Merchants who do business on Amazon should all know this sentence: The secret of success is “70% product selection and 30% operation”. Choosing a good product can easily lead to explosive sales, saving a lot of effort for later operations. If the product selection is wrong, then no matter how good the operation is, it will be in vain. What is the right product? Simply put, it is to choose the right product that meets market demand. Product selection mainly goes through four steps: category selection, market capacity competition, profit estimation, and procurement and stocking.
How do Amazon merchants do a good job in product selection?
1. User needs and pain points
Solving user pain points is always a good way to increase sales. Pain points are not all physical, but also include disappointment or bad experience.
A higher level than solving user pain points is to cater to their hobbies. When users are interested in something, they can’t stop themselves from buying it. In addition, this can deepen interaction and cultivate brand loyalty.
2. Sellers’ personal preferences
For things they like, on the one hand, they can better understand the user experience, and on the other hand, they are familiar with the product and are more likely to know the needs of users.
3. Blue Ocean Market Research
Discover opportunity gaps, which may exist in products that need to improve features, markets that are not recognized by the other party, or your marketing capabilities. For example, if the product market is already relatively saturated, but most of them are the same type of products, then you can analyze user needs to find out the defects and deficiencies in product functions, and determine whether there are areas that can be improved or upgraded, so as to develop a new type of product.
4. Sellers’ personal experience
Some sellers have been deeply involved in a certain category, and gradually they will be sensitive to the products and needs of this category, and know which products have more opportunities.
5. Foreign social media
Instagram, Youtube, Pinterest, Facebook and other foreign social media often have more popular products.
6. Domestic cross-border independent sites
Dx.com, Tomtop, Bangood, Everbuying, Tinydeal, etc. You can take a look at them to provide ideas for your own product selection.