Competitor Intelligence is an advanced Amazon reverse ASIN lookup tool that gives you unparalleled insight into exactly how your competitors are performing. Enter a product ASIN to quickly get a massive list of their top-performing and underutilized keywords, alongside the ability to analyze and track indexation, keyword rank, sponsored ad rank, sales, price, reviews, search volumes, notification options and more.
Join Casey as he talks about this game changing new tool and how you can use the features whether you are a new seller or scaling a 7 or 8 figure business.
Performing market research is the first and arguably most important step in selling a product online. This is true across all eCommerce platforms, whether it’s Amazon, Etsy or eBay. But what does market research really mean? And why should you be doing it in the first place?
What is Market Research and How Will it Help Me?
Let’s start with the definition of market research. Market research is the process of compiling, analyzing and interpreting information about a specific market, including its products and the people buying and selling them. Basically, you have to do your homework! Sourcing and selling a product that no one wants to buy isn’t going to make you a dime, and that’s what you’re in this for, right?
Poor or incomplete market research can cost you significant time and money, not to mention result in failed opportunities and even unfortunate PR nightmares. Small startups and big national brands are both susceptible to this.
We know it’s super tempting to get swept up in the selling game. Some people simply get lucky in picking the right products. But to really succeed and not just be a flash in the pan —or yet another marketing fail— you need to invest in market research before you start selling. Here are 5 reasons why market research pays off and how it helps set you up for success.
Reason Number 1: Check Out the Competition
Market research allows you to size up the competition and see how you might stack up. Many US marketplaces are highly competitive, so looking at what your competition is doing can help you get a leg up and compete against them more effectively.
Examining your competitors allows you to:
Identify successful (and unsuccessful) products and business strategies
See competitor sales to determine your potential sales
Identify price points people are willing to pay
Find a profitable market
You’ll get great insight into what people want, how much they’re buying and at what price. This is all valuable information you want to know ahead of time to determine whether your product is feasible and if the market is right for you.
Reason Number 2: Learn About Your Audience
Once you’ve checked out your competitors, it’s time for more market research on your audience. What types of people are buying your product? Millennials, new parents, tech lovers? Make sure there’s a big enough buying pool to be profitable!
Identifying your customers also reinforces that the market is:
Relevant: Start with a simple Google search and see who’s talking about the product. Does it appear on news and social media sites or in chat rooms? You want it to be a topic of discussion.
Fulfills a Need: The more it fulfills a need, the more demand there will be.
Is in Your Niche: Do you know anything about the product? Do you know what its customers want and need? Today’s shoppers are super savvy and want to work with sellers who know their stuff.
Additionally, pay attention to changing consumer behavior and any product restrictions on your platform. And while taking advantage of product fads can be profitable, know that sales will typically fizzle out pretty quickly. If you’re in this for the long haul, fads aren’t what you want to hang your hat on.
Reason Number 3: Determine Operating Costs
When it comes to your hard-earned money, you don’t want to face any sudden surprises. So, keep on doing your homework! Research suppliers and determine your product costs before you start sourcing. What’s your bottom line? How much do you need to sell to meet your revenue goals?
Unexpected costs are going to pop up, but you can eliminate a lot of the guesswork and surprises simply by crunching the numbers ahead of time.
Reason Number 4: Develop a Better Business Plan
So far, your market research has shown you who you’ll be competing against, who your buyers are and what costs are involved. Now that you’re armed with this information, you can create a much better —and more successful— business plan. Use this information to:
Develop a competitive pricing model
Define your daily operations
Identify customer service needs
Determine marketing strategies
Pinpoint opportunities for company growth
If you jump right in, it’s way too easy to make silly errors and costly mistakes. You’ll also be operating based on preconceived and potentially outdated ideas and assumptions, not concrete facts and up-to-date numbers that you’ve actually seen for yourself. Jumping in too fast without doing market research can cause you to miss out on opportunities to make money and really make something of your business.
Reason Number 5: Long-term Sustainability
The popularity of ecommerce marketplaces has exploded over the past few years. Just take a look at this buyer behavior study! More and more people are buying online, which means you have a much easier entry into the marketplace.
Market research is even more essential if you want long-term success. There are countless success stories of everyday people becoming profitable sellers on Amazon, eBay and other ecommerce sites. How did they make it happen? They identified a need and fulfilled it. From there, they continued to grow and adapt with the market in order to make their presence known.
Primary information is first-hand data compiled from original sources. You can do this yourself or hire someone to do it for you.
