This is a guest post from AMZScout.
Every online seller knows that finding the right products is one of the most important tasks for your eCommerce company. You may have a stable of strong, solid producers now, but the online sales marketplace is constantly shifting. The successful, fast moving products of today can become slow moving albatross around your neck tomorrow. To combat this, it is important to stay diversified, in both your product line and in your sales channels.
Strategies for Finding the Right Product
When finding the right product, there are many potential strategies and options, but regardless of how you go about it, having accurate data and projections is a must. There are many different tools for this, such as Google Trends, TeraPeak for eBay research, and AMZScout Web App and Chrome extension for Amazon sellers.
Depending on your brand, your strategy for choosing a product may vary. Some large companies have a well-established brand within a particular industry. For these companies, the focus becomes on staying up to date on innovations within the particular niche. For instance, there are sellers that specialize in kitchen goods, and have a large customer base of dedicated purchasers of their kitchenware. This seller would look only at items within that particular industry, as they already have a brand mission.
For many other sellers, they are less tied to a specific niche, and instead look for any and every product that fits their guidelines. For this seller, particularly, data analysis and informative tools are a must. The AMZScout chrome extension gives access to a number of important data points for finding new products on Amazon.
Guidelines for selecting your product
When searching for a new product, the particulars of parameters will differ from seller to seller, but there are some general guidelines that work for wide swaths of sellers. For instance, most want a product that is at least $15, has solid revenue for multiple items on the first page, doesn’t have too much competition, and has listings without too many reviews, with room to improve in listing quality. This type of product is a great niche.
To recap, look for:
- Product that sells for at least $15
- Has marketshare on the first page of SERPS
- Doesn’t have too much competition
- Existing listings have few reviews
- Room to improve in existing listing quality
How to find new products
For finding products, there are a variety of ways to do it. You can look at best sellers on your chosen website in particular subcategories, alternatively look at the Movers and Shakers items. Similar movers can be seen in hot trends on eBay! The movers and shakers are the items that have made the biggest jumps.
Similarly, you can look at the top new releases in a category. You can also brainstorm an examine different hobbies and niches in day to day life. For example, as holistic therapies and products continue to gain prominence, you can explore and read forums within this niche. This can inspire you to find products that you may not otherwise find using these other methods.
AMZScout also offers a set of dice, called Niche Finder, that you can “roll” to find an automatic niche suggestion that will meet many of the requirements you desire, and will be considered a high-quality niche.
Innovation and Improvement
Once you have decided on the product, it that becomes important to figure out how you will set you apart. Read up on the reviews and customer comments to learn where others have failed. When you get your product produced, take heed of these issues, and make your product better! Having a product that is better quality is one of the most important parts of selling online. You cannot set your product apart via fully superficial means. Actual innovation and improvement are wildly important!
Many sellers use Alibaba as a way to source their products. Using the Zentail extension, you can link directly to similar products on either Alibaba or Google, so you can find manufacturers that make items similar to your desired prototype. Then it becomes a simple task of reaching out, getting quotes, getting samples, and beginning to make sales for your new product.
Keyword research is important for actually creating your listing. You need to know the most searched words within your niche. Google Trends can be a helpful tool for this, but AMZScout offers a Web App with a keyword tool. This shows search volumes for different phrases on Amazon, the way Google Trends does for Google. These can still be informative for other platforms, because while the numbers may be different, their relative volumes are often the same. In this way, these keyword tools can be used on eBay, Walmart, or any other online platform.
Keyword tools are important because they open up the world of long tail keywords. These long tail keywords are typically high converting and have lower competition. Success in these microniches will skyrocket your search ranking in more popular keywords, and is thus extremely important.
Using this keyword research, and the many different tools at your disposal, all that is left is to optimize your listing, which deserves a blog post of its own.
Let’s review the important takeaways:
- Always be innovating, as it will lead go diversity and stability for your eCommerce business
- Use data and information to be a smart seller and make the best possible decisions as a seller
- Use seller tools to condense this information into palatable and easily understood information
- Have a quality product
- Optimize and listing work deserves more attention!