When I plan to conduct market research on a certain product, I will search for keywords, check the number of search results and the top 100 products in the search results, and select representative products from the top 100, and then conduct detailed analysis and in-depth research on them.
For example, when searching for the product “Crochet Hooks” with the keyword, the number of search results I saw was 9,855. The small number of search results indicates that there are few sellers and the competition is not too fierce. A product with low competition is easier to create success, so it is worth investigating two products.
These two products are Best Seller (Hot Selling in Category) and Amazon’s Choice (Amazon’s Best Choice), which means that they are the best performers in the corresponding categories. Following the idea of discovering products from hot-selling products, open the detail pages of these two products respectively for more in-depth analysis and evaluation.
Take the product of brand LIHAO as an example. When you open its product details page, you can see the following information: (1) The product image is average, and the title and product description are not particularly outstanding. From the perspective of product optimization, as a latecomer, if you optimize the product details, it is easy to surpass existing products: (2) This product has received 419 product reviews, and the rating is 4.5 stars, indicating that the product quality is relatively good (of course, the general star rating of similar products can also confirm this conclusion). Combined with the understanding of the product itself, crochet products are rigidly needed products. Consumers do not pay much attention to the color and style of the product. Moreover, there is no particularly obvious seasonal fluctuation for this product. Instead, autumn and winter will become a relatively peak season. At the same time, the design of this product has been the same for a long time. It can be imagined that its design will basically remain the same for many years to come, without obvious updates. After such analysis, this product can be included in the product selection pool.
In the process of researching a product, it is far from enough to analyze only the products of one seller. As a necessary step in product selection, it is also necessary to conduct similar analysis and comparison of the top 100 products. Click the sub-category node of Best Sellers Rank under Product information on the product details page. View the top 100 products in this category.
On the ranking page, you can see the overall sales of the current 100 in this category (generally, the market capacity can be evaluated by multiplying the number of reviews by a coefficient of 130), and you can also evaluate the quality of the product based on the general review star rating. Of course, in this ranking list, we may also find new typical representative products. If so, pay attention to them.
If there is enough time and energy, or in order to do a deeper research, sellers can also pay attention to the top 100 of the new product hot-selling rankings, best collection rankings, best gifts rankings, sales surge rankings, etc. to obtain more relevant information about the hot-selling products in this category.
The depth of the research should be combined with your own prediction of the category and personal interest preferences, resource advantages, funds, etc., which cannot be generalized here. If a product has good sales and quality, and it is also your interest, then the more comprehensive the research is, the better.
During the research process, the author generally uses a product as the entrance to enter the store for evaluation. The operation of a single product is somewhat accidental, but a store with good sales must contain the seller’s complete operating ideas and methods. Click the seller’s store name on the product details page to enter the seller’s store.
On the store page, we can see that the number of feedbacks for the store in the last 30 days is 254, and the favorable rate is 100%. The favorable rate of feedback reflects the quality of the product and the degree of care of the seller’s operation. According to experience, three times the number of feedbacks in 30 days is roughly equivalent to the number of orders per day in the store. Therefore, the store has about 750 orders per day.
For most sellers who are just starting out, it should be a good result for a store to be able to receive 700 to 800 orders per day. If such sales can be achieved, the first step to successfully operate an Amazon store has been achieved. Entering the product page of the store, we can see that there are 43 products in the store.
Many of the products are hot-selling products in the category. A detailed analysis of each product will reveal that most of the products in this store are just-needed products that are not affected by seasons, have slow updates, and do not have infringement factors. This is the important factor in product selection that we have always emphasized.
Just imagine building a store like this, with thirty or forty products, seven or eight hundred orders a day, and daily sales of around $10,000. Isn’t this the goal that many Amazon sellers dream of but can never achieve?
After discovering such a store, what we need to do is to conduct a comprehensive study and summary from product selection, optimization to operation and creation, and apply good operation skills to our own store operations. If we can do this, Amazon store operations will not seem so difficult.