As online retailers go around the world, it doesn’t get much bigger than Amazon, if at all. The retail giant offers a vast catalog of products and prices that ultimately make it a number one destination for countless online shoppers. When you look at its Best Sellers list, you get a clearer picture of just how diverse shoppers are in every of Amazon’s nearly 40 categories.
Accounting all the given facts, getting your product featured in the top 100 products on Amazon can be challenging, to say the least. The competition is fierce and can be overwhelming if you can’t stay ahead and bring value to your customers. This post will highlight the practices for established e-sellers to fully utilize all the advantages Amazon brings in order to find new customers and retain existing ones.
Meeting product requirements
E-sellers that already sell through their own store can also sell their products through Amazon to reap the benefits of both. The retail giant provides valuable exposure from the large volume of traffic it generates, thus increasing your sales. It’s also great for acquiring new customers that discover your product. That way, your Amazon store can act as a on-route stop for customers to your online store and vice versa. Ideally, you want to turn your business into a scalable operation, able to adapt to various needs while being sellable simultaneously. From there, you can ship it using proven fulfillment solutions like FBA (Fulfillment by Amazon), list it and start selling.
Probably the most important thing you need to do in order to be successful and reach the top 100 products list is to pick the right product. By right, we mean a product that will sell and bring you profit. This is evident in the example of James Amazio, an Amazon seller who created a successful business in the period of eight months by differentiating its product through private labelling.
At the very core of the process, you are adjusting your product to the prevalent needs on Amazon and creating solutions for customers. To do so, you need to meet a few requirements that constitute a profitable product.
1. Easy to source
Since this is practically the foundation of your entire business model, it’s safe to assume your first priority will be to make sure the product is easily sourced. The majority of your business operations depend on your supplier so make sure to do your research (outsource locally or internationally like China or employ retail arbitrage) in order to have the product in constant supply. Product availability is important as it allows you to sell continuously. There are some products that are not available everywhere and at any time, meaning you can sell products sourced locally that might not be available region or calendar-wise.
2. Check for brand names in your category
For an evolving business that looks to widen its reach by selling on Amazon, it’s an unnecessary challenge (quite possible a losing one) to compete with a big brand that already dominates the category you are selling in. You need to find a product with which you can enter the market straight away and compete without any disadvantages. To check to see if a big name dominates your product category, it’s always a good idea to search your product keywords on Amazon. Alternatively, you can sell secondary and related items that complement the big brand’s product, but that the brand doesn’t dominate.
We’ve partially touched upon the subject of the keyword in the previous paragraph. This is a great way to determine how much of a demand there is for your product. It’s super easy and yet super valuable as the process can provide you with a good estimate if it pays off to sell your goods in the first place. Websites like keywordtool.io and Jungle Scout can offer you a glimpse into what online shoppers are searching for and what’s selling. Also, the number of keywords plays a role here as the more keywords there are, there will be more of a demand for your product within the market.
4. check the rank for similar products in the category
Another important thing to check for is the ranking of the products similar to yours. This shows if the product you intend to sell is really selling. One of the best tools you can utilize for this job in terms of selling on Amazon is to check the best seller rank (BSR) feature within a category. Alternatively, you can employ third-party software like RankTracer, The math is simple - a product with a BSR of 1,000 is going to sell much less than a product with a BSR of 100.
Best seller rank is rather useful for sellers because it provides another gauge if there is actual demand for your goods in the market or not. Reviews play an important role here as they can carry the good word about your product further as high ranking items are typically those highly reviewed.
We come to the most important purchase factor in the eyes of a customer - the price. You are in for a profit and you have to make sure there will be one on the products you want to sell. Thus, you need to find the pricing sweet spot that lets you sell your product in volumes while giving profit. The average selling price range is very important to the success of your product. Ideally, you want to price it anywhere between $10 and $50 for a number of reasons:
First, this is where most of the impulse buying happens. Some estimates say that about 40 percent of all money spent is through impulse buying. Additional marketing research studies suggest that nearly 90 percent of impulse buys are affected by the customer’s perception of lower prices.
Second, products in that price range are more affordable and they take less research than a more priced and complex products.
Lastly, lower priced items are usually cheaper to source than pricier items.
As for the products that are more expensive than the suggested price range, the process is a bit more refined as you have more of a niche audience. These products usually don't sell in high volumes so you need to find items that sell regularly. You can do this manually by browsing through Amazon categories and checking the best seller list and searching for more expensive products (for instance, over $100). However, that takes time which is why using a product intelligence tool with deep market insights might be a better and more efficient move.
6. Other factors
Additional factors that determine a good selling product that answers key customer questions include:
- the ability to complement your brand with related items (providing a dog sweater with the leash you are selling, for instance)
- the value in terms of quality and durability (long-lasting value)
- is the product selling all year or just seasonally (usable all year instead of being good for specific season - think backpacks and wool scarves)
- is it encouraging recurring purchases (selling in certain intervals of time).
All these factors can contribute to adding value to your product and making it more complete. They are not necessary to uphold, especially not all of them, but meeting these requirements enhances the possibility of an item being a best seller for times to come.
As seen, it’s not impossible to break into top 100 products on Amazon. Consider the 6 tips mentioned when trying to reach this holy grail.
Add value for your customers by differentiating your product and building your brand on it. Be sure to do a proper, thorough market research and check to see if you are going against brand names. Gauge the existing demand by checking for keywords and best seller rankings. As in most cases, the price you set is only one of the determining factors for the customers to buy your goods so make sure you incorporate everything that would make your product a long-term winner. This includes your brand integrity and overall sales, additional services like shipping and returns, customer satisfaction and so on. With a little practice and patience, you will set off your business to new heights.
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