How do we choose a truly explosive product among tens of millions of products?
01 Get product selection ideas with the help of authoritative or popular platforms .
The most common way to select products is to use Amazon’s official Best sellers or Hot New Releases to select products that are more promising among sellers’ familiar product categories. Products can only meet the needs of target customers if they meet the needs of the market and consumption habits. Therefore, the selection of products should be as realistic and localized as possible.
You may wanna try IO Scout in regard of this.
For novice sellers, you can choose some simple products, you can consider products with these characteristics: 1. Durable and versatile; 2. Suppliers can be found in China; 3. Iterative updates of products can be carried out modularly; 4. It can be operated without manual; 5. No electronic components and moving parts; 7. Light weight and small size. In addition to these, sellers can also obtain product selection ideas on social networking sites or industry-based media platforms, such as YouTube, Facebook, etc.
02Collect product keywords Determine the products with better sales among similar products. After finding them, use the keyword contrast tool to check the keywords that bring traffic to the products, and list them as candidates for keywords of your own similar products.
03Analyze the degree of market competition of commodities
The ultimate goal of making a product is to make a profit. Before making a product, the first thing the seller has to do is to determine the development prospects of the product and how intense its competition is in the current market. Sellers can analyze products from the following points:
1. The historical price level of the product
2. Product sales
3. Product sales ranking
4. Number of product reviews
5. Number of sellers and inventory
Generally speaking, the less competition in the market, the greater the chance of success in marketing new products. However, the degree of product competition is often directly proportional to the market demand. The greater the market demand, the higher the product competition; sellers can choose some products with higher competitiveness. If under ideal circumstances, a product has a large market demand and its degree of competition is low, it is bound to be the best choice when choosing a product.
04Verify the market demand
Product market demand can be used as an important reference factor for product selection. The greater the market demand, the greater the likelihood that the product will sell well. For the Amazon platform, merchants cannot directly obtain the sales volume of rival products. In addition to estimating the actual sales volume through product reviews, sellers can also check the increase and decrease of products, or check some data on the same type of platform. By checking the data, the seller can know the trend of the product and the size of the platform supply, so as to judge the demand for the product.
05Reasonable pricing and comprehensive thinking
After choosing the product, you need to calculate the profit and price the product. Since products are sold for different consumer groups with different consumption abilities, sellers must consider not only different products, but also different price gradients when choosing products. Commodities can be priced with reference to the prices of similar commodities. Comprehensive thinking is required, and pricing is made on the basis of cost prices, taking into account the consumer needs of different groups.
06 On-site inspection of the factory to ensure quality
Sellers must fully consider their own resources when selecting products. If the seller himself has a resource advantage in certain products, he might as well consider such products first. The source of goods is a very important item. It is very important to visit the factory and inspect the product assembly line to ensure that the product certificates are complete. Only after on-site inspection can the actual condition of the product be determined. If possible, it is best to look for product upgrades, because most upgrades are more in line with the user’s payment pain points.
07 Pay attention to infringement issues
Sellers know that Amazon attaches great importance to the protection of intellectual property rights. Merchants are not allowed to infringe others’ trademark rights, invention patent rights, and appearance patent rights in any way. In serious cases, Amazon officials will even directly block the store. When selecting products, you must confirm whether the product has legal disputes and whether there is any infringement.
08 products on shelves
After the product is determined, the product can be put on the shelf. After the product is put on the shelf, it is necessary to track the sales situation of the product and the feedback of the buyer in time, and know the degree of acceptance and love of the product by users in time, so as to adjust the operation strategy in time.