The best way to do Amazon product research involved a number of steps.
1) understand what makes a good product for you to sell: is it a seasonal product or a year-round product (the latter is preferable, of course); can you manufacture it yourself? And if so, at what cost? Remember the product’s cost to you should amount to 25-35% of your selling price objective.
2) sell what sells, not necessarily products that you like or want personally: remember, numbers don’t lie. Use a platform like Algopix to discover what are the best-selling products in different marketplaces, as well as competitor analysis and under valuable product research insight.
3) Sell a product in a field you are proficient in: it’s better to sell something you are passionate and understand, than a product you have to make all sorts of studies of. Being knowledgeable also helps in replying to customers.
4) Do competitive analysis: what are your competitors doing, and where? How are they displaying the product, describing it? Glance at the product’s Amazon’s Best Seller Rank: looking at a product’s BSR can help gauge the popularity of a competitor’s item. It’s not the most vital data, but it’s an indicator as to where similar products are ranked – and in which categories, a fact which can help you slot your own product, when it comes time to picking out categories for it.
5) Study identical products on Amazon and their attributes:
- Item pricing: should hit the soft spot between $10 to $50.
- Product dimensions and weight: Keep the size and weight to cut down on your shipping costs
- Customer reviews: The more customer reviews a product has, obviously, the more popular it is – provided, of course, that the majority of reviews are positive
6)What are the potential shipping costs – they will be lower if your products are small and lightweight, vs. large/bulky or heavy.
7) Decide from where to source your products: You can buy products from an online source like Alibaba, or wholesale marketplaces locally or online.
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