Did you know that average sales of more than $12,000,000 take place every single hour on Amazon? With more than 55% of online product searches happening on Amazon, this is one marketplace you cannot afford to take lightly.
The growth of online marketplaces has been remarkable.
In the US, Amazon alone accounted for more than 43% of online sales in 2016. As a seller, you have a huge market to tap but then doing it all alone can be tricky as well.
Do note that more than 300 million brands products are available on Amazon, but each one of them is not profitable. The key to reselling on Amazon is to find the most profitable brand name products on Amazon and sell them well.
Here are the Top Tips to Selling Brand Name Products on Amazon
1. Discover Best Selling Brand Products
Finding the top selling items on Amazon is relatively easy. Amazon helps you to understand the products which are selling well and discover market trends. When you make a selection of what to sell on Amazon, check out their key statistics.
Reviewing the sellable factors such as wholesale pricing and the Amazon seller fees is also crucial. Consider selling brand name products on amazon which offer you a target selling price in the sweet spot range of $10-$50.
Make sure your cost of product is a maximum of 35% of your planned sale price. If the product is in the range of 2-3 lbs at the time of shipping, it will help. Considerable higher product quality as compared to competition will also help your chosen products to sell well.
2. Review Competitor Brands
Once you have a selection of brands products to sell, the next step would be to review competitor brands. A product which is in demand and easy to source and ship can be one of the best brand products to sell on amazon.
Some key product statistics which make a product suitable to sell can have a best seller rank of less than 5000 and have less than 10,000 keywords searched a month. You can also consider products with fewer than 500 reviews and which can be searched with multiple keywords on the Amazon database.
3. Scan Product Listings
Login on Amazon and scan the product description in detail.
Product features such as popularity, shipping weight, product category, and present competition are important to consider a particular brand and its products. Prepare a checklist of the criteria and stick to it when you make selections on the possible products.
Prefer sell products on Amazon which can be sold at any time throughout the year. Customer reviews of more than 500 also signify considerable demand of the product in the market.
4. Look out for the Underserved Product Categories
Many times, the niche products sell really well. Think handmade items, traditional jewelry or custom trinkets may not be sold by the big sellers or Amazon. Lack of good competition in a product range can be the perfect entry place for a brand.
Also, check out if your brand product can be linked to or associated with a bestseller product. You must have seen the recommended products column in Amazon that showcases the associated products. The recommended section suggests the buyers to consider the showcased products.
5. Determine Sourcing Channel
Once your brand product is identified, you need to source it.
Alibaba is one of the most suitable marketplaces to source your brand name products. If you can follow this route, you will end up sourcing quite inexpensively.
Wholesale marketplaces are another place for sourcing your brand name products. You can easily find them by browsing on google or checking market references. They may be easier to source but probably costlier than sourcing from Alibaba.
You have indeed planned, sourced and implemented the marketing campaign well to sell your product.
At this time, low sales or a cutthroat competitor can be quite disastrous.
Doing a detailed, in-depth market and product research will help you identify how you can grow your business by selling brand products on amazon.
The study will assist in understanding the market and customer behavior which reflect in numbers. It will help you to create positive customer experience and have successful repeat brand product sales. As a seller, good reviews and repeat customers will support you in having a sustainable and profitable business.
The Algopix Team