Check These Five Things to Gauge the Competition for a New Amazon Product
Question: How do you get ahead in the Amazon marketplace?
Answer: As with any other business, you have to get to know the competition.
But before you begin looking for suppliers, you have to see how well the product is doing on Amazon.
What exactly do you need to look at? Here are five questions you need to ask before you start importing.
Who Are Your Competitors?
Searching for keywords is the first step. You’ll immediately see what you’re up against.
Is Amazon itself selling products similar to what you’re planning to sell? If so, you need a new idea. People tend to opt for products sold by Amazon over other options.
The same is true for brand name products. Some categories, like sportswear, are dominated by brand name items. The only way to compete would be to lower your prices, which usually isn’t a good strategy.
How Much Are the Items Selling for?
Avoid selling cheap products on Amazon. Considering shipping fees and other expenses, you may end up losing money unless you have a fat profit margin.
So check the prices of the top-selling items in your sub-category.
Is it selling for less than $10 to $15 That means this market is oversaturated.
What Do the Reviews Say?
Always read the reviews. This will give you an idea of what your customers expect, so you may be able to get an edge over your competitors.
What Are Your Competitors’ Listings Like?
Like the reviews, the listings can tell you a lot about what you’re up against.
Do your competitors use impressive, keyword-heavy listings? Or are the descriptions short and full of errors?
Crafting a great listing is one of the best ways to stand out.
What Are the Numbers?
Exactly how many competitors will you have? And how many items sell in this category per month?
There are online tools that can help you learn the answer.
Always Stay One Step Ahead of the Competition
Before you invest in anything, you need to do research. These five questions will only get you started.
In my opinion, the best way to stay ahead is to carve out a unique niche. But this takes some experience and research.
So if you’re new, why not ask for some help?
You can join us on a FREE webinar now.
Yep, it’s that easy.
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