When selecting and pricing products, merchants need to conduct research on competing products. So how to conduct product research correctly? Price and profit margin are the primary considerations for sellers when selecting products. Sellers can set the profit of a single product at 20 to 50 US dollars and aim for about 10 products/day. When conducting research on competing products, sellers need to check the top 10 listings among similar sellers. If 3 of the top 10 sellers have poor ratings, it means that it is less difficult for sellers to enter this category. . Therefore, when sellers conduct competitive product research, they should always keep the following points in mind.
What is the profit margin on the product?
Can the store sell at least 10 orders every day?
What is the situation with competitors? Do the top 10 sellers have 3 or more stores with low ratings?
How can you make your products and brands stand out?
Use Chrome extensions in seller tools:
Many Amazon seller tools support the use of plug-ins. The installation steps for these plug-ins and extensions are not difficult. You only need to follow the relevant tutorials to use them. Generally, extensions can display the average monthly sales volume of products and hot product predictions for sellers. In addition to these, some plug-ins can also analyze seller preferences. Present products of interest to sellers and related market trends. If you are new to the platform, the number of products that sellers need to track may be particularly large. In this case, tools that can provide sellers with historically relevant data can be particularly important. After all, a graph that combines historical data with existing data can better show the market direction of the product.
Tips: Data tracking before and after the peak season will have a low reference value due to large fluctuations in sales during the peak season.
Supply source:
During the product selection process, sellers also need to consider the stability of the supply and the convenience of transportation. Especially for novice sellers, if the first product to be sold has too many uncontrollable factors, it is easy to undermine the seller’s confidence. Therefore, lightweight products should be the first category that sellers consider.