Amazon is the biggest online retailer in the world that sells approximately 400 million products. With such an extensive pool of products, sorting out what to sell on Amazon can be quite challenging.
It takes a lot of time and research to find the right niche, which will eventually help you earn the desired revenue. However, when you are equipped with the right knowledge, you have ideas as to what direction to choose while looking for the right product.
Why Sell on Amazon?
The primary reason why people sell on Amazon is that it allows you to reach a global customer base. Another exciting aspect of being an Amazon seller is that you can make a lot of money by doing less. If you manage to pick the right product, showcase it properly, and implement a strong advertising strategy, you would be earning a lot of profit by being Amazon seller.
The first step is to find the right product and in this article, we will guide on how to find the right products to sell on Amazon.
1. Determine the Profitability of a Product
When it comes to determining the profitability of a product, you have to consider three prominent factors – wholesale pricing, shipping costs, and Amazon seller fees. In order to maintain a reasonable cost, try to follow the below criteria while finding the product –
- Keep the target selling price between USD 10 to USD 50.
- Pick a lightweight product (2 to 3lbs) to save on the shipping costs.
- Cost of the product should be 25%-30% of the target selling price.
- If you pick everyday use items, they are more likely to sell throughout the year
- Use better quality products as opposed to your competitors.
2. Leverage Amazon Keyword Research Tool
Thorough keyword research is another approach that you can take to find out what is selling on Amazon. There are many keyword research tools available such as SellerMotor, SellerApp, Kparser, etc. These tools will help you determine the demand for various products and show you their search volumes. Moreover, by leveraging the right keyword research tool, you will be able to identify the number of people looking for particular products and figure whether that volume is worth considering.
3. Consider the Top-Selling Items
One of the popular ways to look for profitable products on Amazon is to look at the Amazon bestseller list in various categories. This list will help you get a clear idea of top products that are selling on Amazon.
Of course, it’s overwhelming if you have to browse product on amazon one by one. An easier way would be apply pre-set filters embedded on product scout tools like SellerMotor and Jungle Scout. Use filters including price, sales volume, review ratio, etc., you will get all the product ideas that match your needs and preferences within just a few clicks.
Once you have found the product that is already selling and aligns with your interest, you can contact the supplier that is already in the market and just sell the product with your label and packaging on it.
When you choose private label products, you don’t have to come with something new, thereby reducing the risk of failure. If you pick a popular product and create an improved version of the same, you can boost your profit-earning opportunities. While it allows you to earn more, creating and selling something new on Amazon comes with a high degree of risk.
4. Go Beyond Your Passion
When it comes to selling on Amazon, you are likely to go with products that you are interested in selling. When it comes to selecting the right products, you have to look beyond your interest. Along with the kind of products you are selling, you must also consider how you plan to sell and to whom you will sell. When you start to look at different criteria, it will help you in determining the potential of a particular product.
5. Analyze Your Competitors
Competition analyzing is an important aspect of finding the right product on Amazon. If your competitors are gaining thousands of review, it will be extremely challenging for you to compete with them. You will have to work for years to that kind of review of your products.
As beginners, you should focus on competitors with a reasonable amount of reviews- say around a few hundreds. So when you look at the top-selling items, also consider the kind of reviews that they have. There are plenty of tools like Jungle Scout, SellerMotor, Sellics, etc. that can help you to assess your competition and make a reliable decision properly.
6. Selecting the Right Source of Products
Once you have completed your search on what products to sell on the marketplace, you need to consider how you plan to source the same. Following are the two popular sources where Amazon seller start their product search –
- Wholesale Marketplaces – Wholesale marketplaces are an excellent way of sourcing your desired products. These are located in every major city in the United States of America, and they are centred on the imaginable industry. Google the nearest wholesale market and you would come across all the relevant results. Some of the popular wholesale markets in the US include NY NOW Wholesaler Gift and Home, Dallas Market Center, Las Vegas Market, and Los Angeles Gift and Home.
- Alibaba – Alibaba is another popular source where sellers get their products. It is an international hub where you can source goods at an inexpensive rate. Here you can simply type the keyword for particular products, and a whole list of potential manufacturers and suppliers will appear. You can look at different costs that will require making the product and assessing other types of popular products that are available for sale.
There you have it, some of the best ways to find the right products for your Amazon business. It is important that sellers invest the right time and effort to research their product options. Amazon is an extensive and highly competitive marketplace; without the right product and strategy, a seller would not be able to make the desired profit. Therefore, it is important to assess different approaches, evaluating the options and pick out the one that best aligns with your end-objectives