What Can You Learn About a Product From Somebody Else’s Listing?
Today, I want to talk about product research.
It’s an important part of every seller’s Amazon strategy. Poor product research means you put things out there that nobody wants to buy.
That’s how you end up with a bunch of junk that just gathers dust on a warehouse shelf somewhere. You’ll lose money in storage and then you’ll lose even more when you get rid of the unwanted products.
Alternatively, you’ll end up with a product that costs too much to manufacture, store, and ship. You may sell a lot of it. But you may not make a profit when you take all of the fees into account.
My formula helps you to conduct this research. But I want to take this opportunity to talk about something specific that can help you.
You can learn a ton about a product by looking at other people’s listings of similar products.
Just click on a listing and you’ll see the following:
- The Price. This is your baseline. Check this price against the manufacturing costs of the product. If your costs fall below 25% of the product’s selling price, you may be onto something good.
- The BSR. BSR stands for Best Seller Rank. Every product on Amazon has one and you can find it on the product’s listing. You’re looking for as low a number as possible.
- Size and Weight. Every listing contains these stats too. They’re important because they tell you how much you can expect to pay in shipping and storage. The larger a product, the more it’ll cost to store and ship it.
- The Reviews. A lot of sellers overlook product reviews when making their choices. I look to see if a product has at least 500 reviews and a rating of 4 stars or more. That suggests that there’s demand and that the product does a good job of meeting customer requirements.
As you can see, there’s a lot to learn from spending a few minutes checking out a product listing.
Now, you need to know how you can make this information work for you.That’s where I come in. Register for your free webinar today to learn more about finding profitable products.
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