One name that flits across our brain the moment we think about E-commerce is Amazon. A platform that began as an online shopping portal for books quickly spread its roots and branched out in the domains of fashion, electronics and household, to name a few.
In a nutshell, any article that aims to discuss E-commerce and online shopping cannot be deemed complete without the mention of this giant named Amazon. Amazon not only brings a plethora of items ranging from clothing to electronics on one platform but also provides a safe platform for merchants and traders to sell their products. Long story cut short, it is almost impossible to imagine a day without browsing through the products and services of Amazon, consumers or sellers!
The article aims at providing an insight into how traders can conveniently decide upon what to sell on Amazon so that they can ride high on profit and make a successful living out of the trade. We shall now proceed to discuss the matter at hand before we digress any further from the topic.
Perform Extensive Research On What Is Already Selling on Amazon:
The first step to making an enlightened and wise decision is to perform extensive research. You cannot cut yourself slack on this extremely crucial step because a thorough background study and research is imperative to finding a profitable niche. Therefore, you must not miss out on the basic step of research.
The best way to understand what is already selling on Amazon is to browse through the Amazon Best Seller List. It can give your research a nudge and help you decide upon a niche better.
Find A Profitable Niche:
Once you are done with the research and background study, you must decide on a particular niche that you feel will help you in reaping profits. As a trader and an individual who intends on making fast money through selling products on Amazon, it is your responsibility to check which niche sells and which looks bleak. You cannot just pick a niche to your heart’s content and hope to do business in that. However, you must also be conscious of not selling rehashed products on this platform because the competition is strife. People need to see the difference between your product and what others have to offer in the same domain.
For instance, X-Pest is a Chinese pest control manufacturer with a broad customer base of its own. Therefore, if you want to foray into the same domain, you must see to it that your product can compete with the said pest control manufacturer. There is a thin line between selecting a profitable niche and not going for a domain that happens to be overused. You must learn the art of finding the perfect balance between the two if you are to thrive in this highly competitive platform.
Stick To The Right Criteria Before Putting Your Product Out On Amazon For Sale:
There are a few points that you must always keep at the back of your mind if you are to be a successful seller on Amazon.
- For instance, the product that you are putting out on the platform must be of lightweight and small so that you can save up on the shipping costs.
- You must also try to avoid selling products that can break easily or be dented. This shall lead to an increase in the number of complaints and negative feedback by customers which are definitely not something to root for as a seller.
- Try to sell a product that does not tug at your purse strings so that you can save up on the cost of manufacturing. This shall also increase the margin of profit.
- While the aforementioned points talk more about business and making profits, you must also see to it that the product you are selling is something you are passionate about.
- Think of the bigger picture. Start off small but eventually branch out to other products in the same niche (or a different one, if that works for you) so that you can create a brand name for yourself.
Perform Competitive Analysis:
Competitive analysis is the process of understanding the pulse of your competitors and analysing how they are faring in the market. Competitive analysis is mandatory if you are to feel confident about the product you are selling and want to outrank your competitors selling the same products as you.
A successful competitive analysis can paint the bigger picture in front of you, and you can statistically analyse whether you have a chance of withstanding the fierce competition.
Consider The Costs With The Products On Amazon:
Everyone works on a budget constraint. Therefore, you must also think of your budget before you delve into the field of E-commerce. Factor in all the costs, even the latent ones before working with Amazon. There are different expenses that you must consider, especially the wholesale and manufacturing costs when it comes to developing products for one of the largest E-commerce platforms. Another extremely vital cost that people tend to forget about is the shipping cost and the Amazon seller fees. But you must know better. Consider all the costs before you develop a product so that you do not have to regret later and suffer from losses.
A Few Final Words:
If you want to make it big with Amazon, you must know which niche to work on, how to select the niche, and how to target your audience. It might not be an easy task, considering the research and effort it takes in the planning and developmental process. But all the effort you put in today is definitely going to be worth it tomorrow. Everything boils down to proper research. If you lack the very first step, there is very little you can hope to do in the future with your products. This is Amazon we are talking about, and you must not take this platform lightly. Therefore, plan your moves before you venture into the field of online shopping and make the best out of what this domain has to offer.