As an e-commerce giant, the Amazon platform has attracted more and more sellers to join the e-commerce industry. However, what follows is an increasingly fierce competitive environment. In such fierce competition, the importance of choosing a good product is self-evident, and the first step in choosing a product is market research. So, how do Amazon sellers conduct market research before selecting products?
First of all, sellers should choose a product that suits them based on their actual situation, taking into account their financial strength, development status and other factors. When registering a store, the seller will choose a site to register, usually named after the country. Amazon currently has 14 sites, and which site a seller should choose depends on whether residents of the site’s country like the product.
Secondly, sellers need to investigate whether the product is unique on the Amazon platform. If the product has irreplaceable characteristics, then this product is very worth owning, because this can ensure that the seller’s store is unique and sales will increase accordingly.
Furthermore, sellers need to investigate the competition of similar products on the platform. If too many sellers are selling the product, it means that the market may be close to saturation and the seller may be swallowed up by big companies. Therefore, before deciding to use this product as a product for sale, sellers need to analyze the market development trends of the product and the intensity of competition with other existing and potential stores.
Sellers can consider multiple data such as the product’s sales data over the years, the product’s sales ranking, the number of product reviews, and the product’s repeat purchase rate. As a novice seller, when you don’t know how to query the above-mentioned relevant information, the keyword search function on the Amazon platform can help sellers solve this problem. By querying the search volume on the site, the seller can go to Google Trends to view the trend chart of the product’s annual search volume and related data globally and in the country where the seller’s site is located.
The above is how Amazon sellers should conduct market research before selecting products. Choosing the right products is the beginning of a good business on the Amazon platform. Only good products can bring sales to the store and increase the store’s popularity. Market research is the basis for product selection and provides a data reference for sellers. In the fierce market competition, only by selecting suitable products through market research can you stand out on the Amazon platform.