Secondary information is info that’s already been gathered by someone else and is publicly available. This includes information published in newspapers, reports and journals or is freely available online.
Gathering primary information gives you direct control over the process. Secondary information is typically more readily available, but this also means other people have easy access to it as well.
How Viral Launch Helps with Market Research
Conducting market research can be time consuming, which is why some people skip it. However, there are many market research tools out there to help you! Take advantage of them to streamline and speed up the process.
If you’re interested in selling on Amazon, Viral Launch Product Discovery software helps you find products to sell using a variety of search parameters that are customized to meet your own unique needs. Find what worksfor you.
And if you already have a product in mind, run it through Viral Launch Market Intelligence product validation and market research software. You can see top sellers for your market, market trends, our expert analysis, cost calculations and more. This primary information is very valuable for making product decisions and just may change your mind!
You may be familiar with a Reverse ASIN* Lookup, a popular feature of many Amazon keyword tools. It’s a search that allows you to see every keyword that a single ASIN, or product, is indexed for.
Some people like to use Reverse ASIN lookups to do keyword research, mining their competitors’ listings for juicy, high-volume terms. But while this may seem like a great way to optimize your listing, it’s actually hugely problematic.
The Problem with the Reverse ASIN Lookup
Here’s the thing about a Reverse ASIN Lookup … It only shows you the keywords that a single listing is indexing for. So if you’re basing your keyword strategy on a Reverse ASIN report, you had better hope that the listing has every single relevant keyword for your product.
But wait, you’re running Reverse ASIN Lookups on 10 different listings? How could you possibly be missing keywords when you’re looking at a sample group like that? Well, where are you getting those listings? If you’re hand picking them yourself, what are your criteria for selecting each one? As hard as you try, your selection process is going to be imperfect and time-consuming.
The Keywords You’re Missing
For example, let’s say you select a handful of listings. Competitor listing A is indexing for 20% of all relevant keywords, and competitor listing B is indexing for 50% of all relevant keywords. Competitor listing C is indexing for 70% of all relevant keywords. But all three listings have a 90% overlap.
If you run a Reverse ASIN Lookup on these listings, you’re still missing 68% of the keyword landscape! That could mean thousands of dollars in missed sales. And that’s not even considering the search volume of the keywords you’re missing.
How it Should Work
Ideally when running a Reverse ASIN Lookup, every listing would be completely relevant to your product and have as little keyword crossover as possible with the other listings you’ve selected. They would span the breadth of your market, including unlikely search terms you may not ever think to look for.
But that’s not the reality of Reverse ASIN Lookups. And that’s the problem. Reverse ASIN Lookups are only as strong as the listings’ you input. The good news is that a solution does exist. It’s called a Reverse Market Lookup.
Reverse Market Lookups
A Reverse Market Lookup shares many of the same features as a Reverse ASIN Lookup with one major difference: the set of listings it pulls from. While Reverse ASIN Lookups depend on you to select the right listings for consideration, Reverse Market Lookups find that optimal set of listings for you, using advanced data analytics to scan as many as 10,000 listings.
Keyword Research is the only Amazon seller tool available that uses this advanced system for keyword collection. When you enter your product’s main keyword in Keyword Research, we immediately begin to scour Amazon’s immense catalogue to find all of your product’s most relevant keywords and markets.
We then run our Reverse Market Lookup on thousands of top ranking listings across a diverse range of relevant markets. Can you imagine the amount of time it would take you to find and evaluate thousands of relevant listings for your product’s market?
The beauty of Keyword Research and all the Viral Launch software is that you get thousands of data points analyzed and summarized for you at the click of a button. That means you get a comprehensive view of the market without having to do the work of collecting the information. Create a free Viral Launch account, and try out Keyword Research to see the power of the Reverse Market Lookup.
Want the power of Keyword Research and our Reverse Market Lookup but don’t have the time to write your own listings? Have our team of professional copywriters create optimized listing copy for you. Click here to learn more and sign up.
“Amazon Product Data: How to Interpret & Analyze” is an excerpt from Viral Launch’s Ultimate Guide to Sourcing Private Label Gold Mines ebook. Download the full ebook at the bottom of this post.
Interpreting and Analyzing Amazon Product Data
Sourcing tools provide A LOT of information! Having more data, assuming it is accurate and relevant, is always going to help sellers make better sourcing decisions as they research products on Amazon. However, that is assuming those sellers know how to interpret and leverage that information to inform their decisions. Here we will do our best to highlight all of the available data, what it means, and how it should influence your sourcing behavior.
