Amazon product research is the process that Fulfillment By Amazon (FBA) sellers use to collect information in order to determine the wants and needs of Amazon shoppers. Product research helps guide Amazon sellers in finding winning product ideas that cater to Amazon’s 300 million-plus global customer base.
Through proper data analysis, Amazon sellers can gauge the demand level of products across the platform and make informed business decisions regarding what products to source. Mastering FBA product research is the key to successfully selling your product on Amazon.
Amazon is the largest global online retailer, and it is pretty evident that its dominance and customer base will only grow in the coming years. Studies and analysis conducted by Statista have proven that more than 100 million Amazon Prime members pay a monthly fee to shop on Amazon in the US itself. These Prime members, on average, spend $1,400 a year on Amazon compared to non-Prime members, who only spend $600.
Irrespective of whether you have just begun your journey as an Amazon seller or are still searching for your first winning product on Amazon, it’s essential that you understand the correlations between success as an Amazon seller and how well you can do product research.
You need to have the right approach and framework for Amazon FBA product research to develop a good Amazon product listing. Amazon beginners don’t often realize how time-consuming and complex correctly doing product research can be. Even worse, most sellers fail because their approach to FBA product research is misguided. Most of them just copy existing products on Amazon and hope to get a piece of the existing sales. As many of them learn the hard way, copy and paste is a formula for failure on Amazon. Newbie sellers often fail on Amazon because their product lacks innovation. Anyone can sell on Amazon, but not everyone can trade successfully in every market. The difference between selling and successfully selling on Amazon lies in the efficiency of brand market research.
Here are a few tips that the sellers need to keep in mind while conducting product research.
- Demand of the Niche– Before you bring out your product into Amazon, you should be very particular about your product’s demand. You should conduct a proper study about the clamor of your niche on Amazon. Check for the sales of the competitors of your relevant domain to analyze the product’s demand. Apart from this, you should also be considerate of the seasonality. Make sure that the product you are planning to sell on Amazon does not fulfill only seasonal requirements.
- Competitive Market Analysis– When you plan to launch your product on Amazon, you need to be sure of the competition that the market has to offer. Your new product research should comprise of the reports of the competitor sales. Higher the competition, lower the chances of your product being successful on Amazon. You also need to have a futuristic approach and need to follow through analysis of the forthcoming competition.
- Innovative Approach– There are multiple products already present on Amazon belonging to any particular niche. You need to make sure that the product you are thinking of introducing on Amazon has certain edges over the other similar products already existing in the market. If you want your product to stand out from the crowd of similar products, you need to possess an innovative approach to showcase your product’s value to the consumers’ life.
- Authentic Costing and Sourcing– If you are planning to become an Amazon seller, you need to keep the quality of your product up to the mark, always. To maintain consistency in the product quality, your material should be sourced from authentic suppliers only. Sellers often ignore how crucial the consistency in quality is for their Amazon product listing, and they start losing their consumers. As a seller, you need to be considerate about the cost of your product as well. The sellers often keep their prices low to woo the buyers. On the contrary, the sellers should focus more on building their brand rather than keeping their costs under the bar.
- Restricted and Patented Products– As a seller, you need to check on any patents or trademarks before launching your product. If your Amazon product listing matches any patented or trademarked product, it’s likely to invite legal actions from the patent holder. While launching the product, you also have to keep in mind that your product doesn’t fall under the restricted products on Amazon. There are products on Amazon that require permissions before you can put them for sale. One should avoid selling such products.
- Helping tools– There are multiple tools available in the market for Amazon FBA product research like Helium 10, Jungle Scout, Viral Launch, and E Grow. Each one of the aforementioned tools functions on different product research methods and algorithms and gives different results. It is, therefore, advisable to use an amalgamation of the results of at least two of these tools. It is also suggested to take an expert’s opinion because you simply can’t afford to risk your business as a seller.
These are the points that you should definitely consider as a potential seller while doing the product research. However, you can always contact us in case of any doubts and questions. Sellryt has a dedicated team of professionals solely working in the domain of product market research. Sellryt has helped multiple sellers grow their business on Amazon by providing them consultation in market research for new product, and we aspire to help many more.
