Do you want to sell on Amazon? Great. It’s less about what you want to sell and more about what exactly should you sell? That’s a leap of faith that needs to be strategized before delving into the world of Amazon, head-on. Quite naturally, it will take you a chunk of time to choose and figure out the right products to sell on Amazon. Half of this laborious struggle is weeding through the stats to find products that are not only popular and in-demand but also profitable enough to consider selling. The other half is pulling the trigger on those products that you have thoroughly researched and believe are worth pursuing. Do they agree with your brand philosophy? Are they in line with your marketing ethos? This might not seem all that important to you initially, but, once your company/business gets up on its feet, your brand philosophy can generate a viable portion of your consumers – maybe you’re a vegan leather brand or you represent eco-friendly products.
Not every seller, manufactures their own products, therefore product sourcing essentially accounts for the need to rely on a trusted and public-acclaimed source, in order to getting products. The source can be anyone from a manufacturer or wholesaler to a drop shipping company.
In this day and age of ever-dominating eCommerce, many new and unprecedented sources, platforms and methodologies are emerging for potential sellers to make an unimaginable profit on a giant eCommerce platform like Amazon. As always, there’s a method to the madness and you need to crack certain codes before jumping directly in the competition bandwagon, with a random product under the sun. Any spur of the moment, uninformed, random decision can prove to be fatally injurious to even the smartest of sellers, financially.
Therefore, product research can give the best insights into marketplace trends, customer preferences, and future prospect analysis.
For new beginners, it is always financially most viable to sell durable and non-breakable items. It won’t be impressive for you to generate negative reviews from your customers in your very first attempt, solely because of damaged product issues – an issue that you, as a seller, are directly responsible for.
Another downside is, if your shipment is sent through Amazon under Fulfilment by Amazon, it’s impossible for you to improve shipping. You can only control your shipping and inventory if you manage everything yourself, at every end of the spectrum, resulting in a lot of headaches, especially, initially.
Source your inspiration from everywhere – it can be from sellers already selling successfully on Amazon. You can learn so much from their story – where they went wrong, a risky move of theirs that profited them, there is always so much to learn, especially, from those people who are venturing in the depths and field as you. There are so many success stories to be heard, ready to have inspiration taken from them. Sellers who started as mediocre and are now successfully running their own corporate business, doubling, tripling their worth. The majority of them even succeeded after so many unsuccessful trials – analyze their footprints and make sure you learn from their mistakes. Look at their failure stories. Failures teach us a lot more than what success can teach us. Some sellers have even written books that explain their strategies along with their shortcomings. See what products they pitched, why they chose them, and most importantly, how did they monetize (make money out of selling) it. Pay special attention to what made their product win over others.
Keep a basic criteria intact. Always choose your products by screening them. Make a checklist, do your products fit that checklist?
* Keep a profit margin of 25-35 %.
* Go for the products with at least more than 30 reviews
* Bestseller rank should be under 2000 on Amazon
* Opt for taking on board light weight, durable and non-breakable items.
* Choose a trusted and publicly acclaimed manufacturer or wholesaler.