After understanding the market, you need to research the product’s price, ranking, comments, inventory, trademark, picture, name, description, packaging, link, ASIN code and other information to further understand a product in all aspects and see if it meets the seller’s product selection requirements. Among them, there are several key points that need to be analyzed in detail.
(1) Analyze the product’s price.
This price includes the price of the product added to the gold shopping cart. Price is directly related to cost. Only when the unit price of the product meets the seller’s store positioning is it worth the seller’s time to further study the product. In addition, some large products may be very popular (such as sofas), but their size, cost and logistics costs will also be very high, which ordinary sellers cannot afford. In this case, such products can be directly abandoned; if the market price of the product is too low, there may be no profit margin, and the seller does not need to study such products in depth.
(2) Analyze the product sales ranking.
The product sales ranking is the most effective reference indicator to reflect product sales. Through product sales ranking, sellers can know the sales position of their products in a certain product category (the higher the product is, the more competitive it is), and can also evaluate the overall market capacity, thereby judging the degree of competition in a certain category. If the seller’s product can rank in the top 100,000 of the major category, the top 10,000 of the secondary category, the top 1,000 of the tertiary category, and the top 100 of the quaternary category, it means that this is a very good product.
(3) Analyze product reviews.
The growth rate and content of the number of product reviews are of great reference value. When a product is in the peak season or popular season, its sales will increase, and the corresponding growth rate of the number of reviews will also accelerate. In addition, by analyzing the content of competitors’ reviews, it is also more conducive for sellers to discover the quality of the product itself, whether there are defects in the design, etc., so as to understand the deep-seated demands of customers and avoid or improve them in the research and development stage. However, if the star rating of product reviews is generally lower than 4 stars, it means that this product has many defects, and sellers do not need to consider it as a product selection object.
In addition, sellers can combine product rankings with reviews for comprehensive analysis. If both data increase together, it means that the sales volume of the product is increasing, and it is a hot-selling product with good overall strength; if only the number of comments increases, but the product ranking decreases, there may be fake orders. If this happens, the seller needs to wait and see about this product.
(4) Analyze the inventory of competitors to infer sales volume.
Amazon respects the privacy of buyers and will not disclose detailed records of a product’s sales volume on the front end of the web page. The sales volume of a product is also closely related to its ranking. If a new seller wants to know the market sales volume of a certain product, he can infer the inventory of competitors by adding the product to the gold shopping cart, thereby evaluating the overall market capacity of the product.
In addition, if a product has a relatively high sales volume over a period of time, but the number of comments is relatively small, this product is worth paying attention to. Because it may be a product with great potential but has not yet become a hot product.
(5) Analyze whether the product has a registered brand and whether it can be copied.
Sellers need to pay attention to whether the product is a branded product and whether it has a registered trademark. If there is brand protection and the seller wants to be an agent for sales, he can communicate with the seller who is currently selling to see if he can get the agency rights or authorization letter. New sellers do not have to choose the same product, they can find similar products. “Find similar products” here does not mean that new sellers should find counterfeit products, but suggest that new sellers can develop products with different appearances but the same or similar functions, or upgrade products.
(6) Pay attention to whether the product needs certification.
Some product categories are special, such as some baby feeding products, which require mandatory product certification before they can be listed on the Amazon platform. If the seller does not meet the certification requirements, they will not consider selecting products. By analyzing various data of competitors’ products, sellers can determine which products have just been launched, which products are in the growth or maturity stage, and which products are in the decline stage. If it is found that a certain product has many sellers in a certain sub-industry and is almost monopolized, the seller can bypass it and study other product markets. Only after the seller has a good grasp of the target market of the product, can he carry out subsequent development links such as sample evaluation, procurement, and improvement, which will be of great help to the store operation.