Doing Amazon product research using Market Intelligence begins when you run a search for the product you have in mind. We highly recommend that you search the product’s most relevant yet basic term. For example, if you are searching for a vitamin c serum, don’t search “Vitamin C,” which is too broad, or “Vitamin C Serum for Women,” which is too specific. Simply search for “Vitamin C Serum.”
Identify what customers are purchasing for this search term
Knowing what is selling for a search term and/or product market is crucial. Imagine you wanted to sell some gloves to cover your hands while grilling, and you had a product like this in mind:
Well, when you search “grill gloves” or “grilling gloves”, you’ll find that more customers are actually looking for a five finger glove made of either silicone or another heat resistant material.
Sourcing the wrong type of widget for the search term you’re researching can have major implications. Sure, you can still sell the widget with different positioning that is more relevant to what is actually selling (in this case you would need to position your “grilling gloves” as oven mitts), but the market landscape for oven mitts may be completely different than for grill gloves.
You may have to sell at a completely different price point in a market that could be far more competitive. We’ve seen instances, much worse than this example, of sellers not knowing what is already selling when trying to enter a market. Most of the time, it ends with a much lower ROI than anticipated.
In conclusion, know the proper positioning of your widget, and sell a product that is very similar to what the market is already purchasing.
When it comes to analyzing a market, you may come across a listing that has abnormally high or low sales and/or reviews. Generally, in your market considerations, we suggest dismissing those listings as outliers. In our experience, these listings are not worth taking into account when performing your analysis as they are not representative of the market or what you should expect for your product. As you can see in the image above, the highlighted row has an astronomically high number of sales relative to those listings around it. Market Intelligence will automatically flag those outliers for you when you display Amazon product data in the Filtered View.
When it comes to Amazon product data, knowing the product category is crucial for estimating sales. Sales are estimated based on a product’s Best Seller Rank within its respective top-level category (ex. Home & Kitchen). Knowing the product’s category may also help you understand how other sellers are positioning the product. Finally, you’ll want to make sure that you know the requirements for certain categories and products requiring approval. Sourcing a product in a gated category without proper preparation will set you up for a headache down the road.
BSR (Amazon’s Best Sellers Rank)
What is it?
The Amazon Best Sellers Rank is a metric of a product’s sales relative to the rest of the market within a particular category. The top selling beauty product would have a BSR of 1. The second best seller would have a BSR of 2. This is very important for sourcing. Amazon product research tools use this metric to estimate a product’s sales by leveraging a proprietary algorithm that translates BSR to estimated sales. Market Intelligence shows a sparkline of BSR over the last 30 days to help give a quick view of how sales have trended for that product over the last 30 days.
Clicking into the BSR 30 sparkline will present a popup that shows how the Best Seller Rank has trended over the last 3-4 months for the product.
Looking at how BSR has trended for a particular product can help explain certain scenarios. For example, a sudden drop in BSR could indicate a promotional giveaway. In combination with the price trends, you may be able to explain fluctuations in BSR with fluctuations in price.
What is it?
The purpose of this metric is pretty obvious. Monthly revenue is calculated simply by multiplying the monthly sales metric by the current price point. Knowing what other sellers are grossing in the market is important for knowing what the top line revenue potential is for the market.
We strongly suggest not basing your expected sales on what the top 1 or 2 sellers in the market are selling. This suggestion goes back to not basing your expected results on any particular ASIN. We suggest taking an average monthly revenue from a few of the listings you feel confident you could compete with on ranking position, price, reviews, etc.
For example, I would expect to start-off selling around $10k/month in gross revenue based on this screenshot versus the $100k+ the top two sellers are selling at because they have very high review quantities.
Underestimating monthly revenue will do you much better than overestimating when calculating sales projections. It’s great to be optimistic, but this is an area where practicality will serve you well.
Price is an important metric for informing your sourcing decision in two ways: 1) If you have a revenue/profit goal in mind, knowing how much you can charge per unit will help you know how many units you will need to sell each month. 2) Price will allow you to determine your product’s unit margin.
While some markets are more price sensitive than others, price can be a major lever in increasing/decreasing traffic, but can also have a major impact on profitability. We’ve seen so many sellers source “higher quality” products which forces them to charge much more than the average market price. There is certainly a time, place, and strategy for doing this. However, from our observations, this tends to end up being a mistake, and the product struggles to match projected sales volume.
Make sure you can match the average market price with plenty of margin!
