How to Find Perfect Products to Sell on Amazon?
Truthfully, there is no perfect product to sell on Amazon. However, there is always a product better than what you are selling now! How to find it? Here are some useful tips.
Many people who are trying to earn money on Amazon spend a lot of their time on doubts. Will it be profitable to sell this product? Will I be able to compete for sales? Do many people sell the same amount? Stop wasting your time on these doubts. Follow our advice!
Simply Ask Your Supplier
This is the easiest way, and by taking advantage of it, you can get very important and unexpected information from it these interactions.Your supplier is not a seller, so he looks at the market from a different point of view. This is useful! If you don’t use private labeling currently, but are interested, ask your supplier: Is it possible for your product to be private labeled? No one wants competition, and this is a great way to limit it!
See What is Already Selling on Amazon
This also seems quite simple. Is it not? Keep track of what others are selling. Using that info, perhaps you can find a supplier for the same product from China. Next just slap your trademark on it, and viola! The money is rolling in! Skeptical of its simplicity? Well, you’re right: it’s not so simple… so what is the solution?
Learn How to Work With Metrics
It is impossible to succeed on Amazon without analyzing indicators such as BSR (Best Sellers Rank), RPR (Revenue per Review), LQS (Listing Quality Score), and many others. These are the metrics that can be used to find out which products sold better, which of them can be predicted to show good results soon, and how high this item will be on Amazon’s search page.
No successful seller on Amazon can manage his business without doing such an analysis. Only with its help will you be able to understand where your sales are, and why they are trending that direction. Most importantly, this information can help predict your results in the near future.
Now that you understand the importance of these metrics, what is the solution? How can you gather these crucial elements them simply and effectively? We recommend AMZScout. This extension from Google Chrome will save you time from switching among many other applications for the same results. AMZScout retrieves key metrics without even having to open a product page. With a click of a button, you will know weight of the product, details of shipment, the number of reviews, its average rating, and even warranty information. This application can even find out your competition’s sales results! It simply shows you the minimum prices, a calculation of FBA charges, average rating, and number of reviews for each product. It also makes taking the information on the go easy by an simple export to a CSV file.
By the way, AMZScout is free for first week of use.
Choose an Optimal Price…
The optimal price for items listed on Amazon is between $10-$60. Why so? On the one hand, a price closer to the top limit mentioned means a higher revenue. On the other hand, people tend to make impulsive purchases closer the lower limit.
Try to choose goods that will be only 25% of your final sale price. This ration can guarantee you will be able to cover all your charges with a profit.
…and Optimal Category
If there are no well-known brands in this category on Amazon, then competition will be smaller. If products similar to yours on the first search page have less than 50 reviews - it will not be difficult for you to get there.
One last tip: never choose seasonal products. If you want a stable income, sell what people need at any time of the year. An alternative to this is to trade only what’s relevant during the current season.
Look for a low-weight product
The weight of a product greatly affects its final price. Therefore, heavier goods often are not as profitable when sold/bought over the Internet. The heaviness increases costs of delivery from the suppliers to the Amazon warehouse as well as affecting Amazon’s charges. Why incur the extra expenses?
Is it on eBay?
The product you are interested in can be found on eBay? Good! It means that it’s market is certainly large. Therefore, you can compete for a place in it.
Can the product break down during shipment?
This should be a legitimate concern when finding a product. Do not choose fragile products. It is also not advisable to trade electronics. The presence of moving parts is an occasion to think about whether such a product suits you. Fragile items prompt unnecessary problems.
…and the last tip!
Try to always work with large groups of a variety of products. Choose 10-20 items of a medium level- products without too much competition that also have a steady demand. Don’t be afraid of trying out new products and checking out bold ideas.
With all of this in mind, You will succeed!