Discover hidden gems and golden opportunities by diving deep into Amazon product research
Imagine this: you’re about the plunge into Amazon’s vast marketplace in hopes of striking gold. One problem remains: knowing where to begin digging. Finding those gold nuggets is all about doing effective Amazon product research. We’ll talk about how digging deeper will transform your search into a treasure chest of opportunities.
Amazon is a marketplace with thousands of products. Imagine walking through this huge marketplace. It’s exciting, but also overwhelming. It’s not enough to just stroll around. Keep your eyes open for diamonds hidden in the mud.
Have you ever heard of the saying, “Don’t Judge a Book by Its Cover?” It’s a good rule to follow when evaluating products. A product might appear to be worth a fortune, but a quick peek inside can reveal hidden flaws faster than a squirrel rushing up a tree. It’s important to read customer reviews. Look at what people are saying, both the good and bad. These reviews are as insightful as a fog-bound lighthouse.
Don’t fall into the blackhole of highly competitive niches. You’ll have a hard time standing out if you want to sell pencil pouches with lion themes, and everyone else also has lion themed pencil pouches. Search for the unsung heroes – the products that are not widely known but still have a buzz. Unicorn-shaped staplers, for example, might have less competitors but show an increasing interest.
Remember Icarus? Remember Icarus? Pricing your products too highly can also make you look bad, causing buyers to turn their backs. You can spy on the price points of your competitors using tools such as CamelCamelCamel or Keepa. Smart play is key. Keep your competitive spirit but do not become greedy.
Hold on! Have you ever thought about seasonal trends before? Fireplaces and blankets that are cozy become more popular as winter approaches. Jumping on trends at the right moment can boost sales. Google Trends can help you detect seasonal changes like a detective.
Let’s now talk about numbers. Sometimes, the devil is in the numbers, but other times, the devil is in the details. Be sure to pay attention to hidden costs, Amazon fees and shipping charges. Helium 10 is a tool that can help you crunch numbers and give you a clear view of profitability.
I’ll share a little personal information: My friend once found gold in quirky kitchen gadgets. She discovered that cookie cutters with customizable designs were a hot item. These were not your typical cookie cutters. They featured emojis, fantastical creatures and more. She used data to capitalise on this niche. As they say, the rest is history.
Not everyone enjoys wading through mountains of data. It’s also where the magic happens. Imagine yourself as a modern day treasure hunter with analytics and data as your shovel. Analyze average daily search and sales volumes. These metrics can open doors to new opportunities.
Have you ever looked at the Bestseller rank (BSR) when it comes to metrics? Amazon whispers the hot products to you. A lower BSR is often associated with better sales. Don’t stop with the BSR badge. Also, look at its sales velocity.
Imagine your product as a tree growing in a forest. It will stand out if it is a Christmas tree with twinkling lights. Beautiful images, accurate descriptions and bullet points will make your product stand out in a sea monotony.
Engage your audience with Q&A sections. This is like a mini-interrogation. What are the pain points of your clients? What are their needs? The answers you get here will give you valuable insights into how to improve your product.
Let’s end this session with an zinger. Stay ahead, but never complacent. Update your market research techniques regularly. Staying updated is essential to staying ahead of the market. Keep these tips in mind as you navigate this vast market. Enjoy your treasure hunt!