What is it?
Unit Margin is the amount of money Amazon will pay out for each product purchased (considering no returns and promotions). The unit margin takes into account Amazon’s marketplace referral fee (Amazon’s fee for selling on their platform), the short term inventory storage fee (charged based on the product’s dimensions), Amazon FBA order handling fee (calculated based on the product’s weight and dimensions). You also have the option to input your landed unit cost to get an accurate representation of associated variable costs. The bottom line “Margin” figure offers a glimpse into what you can expect to be paid out by Amazon per unit. Tip: Changing the landed unit cost for one product will apply the landed unit cost to all products shown in the “Top Sellers View” for your convenience.
Pay close attention to this field. For example, having the potential to drive top line revenue of $100k per month is fantastic, but let’s say the unit margin is close to $0, then that $100k top line figure is worthless as it won’t actually contribute to your bottom line. Another factor to be cognizant of is that the margin across markets can decline over time. If you find a market and product that allows you to have a comfortable margin, you will essentially have insurance for a profitable future.
What Is It?
Estimated monthly sales is an estimation of the number of orders a product has had over the last 30 days. Based on an enormous amount of aggregated market data, both historical and current, we’ve created a custom sales estimation algorithm that is updated and improved nightly. By observing a product’s Amazon Best Sellers Rank within a top level category, we are able to estimate the number of orders a product has seen. Part of our superior accuracy is our Composite Estimate. Looking at historical data, we provide estimated sales volume per day for the last three to four months.
Knowing how other sellers in the market are performing is critical to identifying the sales potential. Sales volume is the largest indicator for success in a market. Products with high sales volume are performing well, those with low sales volume are not performing well. Estimated sales act as an indicator for many scenarios:
Product Type: By being able to observe how each individual ASIN is performing in estimated sales volume, allows you to identify which types of products are performing well. For example, looking at a Fish Oil, observing which pill counts have higher estimated sales will help inform you which pill counts you should consider sourcing and which you should avoid.
Sales Potential: Let’s say the top 10 sellers are driving less than 100 estimated sales per month, is this a market worth getting into? Yeah, maybe if each unit is selling at $100 per unit ($100 * 100 = $10,000), but if you can only charge $20 per unit with a top line revenue of only $2,000 it’s likely not worth getting into.
Inversely, let’s say that the top 20 sellers are averaging over 1,000 sales per month (excluding other factors). That means there is high potential and considering other factors, this could be a great product to get into so long as you can cashflow the inventory.
What Is It?
Review quantity is one of the largest barriers to entry for a market. You must definitely pay attention to the review quantities of top performers. We’ve observed plenty of instances in which sellers enter a market due to high sales potential, but do not take into account the significance of the competition, and struggle to ever hit that sales potential.
Pay close attention to how review quantity impacts sales.
Do all top sellers have a high relative review quantity? If so, this is an indicator that you will need a comparative number of reviews in order to sell at the same volume.
Are there plenty of ASINs with low relative review quantity that are selling at a high volume? If so, you may have the opportunity to sell at a decent volume with a low review quantity. This is generally a great thing, but you want to be careful to know this definitively.
Are there only one or two ASINs that are selling well with a low relative review quantity? A warning to the wise, we would identify those listings as outliers, and would suggest not taking their performance into account. If you want help identifying outliers, we suggest clicking on the “Filtered View” where we attempt to programmatically identify outliers for you.
What Is It?
This metric displays the average review rating for a product.
While it is important to source a high quality product, knowing how other products are performing is an opportunity to know how your product needs to perform in order to stay competitive. For example, finding a product market with a low average review quantity (ex. Market average of 3.5 stars) could be an opportunity to source a higher quality product that customers are going to be satisfied with.
The savvy sellers will be sure to click in and read the reviews of many products in the market to learn what customers do/don’t like about current offerings as well as potential deficits and opportunities to provide a better experience. With that said, be mindful that your product updates/alterations do not cost too much on a per unit basis so as to drastically diminish your unit margins.
Who Owns the Buy Box
What Is It?
Here we denote what fulfillment method is being used, or identify if the product is shipped and sold by Amazon.
At the time of writing this piece, we feel that this metric should not have much of an impact in sourcing decisions. There are benefits to knowing what the competition is doing, for example, if many listings are fulfilling via FBM, are not Prime eligible, and economically it makes sense for you to fulfill via FBA, this may be an opportunity as shoppers and keyword ranking favor Prime eligible listings. There are also some concerns with trying to enter markets that are dominated by products sold by Amazon directly. These ASINs typically perform well and can be a bit more difficult to compete with.
