Selling online, you don’t have the luxury of months or even years of research before you launch. You need to be able to make a decision quickly before your competitors make it for you, so sometimes it’s easy to ask yourself questions and make your choice from there. If you’re wondering if you’re on the right path to finding the right product to source for selling on Amazon, RepricerExpress has got the guide for you.
1. On a Scale of 1-10, How Well Do You Understand the Product?
If tying up your shoelaces is a 10 on the familiarity scale and black hole thermal radiation is a 1, rank how well you know the product you’re sourcing. The better you understand a product, the better you’ll be able to sell it to your buyers. After all, you’ll need to be able to write amazing product descriptions and answer questions buyers might have.
2. How Much Does the Product Cost?
We’ve mentioned in other blog posts that cost is a big contributing factor when it comes to sourcing the right product, and the magic range is between $12-50. Less than $10 and your buyers might see your products as cheap (not inexpensive), and more than $50 and you’ll lose a lot of buyers looking for an affordable deal.
3. How Popular are the Keywords?
If a product doesn’t have many keywords, that tends to mean not many people search for it. Think of it like trying to find a camping spot. The more detailed the directions, the easier it’ll be to find it before sundown.
When it comes to sourcing products for Amazon specifically, here’s what you should be looking for:
- Top 3 keywords have about 100,000 searches per month.
- A close ratio of searches and search results. This means that the searched keywords lead to relevant products.
4. How Many Reviews Does the Product Have?
It’s pretty tough to sell a product without any reviews, but it’s even tougher selling an item when there are tons of reviews. If you’re interested in a product and it has a low number of reviews, this means it’ll be easier for you to climb to the top — this also means the slate is wider open to amass more 5-star reviews.
5. What Kind of Selling Strategy Suits You?
High Sales: You’ll need a bigger investment at the outset to handle a high volume of sales. You’ll also want to invest in things like FBA to handle purchases and shipping, repricing and feedback software so you can focus on writing product descriptions and choosing advertising campaigns, and the ‘it’ factor that sets you apart from the competition.
Average Sales: You’ll have lower sales, but also more time and flexibility to focus on what you want. You’ll be able to offer customised options, like personal greeting cards in packages or crafting your own brand logo.
6. What’s the Rank and LQS/Rating?
There’s no sense in overcomplicating this one, as it’s as simple as this:
- Low ranking = good. Look for an item closer to the top than the bottom.
- Low LQS = good. Listing Quality Score is on a scale from 1-to-10 and the closer to 10, the better the product. This means you’re looking at a product with a good title, good and hi-res images, good number of reviews, good Best Seller Rank (BSR) score, good number of bullet points, answered customer questions, and good variation of text elements of different lengths.
7. How Steadily Can the Product Sell?
Ideally, the best product to source is one that will sell consistently throughout the year. Seasonal products can be exciting because of the crazy holiday rush, but it can also feel pretty empty once the holiday’s over. Remember the fable about the tortoise and the hare? Yup, that’s right — slow and steady wins the race.
We’ve designed this guide so you can source products for Amazon as efficiently as possible. It’s important not to waste any time so you can get to the next most important part: pricing products more aggressively than your competitors. But instead of doing that manually and risking making mistakes, hop on board the RepricerExpress train and get to the next stop in record time. Bonus: when you sign up now, you start the journey with the first 15 days absolutely free.
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