After understanding the market capacity and trends of the product, Amazon sellers also need to conduct research on the product’s price, ranking, comments, inventory, trademark, picture, name, description, packaging, link, ASIN code and other information to fully understand a product and determine whether it meets the seller’s product selection requirements.
(1) Analyze product prices
Analyzing product prices includes analyzing the prices of products that have won the gold shopping cart. Product prices are directly related to profits. Only when the unit price of the product meets the seller’s store positioning is it worth the seller’s time to further study it. If a product is very popular, but the volume is too large and the logistics cost is very high, it is unaffordable for ordinary sellers. You can give up directly. If the market price of a product is too low and there may be no profit, such products do not need to be studied in depth.
(2) Analyze product ranking
Product ranking is the most effective reference indicator for reflecting product sales. By analyzing product ranking, sellers can understand the position of a product in a certain category. The higher the product ranking, the more competitive it is. In addition, product ranking can also evaluate the overall market capacity and determine the degree of competition in a certain category. If a seller can rank a product in the top 100,000 in a large category, the top 10,000 in a secondary category, the top 1,000 in a tertiary category, or the top 100 in a quaternary category, then the seller’s profit margin will be relatively large.
(3) Analyze product reviews
The growth rate and content of reviews are of great reference value for product selection. When a product is in a peak sales season or popular period, its sales will increase, and the corresponding growth rate of the number of reviews will also accelerate. By analyzing the content of competitor reviews, sellers can discover the quality status and design defects of the product itself, so as to understand the deep-seated demands of customers and improve the product during the research and development stage. If the star rating of product reviews is generally lower than 4 stars, it means that this product has many defects and can be ignored when selecting products.
When analyzing product reviews, sellers can combine product rankings and reviews. If both data increase together, it means that the product is selling well and is a hot-selling product with good overall strength. If the number of reviews is increasing, but the product ranking is decreasing, there may be a phenomenon of “brushing orders”. In this case, you should wait and see about this product.