Sales to Reviews Ratio
What Is It?
This is a simple ratio calculation of estimated monthly sales divided by current review quantity. We call this the “ROI Ratio”. We explain the importance of this metric later in extensive detail.
What Is It?
The Net Profit is an estimation of the payout the product produced over the last 30 days based on the calculation of estimated sales multiplied by the unit margin. (ex. $5.50 per unit *100 units sold = $550)
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Amazon Product data vs. market data
Interpreting and analyzing market data
The key metric to ROI
Plotting your course for success
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Amazon Product Research: Interpreting and Analyzing Market Data
Don’t you hate it when you’re ready to source your next Amazon product but you cannot come up with any good product ideas? Same.
By using Viral Launch’s new Market Intelligence tool, you can research and validate your product ideas through an in-depth analysis of different product markets. But, what good is a product research tool without any product ideas?
We’ll walk through some creative methods for generating product ideas, and by the time we’re through, you’ll have an extensive list of potential product markets to plug into Market Intelligence! With just a little bit of time spent brainstorming, you’ll be on your way to sourcing your next gold mine.
How to Generate Amazon Product Ideas
Before brainstorming product ideas, it’s important to understand the basic criteria of a successful Amazon product.
Goodproducts to sell on Amazon are typically:
Small, light, and durable for lighter shipping and manageable returns.
$10-50 typically for good sales numbers and margins on Amazon.
High-margin for a good return on investment.
Niche for a more specific audience and potentially higher conversions.
Not dominated by a name brand for more opportunity to grab market share.
These are just guidelines for your thought process but don’t feel like you need to stay inside a box of specific criteria. If you think of a heavy product with great margins, that product may be perfect for you. Now, you’re ready to brainstorm ideas.
We’ll go over three creative techniques to help you generate product ideas for Amazon FBA.
Alibaba Catalogs and Storefronts
Niche Discovery Method
10 Ideas Each Day
Alibaba Catalogs and Storefronts
Right now in China, a supplier is manufacturing a product that has potential to make you thousands, maybe even hundreds of thousands of dollars. It’s just up to you to find out what that product is!
A great way to discover product ideas is by looking through a supplier’s complete product offering. This can be found in the supplier’s catalog as well as on their Alibaba.com storefront.
First, send a message to Alibaba suppliers asking for their product catalog. Contact suppliers by running a search for any product and then clicking the Contact Supplier button.
Here’s the message I sent to about 5 or 6 suppliers:
Can you please send me your product catalog? I’m interested in sourcing a product, and I would like to look through what you offer first. My email is firstname.lastname@example.org. I’ll look forward to seeing what products are available from you.
Send a similar message, and you’ll get a document back containing every product offered by that supplier. This is a great source of product inspiration! For example, a knee brace manufacturer sent back a multi-page document showing everything they offer. Here’s one page from their catalog:
From this catalog, I found other product ideas, such as gymnastics grips (★★★★), lunch bag (★★★★), doormat (★★★★), and shin guards (★★.5). Many catalogs have a similar layout, and others will be a spreadsheet containing details about each product.
The product ideas you’ll get from catalogs may not all be home runs, but looking through everything a manufacturer offers is a great way to get your creative juices flowing. Once you’ve got a list of potential product ideas, plug them into Market Intelligence to discover which markets are duds and see if you’ve come across a gold mine.
Another similar method is to visit storefronts on Alibaba.com. Find these by clicking on the Supplier’s name in search results.
On the supplier’s homepage, you’ll see the products they offer. You can also navigate their products by the Product Categories tab.
As you’re combing through the storefront, you can plug the product ideas into Market Intelligence to research the market and determine if it’s a good fit for you. One cool feature of Market Intelligence is the ability to run multiple searches, up to ten, at once!
You may find that some markets are oversaturated, but with enough searching around, you’re sure to find your next money-maker.
With this method and the storefront shown above, here are some of the products I came across and did some quick research on: cosmetic bag (★★★.5), card holder (★★.5), ice bucket (★★★.5), and inflatable travel pillow (★★.5).
Niche Discovery Method
Put your thinking cap on. It’s time to discover some Amazon product niches. This method can help you find smaller product markets within more popular categories. You may find some golden nuggets, and you’ll likely come across some really goofy products. But bear with me here – sometimes finding the perfect niche requires thinking out of the box.
