When many sellers first start selecting products, they often lack clear goals and sophisticated methods, so that they don’t know how to evaluate and measure a product. In order to increase the probability of successful product selection, it is necessary to focus on the following points in the process of product selection.
1. Product Keywords
The first step in product selection is to find accurate product keywords. Whether it is because of personal preference or wanting to take advantage of your own resources, when you start considering selling a certain product, you should confirm the product keywords as soon as possible.
This keyword cannot be too broad, which cannot guide us in a precise direction; nor can it be too segmented. Too segmented keywords may cause us to misjudge market capacity and competition. These will cause misjudgment of market expectations.
Some products may have two or more keywords with equal weights at the same time. We need to record, analyze, and then summarize each keyword in order to obtain more complete market information.
For example, for the keyword of mobile power, some people are used to using Power Bank, while others are used to using Portable Charger. For sellers, Power Bank and Portable Charger are keywords that need to be searched and evaluated.
2. Market capacity and competition heat
Search in the search box on the Amazon homepage through product keywords. The number of search results can tell us the competition heat of the product, and the number of product reviews in the first 10-20 pages of search results can reflect the market capacity of the product.
If there are many search results for a product, it means that the product is highly competitive, and if there are too few reviews for a product, it reflects that the market capacity of this product is too small.
Of course, when evaluating the number of search results and the number of reviews, further refinement can be made. For example, further check the number of search results belonging to Prime, and the number of reviews in the last 1 to 3 months is refined to determine the recent sales volume and sales trend.
3. Competitive product analysis
In the process of product selection, each product needs to determine a group of competitive products, which can be 5 to 10, or more but not too few. The distribution of these competing products is not simply selected from the Top 100. In addition to the Top 100 list, we should also pay attention to the recently released products with fast sales growth and the products that are being vigorously advertised. Multi-dimensional and diversified selection can make the selected competing products more evenly distributed in different ranking intervals, which is convenient for evaluating sales expectations at different stages.
4. Analysis of evaluation details
The selection of any product is a process from unfamiliar to familiar, from layman to professional. How can we quickly improve the professionalism of the product and discover various possible “pitfalls” at the same time? The good and bad reviews in the evaluation of competing products are our important “textbooks”. Product evaluation is a reflection of the real experience of consumers. By analyzing the content of the evaluation of competing products, we can understand the real demands of consumers and thus have a deeper and more comprehensive understanding of the products.
5. Supply chain and product quality assessment
During the product selection and research process, you must trace back to the supply chain end, and use the 1688 website and other channels to understand the product’s purchase cost, weight, packaging size and other information, and assess whether there is enough profit margin at the current market price. If the profit margin is sufficient and you are confident in the creation of the product, then you will need to purchase samples from multiple suppliers. On the one hand, in the process of purchasing samples, evaluate the supplier’s strength, attitude, cooperation, etc.; on the other hand, evaluate the product quality based on the samples, and check the costs and profits in detail.
After the above series of assessments, you will have a clearer understanding of a product’s craftsmanship, quality, supplier situation, market situation, profit situation, etc. I believe you already have the answer to whether to choose it or not.