In a market saturated with industry giants, weaving a successful selling business online mostly involves chasing after niche markets with less competition. It’s recommended that smaller sellers look into Amazon’s subcategories for popular items sold by a limited number of other sellers.
However, with how fast the eCommerce market changes, choosing products to add to your inventory as a seller can be a challenge. Rather than relying on dated advice from old articles, your best bet is to do current research into what customers are most likely buying in your region.
For example, some of the metrics you should keep track of include:
- Market price
- Shipping and taxes
- Seller competition
- Projected demand
- Sales performance
Algopix is an Amazon research tool that can help track these figures in for whatever products you are researching. For example, say we can buy a luxury watch at $300 and want to know where to sell it. Algopix calculates a recommendation for several Amazon and eBay marketplaces and generates a graph like the one below.
In this example, we can see that Amazon Germany and UK are the best places to profit from this sale.
As a seller, it’s essential that you are able to satisfy your KPIs before sourcing any product. With actionable data, you will be able to sell products knowing that legitimate demand exists for them, that you can profit from them, and that you are capable of competing against your competition.
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