Amazon is one of the largest eCommerce platforms in the world. There are millions of buyers purchasing products on the platform each day. With the vast competition on Amazon, making it as a small seller generally involves avoiding high-traffic categories with large numbers of sellers and lower profit margins and instead, trying to find products to sell to niche audiences. If you want to succeed on Amazon, you need to learn how to identify products that are worth of your time. Amazon conveniently divides its listings into categories and subcategories. Take some time to explore niche subcategories with a high buyer to seller ratio. It’s always recommended that you try and stick with products that you are familiar with or at least that are easy to understand their use and value proposition. Remember, sometimes it’s not about the products that sell well now, but rather the ones that will potentially sell well later. If you can identify a trend in consumer demand, you have a chance to get on the bandwagon early. Scan your competing sellers in your industry and see how they approach their sales. Imagine if you had a few products that you were considering to sell. Ask yourself these questions:
- How do you know whether they’ll sell?
- How do you calculate your profit margins?
- Find the average selling price of the item on either Amazon or eBay?
- How do you determine your shipping fees and marketplace expenses?
- Calculate your profit margins?
- Determine how likely you will land a sale considering average sales figures?
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