eCommerce is a highly dynamic industry. Consumer demand for different items can change quite quickly. So it’s important that eCommerce vendors research products frequently in order to understand which products can bring them the greatest opportunities for sales and profits in select markets at specific times.
Understanding the demand levels for products in different marketplaces, and the different related costs and profit opportunities in each market can make a difference between a business being successful or going belly up.
What are the best products to sell?
There is no real answer to this question. Trends change, new products become popular, and seasonal items go in and out of style. Rather than focusing on selling the best items, we recommend you develop a strategy where you learn how to properly assess the value of a product.
When deciding on products to source, you should know each product’s:
- Demand level
- Selling price
- Monthly sales volume
- Seller competition
- Resulting profit margins
- Estimated expenses and fees
- Competition analysis
Looking all this data up manually is time-consuming and a drain on your resources. That’s why many sellers make the mistake of relying on their gut instinct and calculations rather than basing their decisions on actual data. Algopix makes it a lot easier for online sellers to make smart informed product decisions since the Algopix platform does all the heavy lifting, giving detailed product recommendations and detailed data in seconds.
Simply enter the name of the product or product identifier, your purchasing cost, and the markets you’re interested in, whether it be Amazon, eBay, Walmart, the US, Canada, the UK, or elsewhere.
Algopix gives a quick overview page like the one below, showing the market with the best profit opportunity, the demand level, the expenses, profit and summary of whether or not it is recommended for you to sell the product in that market given all the data that was found.
If you drill down further, you can see how every detail of the product, from its product identifiers to its dimensions are specified. Images are also provided. These figures can also be used to help you create your product listing.
Situations like these benefit greatly from having Algopix do most of your work for you. Having to look up all the information for each product on each marketplace could take a significant amount of your time, time that could be spent on other aspects of your business. Instead, you can make smart data-based decisions within just a few minutes.
Are you ready to improve your product research process? Try Algopix today, it’s free.
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