How do you pick your first product?
Let’s start with a blank canvas so that we cover each element.
If you’re going on Amazon every now and then, you will already have an idea of whatever it may be.
1. Pick your interest group/niche.
Then you’re going to click on bestsellers, browse the goods, get some ideas, some product that sparks your curiosity, that’s what your curiosity is for.
2. Then start a blank spreadsheet.
I ‘d suggest going straight to Google Docs, open a spreadsheet, put the product in there, connect to the Amazon website, and just leave it there for now.
We aim to build a list of product ideas.
If you have any ideas that you think would be nice for Amazon vendors, type it in.
Go back to Amazon, and then click the product your like, scroll down to the best selling list.
3. BSR stands for best-seller list, and essentially it tells you how well Amazon sells this product. A product with a lower BSR price is great, a higher BSR product sells worse. I know it’s anti-intuitive, but that’s how it works. If the BSR is one, it’s selling on Amazon like crazy, if it’s 500,000, not as many. BSR will be different for each Amazon group. You may have to ask, what the BSR says.
I can’t believe I didn’t have these hints when I started Amazon as it saves you so much time.
4. You can add Chrome’s extension use that too. It’s goes into your tab. And whenever you click a product, you can essentially click the Chrome Jungle Scout feature to find out what the BSR is.
The Jungle Scout analysis will take a few seconds. It’ll make a product list. The search notes the keywords, the average sales price, the profit margin, how much they earn every month. And it’ll tell you whether it’s weak, medium or high demand. Use Jungle Scout – it’s a must.
At one point, I thought maybe I won’t use it, but I think it’s necessary because it will save you so much time and make sure you don’t get your calculations wrong with a guess.
Essentially, BSR is lower the better it sells and higher the worse it sells. We will tackle that in later paragraphs.
For example, you decide you want to sell an iPhone case. What you’ll do is find Amazon’s best-selling iPhone case. Find Amazon’s ranked bestsellers for further research you will need to do.
You’ll also notice the competing goods. Plug those into your spreadsheet, and essentially what you want to do with them is compare them, how similar are they are to the best selling? Look at the ratings, fewer comments? Feedback is a big thing to remember because it’s hard to get Amazon reviews nowadays. Maybe some sellers may have 5,000 ratings. That’s a lot to compete with as a newbie.
I ‘d probably shy away from that. Things you can find like little gold nuggets, where they have a really high demand on Amazon, just a limited amount of reviews. That’s probably my favorite way to find a company because when they have high demand but low ratings, it just opens the door.
5. Look for your Gold Nugget. It’s almost like they mean, come in, sell here, and quickly become a bestseller, because we want you to know it’s true, it’s a great thing. It’s like offering you a present. That’s why I call them gold nuggets.
The BSR is very small for its category, but the number one selling item has just 150 reviews. The second winner with 200 ratings. The third runner-up may have 50 ratings. I ‘d say that’s this is a product with a lot of potentials.
I’d put it in my spreadsheet to research a bit further.
6. Price is very important. I ‘d recommend it, not to have a product under $10 because anything on Amazon under $10 can be considered an addition to the item.
$10 items basically mean that if someone wants to buy that product, they can not checkout until $35 worth of merchandise is a purchase. Amazon has a minimum purchase item.
If your product is $9, someone won’t be able to buy it straight away without another purchase. This is really inconvenient for you. This will likely reduce sales plus profit margins. Products under $10 are not that great anyway unless you sell a large inventory amount, but we’re not going to bet on that. I’d still recommend sticking with any product valued at $35 to $80 for the sale price.
7. Now you want to make sure that you brand yourself as a premium product. You want to make sure that the products you get are top quality products because they’re going to lead you to the most positive reviews and then that will lead you to repeat buyers. You don’t want to be that person who doesn’t want to see your brand. The brand is important to the product.
If you are on a budget it is ok to offer bargains but not all the time. You ‘re right to do that.
When people go to Amazon, they ‘re expecting a great price. If product X is more expensive on Amazon than retail stores they won’t purchase it.
We are searching for a competitive advantage in your product. For example, when it comes to private labeling, many people can think the product requires you to simply reproduce the product.
We ‘re are going to be looking for a supplier that produces the very same product. However, we are going to improve on it. For example, if product X was sold on Amazon between two companies and 300 complaints against this product might are your complaints, it becomes a big concern.
So you need to find ways to distinguish yourself – find a competitive advantage. Make sure you ‘re able to stand out without getting poor reviews. Certain items are very restricted to what you can do to alter or improve the product.
The aim is to work out how to make a difference. You go to the favorite rival, press the ratings, and press the one-and-two ratings. Read the things that concern people about the product. If they complain that the product breaks or chips or the product doesn’t work for it, the plastic isn’t durable then you will find these things lead you to an answer.
8. Figure out how to strengthen and fix this with your product specifications.
9. Then you contact the supplier. Ask them the relevant questions. Can you do this improvement, please? And how much does it cost me? How long will it take? Have you got quality assurance? etc
10. Plan ahead of time, and talk several times before they choose a manufacturer. I like to think about it before you settle on a purchase. Another great article can be found here. Legitimate Work From Home