Companies and individuals are selling hundreds and thousands of products on Amazon across the world. You can find almost everything on Amazon. This makes it difficult for new sellers to successfully hunt a product that can give you enough business and profits. You need to work excessively to hunt for the best products to sell on Amazon. There are a number of product hunting techniques and software that help you to find a golden opportunity.
Basically, people are selling products on Amazon. Introducing a new product that only you think is good is never a good idea. The first and foremost thing is to do market research to get an overview of what is in demand on Amazon. Furthermore, if you want to sell something new, you have to market it extensively to first make its demand. So this is not feasible. We just want to sell something that is already selling in good numbers and throughout the year. There are many other factors that must be kept in mind while hunting a product. One should put all his time and effort into the product hunting phase to become successful.
From the experiences of experts and other sellers, there are certain things that need to be followed to hunt a good product. It should be noted here that this criterion is not given by Amazon or anybody. This is just to learn from the experiences of other sellers. Below are some of the most important factors:
A good product is the one coming in the middle price range. This means not so high not too low. If the product is of a high price you then have to spend more money on giveaways. This is called bleeding. For the products of too low price, the profit is also low. So try to find a product of at least 15$ and above or near it.
Moreover, the product can give you 25-30% or more profit. This is because sometimes when you don’t have Buy Box of Amazon, you then have to lower your price to convince customers to buy from you. At that time you will have to lower your price.
The product must have a reasonable monthly search volume. There is a software called merchant world from which you can easily find the search volume of various products. It is advised to select the products having search volume more than 50K for the Uk market and 100K for the USA. this shows that these products are in demand and people are searching for them to buy.
Contrary to that, selecting a low demand product will hurt you in the future. Especially during marketing, you have to first build demand for your product. So we have to check from the eyes of the customers of that area in which we want to sell our products.
Monthly sales are also essential to check how much people are buying that product. As per experts for the UK market, there must be 150+ average sales of the top 5 sellers. Similarly for the USA 400+ monthly sale is a good catch.
This tells many things to the hunter like the in-demand product, good keyword, etc.
Try to choose a product that has zero chances of breakage or damage. Selecting a glass or ceramic product will first of all increase your packing and delivering cost. Moreover, there is still a chance that some buyers may get a broken or damaged product.
Try to avoid those products that have variations. For example a T-shirt, pants, etc. You have to provide various colors and sizes and always have to make all of them available. Selling such products will give you inventory problems. There are chances that you give 4 colors of a T-shirt and people start buying a specific one more. In this way, you will get out of stock early and have to maintain all of them available.
You can select a product with variations not more than 4.
There are certain products that are put into gated products from Amazon. One has to get permission from Amazon before selling it. Skincare items, some baby toys are examples of gated products. To ungate a gated product there is a whole lengthy process for sellers and it includes a lot of documentation. So if you are an individual seller, selling products of some other country and do not want to indulge yourself in this process, select ungated products.
Constant Monthly Sales:
At least the top 5 sellers must have constant monthly sales. This is also discussed earlier that this shows many positive things about the product.
Number of Reviews:
The number of reviews is an important factor in ranking a product. More reviews will give you more future sales and a better ranking automatically from Amazon. So to come as top sellers we must have to get enough reviews. For that, we do giveaways and bleeding. But if the top sellers have too many reviews for example 1000 reviews, how can you compete with that after 4-6 months when you start selling.
That’s why at least two sellers in the top 5 must-have reviews less than 150. So that you can compete with them while ranking your product.
Average ratings of the product must not be below 4. Products having average ratings of 4.3, 4.5, and above are better.
The low rating shows that this product attracts negative reviews. For example, a food product can attract many negative reviews and ratings as everyone has their own tastebuds. So select products having high average ratings.
The product must be eligible for shipping through air and ocean. In this way, in case of emergency or inventory shortage, one can be able to deliver it in a short time. Similarly ocean delivery is far cheap than air. So both are requirements of the time.
No Brand or Amazon Dominance:
While selecting a product, one of the most important things is that a product should not have a brand or Amazon dominance. To check that you have to go through top sellers of that product. If Amazon is sitting in top sellers it will never allow your product to get sales.
Similarly, people love to buy brands and reluctant to buy new products.
The product must have a consistent price with no seasonality. Some products have more sales in some seasons and very little in off-seasons. Try not to select them. Also, check gated categories of products.
The above-mentioned criteria are important to play safely in Amazon’s business. Otherwise, one can skip any one thing if the seller has a big marketing budget. So for those who wanted to play on a limited budget and less bleeding, they must have to follow these to select their products. We will further discuss product hunting software and how to use them.