The e-commerce boom started with the Pandemic back in 2020 and it’s not going to end any time soon. Everyone is looking for ways to start an online business either for a side income or as a full-time occupation. Amazon has 50% of the e-commerce market share which means, half of the online purchases are made on Amazon. It offers a highly profitable platform to sell a number of products even for beginners with a huge list of categories. The problem is, the list is never-ending! According to the data, Amazon sells around 12 million products in different categories including books, electronics, gadgets, media, services, and whatnot. You think of a product and it’s there on Amazon. These statistics can be daunting for new sellers. “What should we sell?” “How to find the best product?” “Which category to buy in?” “How would I know if a product is good to sell or not?”. Your head might be exploding with these questions. We have made Amazon Product Hunting easy for you. Here are some characteristics of a good product that will narrow down your list of desired products to around 80%.
Characteristics of a Good Product
When it comes to Amazon product selling, pricing is arguably one of the most important factors. This is because different items will have a higher or lower demand based on their price point. For example, if you look into Amazon Trending Products, chances are that more people are searching for and wanting to buy them than there are available copies. Conversely, if you’re looking for an item that’s not as popular or doesn’t have a high selling price, then the availability may be greater than what customers want to purchase.
So first of all, forget about pricing your product high! That’s not a strategy when you get hit by fierce competition. Remember the pricing rule: Keep it simple and keep your customer in mind. A product pricing range of $25-$50 is considered to be fair and ought to generate high profits. You can also calculate the profit margin to optimize your Amazon product:
The size of the product is crucial to be considered during Amazon Product Hunting. If you’re looking for a bigger product to sell, it is going to have a high shipping cost. A moderate-sized product will cost you less shipping and will generate high-profit margins. With a small and lighter product, the FBA fee will be a lot more manageable.
While Amazon product hunting, keep your budget in mind. Talk to your supplier, and ask for product dimensions, size, weight, and shipping charges. Will you be able to cover the product cost along with shipping? If the answer is yes, check another box on the Amazon product hunting list.
Rank and LQS
Listing quality score is one of the most important factors that you can control when selling products on Amazon. The higher your listing quality score, the more likely customers are to buy your product. A product with a low rank (closer to the top) and the LQS score of 70 is preferable for an ideal product for selling on the Amazon marketplace.
It can be difficult to determine which products will sell well on Amazon, but one thing you should keep in mind is that your product shouldn’t only be sold during specific seasons. Instead, look for a product that can sell throughout the year so customers have more opportunities to purchase it. This way, you’ll maximize profits no matter what time of year it is. Don’t get tempted by the Google Trend Report which shows massive hikes for seasonal products if you want exponential business growth.
As we mentioned earlier, your Amazon Product hunting should be led by your consumer intent. Once you have shortlisted a number of products to sell on Amazon, look at what customers have to say about them. Are they getting any benefit out of them? Are they intending to buy it again? Their satisfaction level, problems they are having with the product, and their favorite feature; every little detail matters. Don’t go for a product with too many reviews or else you will be spending all your energy on beating the competition.
Don’t rush the decision of finalizing a product for selling on Amazon. If you want to have a high return on your investment then take your time, do thorough research, talk to experts, hear success stories, get inspired, and then jump on to the bandwagon. Make sure to weigh all the pros and cons and make an informed decision.