Amazon Product Research
The process of deciding which new product might be successful, and what will be the best way to develop and sell them consistently.
Our product research should be a fine reflection of a market and include products that will be the business building soon.
Product research helps us to identify the aspects that mean to customers, such as price, design, competitors, market trends, etc.
What is Amazon product research?
Amazon product research is a summarized data of facts that includes market trends, product prices, ranking of the product, category, analysis of competitors, etc. It will help to find a profitable product on Amazon.
With more vendors and stricter sale practices, it is crucial to recognize the old tricks of finding goods poorly to cut in the current setting.
You should create a list of the best-selling items on Amazon that you want to sell. Then, look at which are not selling well. It is a crucial move because you would never want to skip it.
Moreover, you could get very good products from Chinese manufacturers, these shouldn’t be taken as to sell and needed to establish the exact level of quality you expect. In fact, you have to check if they delivered what was you like or need until you are comfortable enough with them to check them every time anymore (although it is always best practice to have every shipment checked, of course, as you’d also want to know what you are selling to allow for longevity of the operation and satisfied customers).
Why is product research the most important?
Product research is a feasibility report that must be created before launching any product. It is like pre-strategic work. With an increased number of sellers, there must be a proper way to compete with them at any level. Evaluation is the foundation of any business.
– To fully comprehend all aspects of a mission, idea or strategy.
-To become aware of any possible issues that can arise during the project’s implementation.
-To decide if the project is viable. That is worth pursuing after considering all relevant factors.
The attitude of Product Hunter
Can Do, Will Do! Creativity!
Product researchers should be dedicated and committed to their tasks. They must be active and well know about the proper criteria for hunting a product. It might be a lengthy process so a researcher should be calm and patient. Can-do attitude & Will attitude is the base of product hinting.
Creative research distinguishes between creative production that refines existing knowledge through adaptation of convention and creative production. It generates new knowledge through interrogation/disruption of form. Innovation, continuous cooperation, and inter/trans-disciplinary or hybrid praxis are basic characteristics, challenging traditional rubrics of evaluation and assessment within traditional academies.
Lead Factors of Healthy product opportunity
1: Huge demand
2: Lightweight items (<5lb)
3: Decent profit margins (15-30%)
4: Small items dimensionally
5: Low competition
6: Products with room for improvement
7: Low seasonality/Perennial Products
8: No legal issues
9: Products ≥ 15 dollars
– No legal problems: Avoid picking up products that have trademark or legal issues.
– Non-seasonal or Perennial product: The product must be non-seasonal that may be effective over the year.
– A price that is greater than 15 dollars: You can easily increase the ability to make millions of dollars through sales by having a higher price per unit.
– Lightweight and small: These types of products tend to generate better sales than the ones that are not.
– Reasons: lower shipping charges, and reduced storage.
– Room for improvement: If you can choose a product that can perform better than your competitors, then it increases the chances of making more sales.
Enumeration of Amazon product research Requirements
● The product price should be $15-$40.
● Daily sales =10 units minimum.
● Best Seller rank must be 5k minimum and maximum 50k but we can consider less than 5k in a conditional situation.
● The search volume of related keywords is almost 50k but we can consider even very low search volume in a suitable situation.
● Non-seasonal products. Strictly prohibited to sell seasonal products.
● 10 products with less than 50 reviews on the first page.
● Small and lightweight products max.5lb.
● No brand names or trademarks are associated with the product.
● Profit margin minimum 15% and maximum 40%.
● Quick and easy product sourcing from China.
● The product should not be fragile or something that leads to a dangerous zone.
● Ability to expand your brand with related products.
● Can make a superior product over similar products in the market.
● The product encourages recurring purchases.
● The product should not have any legal issues.
Products that are not permitted
● Animals & Animal-Related Products
● Fine Art
● Automotive and Power sports
● Composite Wood Products
● Cosmetics & Skin/Hair Care
● COVID-19 Supplies
● Currency, Coins, Cash Equivalents, and Gift Cards
● Dietary Supplements
● Lock Picking & Theft Devices
● Medical devices and accessories
● Offensive and Controversial Materials
● Pesticides and Pesticide Devices
● Plant and Seed Products
● Postage Meters & Stamps
● Recalled Products
● Recycling electronics
● Subscriptions and Periodicals
● Surveillance Equipment
● Tobacco & Tobacco-Related Products
Other Restricted Products Refrigerants:
● Ozone-Depleting Substances and Substitutes
● Hydrofluorocarbons (HFCs), Perfluorocarbons (PFCs), & Sulfur hexafluoride (SF6)
● Cleaning and Disinfecting Devices
Appropriate ways to perform product research
There are two modes to do product research
We can search and find a product by using the Bestseller list, New Releases, Movers and Shakers, and Exploring the Stores of different brands. Amazon Launch Pads are another source of finding a product.
Manual Research can be done by exploring different e-commerce platforms. We can explore various platforms to get a product i.e. Pinterest, Wal-Mart, eBay, Ali express, & Ali Baba.
Automatic research is based on tools, we can use different tools by finding a product, such as a black box of helium 10, Product discovery of viral launch, and Product database of Jungle Scout, etc. we use their filter and put specific data as per criteria and run automated research for a specific niche or select all categories which are effective in some conditional situations.