Amazon sellers’ hot product selection strategies and blue ocean market profit model exploration
For Amazon sellers, hot product selection is one of the key factors that determine whether a product can sell well. However, how to accurately grasp the potential needs of consumers, assess the market capacity of the target group, and use Amazon’s internal AI big data to accurately select products has become a common challenge faced by sellers.
Consumer demand and trend analysis tools
Dollar Street
For most domestic Amazon sellers, it is not easy to directly understand the living environment of target customers. But the Dollar Street project offers sellers a window into the world. Through this project, you can observe an overview of representative family life in various countries around the world, including information on living environment, indoor furnishings, favorite items, etc. For example, by observing the different foods stored in the refrigerator, sellers can roughly analyze the consumption level of customers; and for those sellers who pay attention to home storage, the slightly messy food arrangement in the refrigerator hints at potential business opportunities.
Answer The Public
Problems generate demand, demand generates markets, and markets create transactions. In order to help sellers better discover customers’ problems, the “Answer The Public” website came into being. The website uses core keywords as etymology and collects a collection of questions that match users. Sellers can mine problems and related information from users across the entire network through its search algorithm. For example, after entering a target keyword in the search box, the system will display various questions related to it, including but not limited to different types of questions such as special questions, prepositional sentence patterns, comparative sentence patterns, and related sentence patterns.
Google (keyword) Trends
Google Trends is one of the free tools commonly used by Amazon sellers. Through it, sellers can check the search popularity changes of a certain keyword in different time periods to determine the market demand trend. For example, taking “Diaper” as an example, it can be seen from one year’s data that its demand is relatively stable, with a slight increase at the end of the year; extending the time span to five years can better reflect the overall stability of the industry. . In addition, by analyzing the popularity distribution of keywords in different regions, sellers can also locate target markets with greater demand.
Notes on selecting popular Amazon products
Many sellers may have doubts after learning how to mine the target market: Can real hits be found in all categories? In fact, not all categories are suitable for pursuing explosive products. Hot sales mean selling thousands of orders per day, but this often requires a large investment of time and money, which is often an unbearable burden for small sellers. Therefore, when choosing a category, you should not blindly pursue hot hits, but should consider more practical factors.
“10x10x1 rule”
For novice sellers or small businesses with limited resources, the “10x10x1 rule” provides a more stable profit model. The core idea of this rule is that in a blue ocean category or vertical market segment, we do not pursue high profits or large sales of single products, but ensure that each product sells at least 10 pieces per day and the net profit of each product reaches 10 Around USD. In this way, a single product can create a profit of about US$100 per day. If you can find 3-5 similar products in the same category, the total daily income will reach between 300-500 US dollars, which is already a pretty good income level.
Adopting this strategy not only reduces the difficulty of promotion and reduces the risk of failure, but also with the in-depth understanding of specific fields and the continuous creation of new brands, it will eventually achieve economies of scale and bring more considerable returns.
To sum up, whether it is using external tools to gain insight into consumer needs or formulating reasonable product selection strategies based on one’s own actual situation, it is an indispensable part of the success of Amazon sellers.