Selecting products for Amazon involves a variety of strategies. There's no need to be overly selective; any product that suits you, offers a profit margin you're confident in, and has a constant market demand can be a good choice.
The key to sparking product selection inspiration includes:
1. Crawling through platform categories to analyze and select products based on the platform; there are many bloggers who write about this, and numerous extensions, especially for Amazon, like SellerSprite, are excellent choices.
2. Following cross-border trade news, which might inspire product ideas.
3. Exploring local social media and forums overseas can unexpectedly reveal niche demands and untapped markets.
4. Analyzing various keyword trends.
5. Leveraging familiar products from past experiences, as many operations have grown from this strategy.
6. Utilizing supply chain advantages in specific categories, such as those with factory-based sellers who focus on category research and product optimization instead of product selection.
7. Observing what industry competitors are doing, which includes not just product selection but also operational resources and tactics.
8. For vertical sellers, delve deep into a category, combined with VOC (Voice of the Customer) analysis.
Successful product features identified by community sharing include:
1. Emerging demand markets where the platform may have few sellers but existing demand. These blue ocean markets are relatively hard to find as many categories have reached a mature and competitive phase.
2. Choosing products through vertical suppliers, which involves understanding the category, user insights, and factory visits, offering opportunities to discover potential Amazon products.
3. Having a certain barrier to entry, whether through technological development or financial investment.
Market research is crucial!
1. Profit Calculation
For profit calculation, use Profitability Calculator to estimate if a product is viable, with product costs estimated by the supply chain to decide if further precision is needed.
2. Market Trends
For product trends, it's best if the trend is rising or the market size is substantial enough for you to capture a significant volume. SellerSprite's Market Analysis can provide insights.
3. Product Monopolization
To assess product monopolization, look at the sales share of top sellers, their listing accumulation, and whether there's an opportunity to enter the category. Also, consider the distribution of sellers, whether FBA or FBM, the proportion of Chinese vs. American sellers, and Amazon's own share.
4. Voice of Customers
For VOC analysis, identify benchmark brands within the category to understand product pain points, advantages, and unmet customer needs. This requires diligent effort but can reveal a lot of information for product improvement and new inspiration.
Wishing everyone success in product selection and an early achievement of financial and time freedom through Amazon.
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