The Amazon platform allows you to open your online store in the U.S., get access to customers worldwide, and delegate all organizational issues to the service. Although it is a perfect way to build a successful business online, a lot of startups do not make a profit there.
The first issue faced by businesses when opening their accounts on Amazon is: “What is the best product to sell to get the maximum income and minimize risks?”. The thing is that top-rated Amazon sellers use a number of helpful digital tools to make their business successful. In addition to Amazon product analysis tools, there are a lot of other useful techniques that can help newcomers choose the top product to sell. In this article, we’ll review all of them in detail.
Top tools to choose the best product to sell on Amazon
The right choice of the product is the decisive factor for a newbie who’s starting a business on Amazon. The kind of product you sell determines how profitable your business is going to be. Choosing a high-demand product and reliable suppliers is where you should start your business on Amazon from.
Yet, it could be challenging to make the right choice in a highly competitive environment. If you plan to build a thriving business on Amazon, let’s have a look at how to do it in the shortest terms.
The problem of choosing a product to sell on Amazon has become notorious in recent years. A few companies have already developed Amazon research software designed to simplify the issue of searching for top-rated goods. Thus, startup businesses can use one of the tools to carry out an Amazon product analysis, find goods with high margins and low competition, predict possible risks, and develop an efficient marketing strategy.
Besides, such utilities can help you calculate your potential profit per unit, RBA fee, ROI, and monthly profit. Along with the accurate database updated on an hourly basis, you will get a catalog of trending products and product tracker Amazon to create your own lists.
Making a list of potential items to sell on Amazon is one of the well-known techniques of selecting a product. The point is to choose the product according to specific criteria: the price ranges from $12-40, the number of reviews is over 300, the BSR rating is lower than 7000, etc.
Whatever settings you choose, it will eventually come down to a large table in Excel. This approach facilitates the systematization of data. Once you analyze several product groups in a tabular way, you will see the general market tendency. In addition to the main product, you can also choose a couple of potential items to sell on Amazon.
Ask a supplier
Talking to a supplier is another way to find the best product to sell on Amazon. It is beneficial for those who have already launched 1-2 products and are looking for other ways to increase their turnover.
For example, you have found a reliable supplier. They deliver high-quality products on time and never want to increase prices. You can request a catalog or a list of products that are currently on demand. Such information could be a source of new product ideas.
What are the indicators of a good product?
An efficient method of choosing the product is half of your business’s success. Whatever your product research for Amazon is, there are also several indicators that your product has to meet. The most important ones are the following:
Ordering a small item is much more convenient than a large one. Being a seller, you can not only save money on the delivery of goods but also on their storage. Besides, a lot of customers on Amazon prefer ordering small and cheap products that are easy to deliver.
There is no need to set up a high price to boost your revenue on Amazon. The average price for goods of the most renowned businesses on Amazon starts at $15. The point here is to find products that are currently on demand.
The best products for sale on Amazon are those that will not break upon delivery. If you choose goods according to this criterion, you will get rid of the need to pay compensation for the damaged products.
It is better to have your product purchased all year round. This will simplify your logistics, and you will be able to keep your sales rating stable. Seasonal products are good to sell when you have enough selling experience.
This is one of the main factors of choosing a product that you want to sell on Amazon. Even if you follow all the criteria listed above, your goods may still be uncompetitive. Thus, you will not make your business stand out from the crowd.
Is it worth selling a product similar to the one that has already flooded the site? Yes and no. You need to find a balance between the popularity of the product and the number of retailers that sell it to come to the right conclusion.
Choosing the product that you will sell on Amazon is an essential step. Your attention, creativity, ability to analyze your potential audience and evaluate the demand are the fundamental principles that determine the choice of a successful product. And it all affects the volume of sales and the size of your income.
Yet, the main things to keep in mind are the idea and efficient strategy of your startup. Look for the original items, review the top sellers, watch and read famous bloggers and customer reviews. Discover the things that people like or lack to make your business powerful.