How to Do Successful Amazon Market Research in 2022
Market research and product research are of paramount importance if you want to successfully sell on Amazon. Understanding what your customers want and providing them with a product that resolves their pain points is key to a successful business.
Amazon is a fiercely competitive marketplace. To stand out, you need to have something unique to offer customers that captures their attention. It is of little or no use if you’re going to sell something that the marketplace is already saturated with.
In this article, we are going to cover everything you need to know and do about Amazon’s market research.
Amazon is a great place to start
Kickoff your market research on Amazon itself. To aid your Amazon product research,
There’s plenty of information and insights you can gain just by looking at products, product listings, and the various other groupings on Amazon.
You can start with the Best-Sellers List on Amazon or the BSR list. Amazon’s BSR page showcases all the top-selling products. It allows you to search for products based on their categories & sub-categories.
You can see what items are sold the most and have high demand. Thus, it becomes easier for you to narrow down on a particular niche.
By looking at the analytics and data for a product, you can predict what appeals to your target audience. Another go-to source is the related items as they give you an idea about the different items you can include in your product portfolio to expand your business.
Focus on products that are competitively priced, not too expensive, or very cheap. Also, a lesser competitive niche means you have better prospects to sell the product.
Apart from the BSR list, you can also look at Amazon storefronts, Movers & Shakers
Amazon Basics, the “Customers Also Bought” section and Amazon’s product sub-tiers.
To learn more about Amazon stores click here.
Competitor research
If scouring Amazon’s various lists give you a good enough product idea based on demand and supply analysis and other factors, then your next step should be to scope out the competition.
The Amazon BSR page showcases your main competitors and gives you data on what items are selling the most, the ones that are popular with customers and get good ratings and customer reviews, etc.
Another way to spy on your competitors outside Amazon is by searching for that specific keyword on Google or other search engines, and seeing if their results are showing up. Then, check their product page in detail as it will help you come up with more innovative strategies to conduct competitor research.
Leverage SellerApp market research tools
Instead of manually correlating a lot of information that you’ve gathered from different sources and trying to make sense of it, use advanced tools by SellerApp.
SellerApp’s Amazon product research tool will give you insights into any product with critical information like its daily estimated sales and revenue, the number of sellers both FBA and non-FBA, price details, etc. SellerApp also assigns a unique Opportunity Score to every single product.
The opportunity score can be used to analyze a product according to six important metrics — competition, demand, overhead costs, revenue potential, profit margin, and PIS (Product Innovation Scope) Index. This opportunity score is very important to understand the market trends for any product and helps you make better-informed decisions.
Check out this video to know how to use this feature
Product category
Your market research should also take into consideration which categories and products call for sellers to seek Amazon’s approval. The products that fall under such categories are known as restricted products which means you cannot sell them or that you have to seek special permission from Amazon to sell them.
Getting those products to become unrestricted can sometimes be simple and sometimes not. Visit Seller Central and follow the steps to add a product. If you can see that listing limitations apply, you will be provided with which you can request approval to sell. The approval process usually takes a few days.
Pro tip: Boost your sales by adding the Amazon Most Selling Products to your Inventory.
In some instances, however, certain categories are more tightly restricted. It might take some amount of struggle to get approval, especially if you’re a new seller.
Also, if you’re a 3P seller, it is difficult to get permission to sell some products. Therefore, you must be aware of these before you embark on market research.
This way, you can eliminate the possibility of spending time researching products that aren’t feasible as well as avoid chances of deciding on source a product that you can’t sell.
Conclusion:
Market research is an essential part of every seller’s journey and it is not something that you do only in the beginning while starting a business. Market research needs to be conducted now and then to understand the changes in market trends.
The eCommerce world is forever evolving and market research is one of the important steps you can take as a seller to keep yourself updated on everything new and relevant.
