In today's market, there are countless products available, making it challenging to find solid product ideas that customers actually want to buy. This is where the Amazon Best Sellers list can be a valuable tool for sellers. By analyzing this list, you can discover popular products that are in high demand, and use your creativity to add your own unique spin to them.
Selling products online continues to be a profitable business, and Amazon is a popular platform for many sellers. According to the 2022 Small Business Impact Report, Amazon selling partners in the US sold over 3.9 billion products in 2021, which is equivalent to 7,500 products sold every minute. Moreover, the average sales per seller increased from about $170,000 in 2020 to about $200,000 in 2021, indicating the potential for growth in online selling.
However, with so many products available, choosing what to sell can be a daunting task. This is where the Amazon Best Sellers list comes in. By analyzing this list, you can find popular products that customers are interested in buying. You can then use your creativity and expertise to add value to these products by offering unique features or bundles that appeal to your target audience.
Once you have identified a product idea, the next step is to get started with selling. This includes setting up your Amazon seller account, sourcing your product, and optimizing your product listing to attract potential buyers. With the right strategy and execution, you can drive online sales and build a successful business on Amazon in 2023.
Step 1: Dig into the Best Sellers list on Amazon to research potential product ideas.
This list displays the top 100 best-selling products on Amazon based on sales and is updated hourly. Use this list to gauge demand by looking for the Best Seller Rank (BSR) of each product and take detailed notes. Also, explore product categories and sub-categories to identify up-and-coming products, spot opportunities, and analyze patterns in a niche that interests you. Refine your search to find a specific product category that aligns with your business goals. Leverage Amazon's programs and services, such as Brand Registry, Amazon Handmade, Amazon Custom, Merch by Amazon, Amazon Renewed, and more, to grow your sales and reach even more customers.
Step 2: Specialize in profitable products
With so many products available, it can be overwhelming to determine which ones will be the most profitable for your ecommerce business. Take the time to explore different methods to find the best fit for your brand.
Monitor the "Movers & Shakers"
Check out the Amazon Movers & Shakers list, which is updated hourly and displays the products that have seen the biggest gain in sales rank in the past 24 hours. By clicking on any category, you can find out which products are currently trending, their sales rank increase, past rankings, number of reviews and stars, and pricing range.
Track Hot New Releases
If you have an idea for a new product, check the Amazon Hot New Releases list for hourly updates on how similar products are performing in the market. This will give you an idea of the type of market that may be out there for your idea.
Step 3: Put your own spin on trending products
Once you have identified the products you want to specialize in, it's time to find ways to differentiate yourself from the competition. Here are some tactics to try:
1. Look for higher demand, lower competition products: While it's great to find products in high demand, you also need to consider the competition. Check the number of reviews to gauge competition. Generally, products with high demand and fewer reviews indicate lower competition and a chance for you to enter the market.
2. Use product reviews to guide product improvements: Go through product reviews to understand customer feedback. Note down the pros and cons and identify areas where you can offer something unique to exceed customer expectations.
3. Get creative: Think of ways to make a trending product unique. Can you sell it all year round? Can you create a better quality product? Be creative and find ways to differentiate yourself from the competition.
Step 4: Getting Started with Your Idea
If you have a great product idea, there are a few key steps you need to take to ensure success in ecommerce.
1.Research and Evaluate
Before you decide which products to sell, you need to research and evaluate customer demand and affordability. Look for products that are in high demand and have a large potential market, while also ensuring that the products are affordable and profitable for your business.
When choosing products, it’s important to consider logistics such as packaging and shipping. Opt for products that are easy to package and ship to save on costs and reduce the likelihood of damage during transit. Products with a long shelf life can also reduce the need for frequent restocking.
3.Think About Branding
Branding is an essential aspect of ecommerce success. Choose products that have branding potential and align with your brand identity. This will help you stand out in a crowded market and build customer loyalty.
4. Avoid Restricted Products
Certain products are restricted or prohibited from being sold on ecommerce platforms. Be sure to avoid these products to prevent account suspension or legal issues.
5.: Focus on Procurement, Fulfillment, and Listing
Ensure that you have a solid plan for procurement, fulfillment, and listing of your products. These are essential steps in getting your products to market and ensuring that they sell successfully online.
Step 5: Pro tips for driving online sales
Once you have chosen your products, it's time to focus on driving sales. Here are some pro tips to help you monitor metrics and increase sales:
1. Monitor sales and other metrics: Keep an eye on your store's performance and look for opportunities to boost sales. Use Seller Central to monitor your account health, track performance metrics, and stay up to date with notifications.
2. Experiment with your ecommerce storefront: Customize your Amazon storefront to showcase your brand story and product catalog through rich media, including text, image, and video content. Use free tools available to create an online store that looks entirely different from the typical Amazon layout.
3. Tailor your marketing and adjust as needed: Regularly revisit your marketing strategy and adjust it as needed to boost product visibility, improve online conversions, and win repeat purchases and customers.
4. Check the Amazon Best Sellers list often: Whether you're looking to compare profitable niches or diversify product offerings, use the Amazon Best Sellers list to identify products that are popular and selling well. This resource, along with the other tips in this article, can help you boost online sales.
In conclusion, starting an ecommerce business on Amazon can be a lucrative opportunity with the right strategy and approach. By researching profitable niches, finding ways to put your own spin on trending products, and monitoring metrics and sales, you can improve your chances of success. Additionally, by experimenting with your ecommerce storefront and tailoring your marketing, you can make it easier for customers to connect with your brand and products. With the tips provided in this article, you can get started on your journey to building a successful ecommerce business on Amazon.