.
Find out which products are selling well, and why.
In your niche's category, locate the "Hot New Releases" section. Find out which products are selling well, and why. Get ahead of your competition by monitoring trends and sales within the categories and sub-categories that Amazon provides.
Pay attention to the "Top Rated" and "Most Wished For" sections. The "Gift Ideas" are also a good way to predict what else people are buying and what you can upsell.
3. Research Which Images Result in Highest Conversions
Don't underestimate the power of great visuals. They can make or break a sale. During product research, study the type of images being used in the Best Sellers. Use it as your standard when preparing your own product images for ecommerce.
Don't underestimate the power of great visuals.
Take what you have learned from Amazon Product Images, and apply the same principles to your landing pages and ads.
4. High-Converting Ad Copy is a Secret Weapon
Take notes of titles, subtitles and descriptions. Find out which names are bestsellers, and the style, voice, and tone used in their descriptions. You'll notice that one of the biggest part of ecommerce is targeting buyers with keywords and SEO.
The Movers and Shakers list has key insights because it's updated hourly.
5. Check out the Movers and Shakers List
On the Movers and Shakers list you can find products listed by terms of sales rank. This list has key insights because it's updated hourly. You can see which items have been performing well over the last 24 hours, which is vital info for following sales trends. Additionally, you can view the percentage increase for each product, tracking those that are outperforming the others.
6. Use Google Trends
Product research is time-consuming, yes, but one of the smartest tools out there to help you be more efficient is Google Trends.
With Google Trends, you will get instantly notified on trending or popular stories. You specify the keywords you want to be notified of, and then you receive daily updates on those topics, according to popularity. This enables you as a seller or marketer to identify relevant topics pertaining to your business or products. As their tagline states, you can "explore what the world is searching".
While Kickstarter isn't a marketplace, it can provide you with vital market intelligence.
7. Try Sites Like Kickstarter that Showcase Emotions
While Kickstarter isn't a marketplace, it can provide you with vital market intelligence. You browse through the projects that people in your market niche want to get behind, see what appeals to them and develop your product to become a best-seller as well.
Kickstarter enables you to study the emotions that drive your current and potential customers' behaviors. Which fundraisers do your market like to get behind? Where are they willing to put their money? What and whom do they value? By working with these insights you can see which behaviors are more profitable to your product.
Using the right tools will help you gain the best insights on your customers while keeping your products and marketing strategy relevant.
8. Marketplace Pulse
Marketplace Pulse is another site that enables you to utilize buyer data. It has listings of the most frequented online marketplaces such as Amazon, eBay and Alibaba. This is useful for identifying your competition with just a click, and for following market trends.
Using the right tools will help you gain the best insights on your customers while keeping your products and marketing strategy relevant.
9. Global Sources
Here is another research platform you may find useful: Global Sources. Many Amazon sellers cannot do without it. Global Sources uses "Smart Sourcing" to identify new, cool and innovative products, all selected by top analysts in the industry.
They also have an array of online marketing tools and products, plus product inspiration.
Have any advice for doing product research? Let us know below!