“30% depends on operations, 70% depends on product selection” is a common saying among Amazon sellers. As an Amazon seller, only by choosing the right products can you increase the possibility of explosive sales. So how do we do a good job of product selection?
Amazon product selection ideas:
1. Avoid product selection minefields
There are many minefields in Amazon product selection, such as small market capacity, strong product seasonality, large product weight or volume, complex product process and high production cost, little product differentiation, etc. These are products that are very prone to accidents, and we must avoid these minefields.
2. Market research
When we choose some suitable products, we must do a good job of market research. For example, what pain points or improvement suggestions customers have who have purchased similar products, the common and high-frequency search terms for the product on the target site, the product market segmentation status, the product price range, etc. All of the above questions can be checked through the Amazon Captain’s market research tool.
3. Cost calculation
The cost of your products is a concern for every Amazon seller. The high or low manufacturing (purchasing) costs, FBA warehousing costs, logistics costs, after-sales costs, etc. are all "huge mouths of the abyss" that swallow up sellers' profits. Some sellers do not pay attention to cost calculation and end up just working for others - a waste of time.
4. Profit calculation
Product profit accounting is not much different from cost calculation. It is mainly based on the pricing range of Amazon products minus the cost to finally get the profit margin of the product. Generally speaking, products with higher gross profit margins can be priced more flexibly, helping with product promotions, etc.
There are several general methods for selecting products on Amazon:
1. Market-oriented method: For example, the high-quality store hybrid replication method, the BestSellers two-stage selection method..., which can quickly select products that have been tested by the market.
2. Platform migration method: For example, you can sell a hot-selling product on a certain platform on platform B. If you happen to find that the popularity of the two platforms is not synchronized, and at the same time analyze that the product also has demand on a platform that is not yet popular, you can quickly enter, create, and promote it.
3. Supplier recommendation product selection method: Compared with sellers’ familiarity with the market, many industry suppliers are just as familiar with products and markets. Therefore, as sellers, it is very necessary for us to communicate more with suppliers and ask them for advice.
4. Product selection method in order-brushing groups: Whether it is a Facebook order-brushing group or a order-brushing group, you might as well join in and take a look. It can greatly increase your product selection perspective.
5. Product selection method at exhibitions: You can go to exhibitions, especially large exhibitions, such as the Canton Fair. Large exhibitions can often discover high-quality potential new products, and some products can even lead the market trends in the new year. Therefore, proper exhibition visits are an indispensable channel for selecting trendy new products.
This is the end of the knowledge about Amazon product selection in this issue. If you want to get more information about Amazon product selection, please pay attention and we will continue to answer you~
