Millions of people have managed to create their own successful online startups through the biggest US retail website in the world: Amazon. How about you? Do you want to start your own business and make sure not only rent is paid but you no longer have to wait for last-minute deals to book that holiday trip? Do you know where to begin?
Products – the keyword you need to think about and make sure to choose the right ones. There are some strategies, but let’s call them insights that will ensure you will get the best.
The first thing you need to do is take the time to thoroughly think things through. Most Amazon stores fail because they put little or no effort into choosing the right niche. The best starting point is to choose a quiet spot, sit down with your pen and paper and think of all the products you would like to sell.
This process will most likely result in you choosing the ones that have filled your needs in the past and made life easier.
After filtering the list you previously made, it is now time to understand the products themselves. Here is where the exhaustive and time-consuming process of research comes in place. But if you want to do everything right, it is mandatory.
This will enable you to:
- Pick the right niche
- Know the selling points and where the product falls short of getting those 5 stars.
- Pick the right price to make it worth your time.
Your go-to place to do this will be Amazon itself. Amazon Best Seller should be the first one you dive into, as you will find everything you need about the products, tidily grouped into categories and subcategories. This enables you to also find out related items and choose your store’s direction.
Another useful tool is Google Trends. This shows you the popularity of specific items, ensuring you will make the most out of your target audience.
And once you have settled this, it’s time to think about:
- Sourcing the items
- Item regulations depending on the selling area
- Marketing strategy to reach your audience
One of the most popular outsourcing solutions is China – the world’s largest exporting countries. You can get amazing, helpful products and secure drop shipping deals you never thought were available, sealing down the best business opportunity.
Don’t forget to check the tools below as well, as they will make your research a lot smoother:
Jungle Scout –Equipped with filters like price, rank, rating, weight, etc, this tool is very popular among many sellers.
Amazon movers &shakers – With hourly updated, this tool offers you the highest selling products for the past 24 hours.
Camelcamelcamel – It enables you not only to monitor specific products of your choice, but also to get notified about price drops and also has advanced searches available. The best part – It’s completely free to use.
Once you feel confident you completed your research thoroughly, it is time to analyze all the information you gathered. Some of the comparison criteria should be:
- Market Trends
- Consumer Request
- Return on Investment
Finishing this step will enable you to get the relative competitive items for yourself.
Make your decision
It’s time for the final step now: decision making. Your home-office is now probably filled with statistics, charts, trends, and list. And you have narrowed them down.
The boring part is yet to come. Draft your business plan, refine it and do this again 2-3 more times until you are completely satisfied with both the process and the result.
You are a newbie and you want to succeed so there is no room for error. You can make it. But once you set your foot in the door, make sure to stick to your business plan if long-term success is what you are out for.
Excitement is the word that defines you right now. You know you can do it, you have seen others do it and now spamming your playlist on YouTube with “How to be a successful Amazon seller” ads. But try to tone down a bit and focus on avoiding the things below:
- Fragile Items – Yes, they are a profitable niche. You will have time to get to it once you can take the costs of broken items and bad reviews around the holiday season for customers getting those ornaments as glitter and not in one piece.
- Large-sized Items – When you start out, your eyes will be on the expense monitor. Large-sized items could make a hole in your pocket due to shipping costs.
- Copyright Related Items – If you have done your research right, you already know there are some products which you should steer clear of – they could bring legal problems. And believe us, when someone invests enough time and money to ensure their products are protected by copyright, they will invest them also to make sure it is respected.
- Seasonal Items – If you only want profit 2-3 months a year, you can choose these. Yes, you can always rotate the products you sell and keep your store fresh, but wouldn’t you rather sell evergreen items that help people every day?
Starting an Amazon store is not rocket science, and everyone knows it by now. But this is exactly why there are tens, probably thousands of them being released and also closed every single day.
It’s a business. Keep it this way and start making money!