Get up, and go grab 7-8 items that fall within our “good Amazon product” specifications. As a reminder, those are products that are small, light, durable, $10-50, high-margin, niche, and not dominated by a name brand.
Today in the office, I’ve picked up a water bottle, straws, yoga mat, coffee cup, gloves, scissors, and a laptop case.
Once you’ve got your items, get out a piece of paper and a pen. Write down ten common product adjectives. You can choose your own, or you can use these examples:
Search Combinations on Amazon
run a search on Amazon for each product that you collected in step one, with each adjective attached to it. For example, I’ll search mini scissors, large scissors, bulk scissors, travel scissors, and so on. These search terms may seem a bit odd, but trust the process 🙂 Sift through the product results to see if you can identify a product niche within that search… maybe a product that you haven’t thought of before.
Don’t be afraid to veer off the path as you click through products and niches. You may just run into the perfect product opportunity.
When sifting through the search results for bulk scissors looking for interesting niches, I came across products like scissor caddy, rolling scissors, and desktop organizer. These are all potential markets that I wouldn’t have thought up on my own.
Here are some additional niche product markets that I came across in my searches:
Write down your list of niches. Now, some of these products are going to be horrible products dominated by huge review numbers or marginal sales. But that’s ok. Not every idea is going to be a home run.
After using this niche hunter method, you’ll have a solid list of product ideas for your Amazon product research. I even found a 5-star product 😉
Plug your ideas into Market Intelligence, our Amazon product research tool, and see if you’ve come across a winner. You’re now one step closer to determining what to sell on Amazon!
Want a tougher challenge? Head to your local Walmart, Walgreens, Target, or Home Depot and jot down the products you see that may be a good fit. Use Market Intelligence on-the-go on your mobile device, or go research-crazy when you get home!
10 Ideas Each Day
“You have to come up with a new way of thinking. A new way of having ideas, a new way of interacting with the outside universe. You’re in crisis, it’s time to change. Time to become an IDEA MACHINE” – James Altucher
James Altucher is a best-selling author, entrepreneur, and venture capitalist. Years ago, he found himself at rock bottom, so he started coming up with ideas to make a change. He would take his waiter’s pad, go to a cafe, and write down 10 ideas each day. Some were business ideas, some were book ideas, some were solutions to problems he faced. In doing this, James strengthened his “idea muscle,” and the results were twofold: he could always come up with ideas when he needed them, and he came up with some really good ideas.
To help you brainstorm Amazon product ideas, I want to challenge you to strengthen your idea muscle. You’ll come up with good ideas, and after some time, you’ll be a more creative thinker. Sit down each day without distraction. Pick a category, and write down 10 product ideas.
While this may seem easy, but you may discover that around number 6 or 7, your “brain starts to sweat,” as James puts it. Think about it: when you work out at the gym, the muscle-building comes after you’re comfortable. If you stop lifting the weight when it starts to hurt, you won’t see results. When you’re brainstorming, get past the difficulty and push yourself. And this is where you may find some of your golden nugget ideas.
And just like working out, you must make it habitual to make any sort of difference. Challenge yourself to do this every day, and after lots of practice, you’ll become an idea machine. Of those hundreds of ideas, you’ll likely find some ideas for good products to sell on Amazon after a bit of Amazon product research using Market Intelligence!
Here are some categories to get you started:
Coffee, Tea & Espresso
Camping & Hiking
Storage & Organization
Sports & Fitness
Research Your Amazon Product Ideas
After you’ve gone through these exercises, you should have a list of potential product ideas. Now, you’ll want to do some extensive research to determine which products will make the most sense for you and your Amazon business.
To understand whether or not a product market has potential, you’ll want to take many factors into consideration. These include, but are not limited to: average monthly sales across the market, possible monthly sales if you were to source this product, the sales/review ratio, sales trends, price and review count trends, the best selling period, and the number of reviews needed to sell well.
Sounds like a lot of research? Well, it is. It is crucial to do your research and understand a market before jumping in. If you go in blind, you’ll likely be blindsided and unsuccessful. But, if you know what you’re getting yourself into, you’ll set yourself up for success.
Luckily, Market Intelligence conveniently places all of the necessary information at your fingertips. You’ll understand where the market has been, where it’s at today, and where it’s headed. Recognition of potential downfalls, trends, and crucial data pays off considerably. After looking through Market Intelligence, you’ll be confident in your decision to source or walk away from that product.
Check out Market Intelligence for free and take the next step towards sourcing your next home-run product!
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