Amazon has marked its 25th anniversary of incorporation in July 2019. A quarter-century after its founding, it’s becoming evident that the eCommerce giant is not merely the biggest bookstore in the world that it used to be. As of April 2019, a total of almost 120 million items were listed on Amazon. This high number of offered products also entails a high number of Sellers.
Since the Amazon marketplace is easily accessible and the company is attracting more and more Sellers to join their Associate’s community, the numbers of Sellers, and in your case, competitors, is predicted to increase exponentially over the coming years. That’s where an Amazon product research tool becomes relevant, because in Amazon’s hyper-competitive marketplace, winning sellers need to offer the best products at the best prices.
But how do you know what’s best to sell, when and where? An Amazon product research tool will tell you. Let’s take a look at 5 ways Amazon sellers can take advantage of a product research tool to boost their sales and profit margins.
How does a Product Research Tool help Amazon sellers?
1 – No more educated guesses
Make informed, data-driven decisions and take action accordingly. With a comprehensive research platform, rest assured that you can rely on accurate and real-time calculated metrics that help you make the right choices for your online business.
Information on expected profit margin, demand level, and Amazon sales volume based on a specific product, will help you reduce risks and ultimately ensure profitable outcomes. These insights can be assessed per single product or in bulk.
Moreover, a product research tool will inform about marketplace fees, taxes and shipping expenses that are involved when selling a given product in a specific locale.
2 – Discover niche markets, best-sellers, and trending products
Based on demand levels, Amazon sales estimator and the number of market actors, these insights can be leveraged solely or used to build upon previous product analysis. Jump on products that are trending on international Amazon marketplaces, be ahead of your competitors when scouting developments of niche markets and make informed decisions knowing the currently best-selling products on Amazon.
3 – Track competitor actions
Never be left alone in the dark. Product research tools for Amazon Sellers deliver insights into your competitors’ product listings, price levels, and marketplace activities. Especially on Amazon marketplaces where the degree of competition might be the single greatest factor in determining a Seller’s success, it’s essential to stay ahead of competitors and be able to adapt to their actions rapidly.
4 – Get ready for the omnichannel & cross border sales distribution
Especially beneficial for Amazon Seller newbies who are just starting out in their local marketplace, an Amazon product research tool will deliver product analytics and provide a comprehensive overview that enables Sellers to assess and compare the attractiveness of a specific product across several international Amazon marketplaces. You might find out that your items will actually sell much better in another Amazon market than the one you’re currently supplying to. This information is based on an Amazon sales estimator, demand level and profit margin as well as accruing taxes and marketplace fees.
Having these insights available not only for Amazon but also for other popular marketplaces, such as eBay or Walmart, will deliver immensely valuable insights and give a substantial advantage over competitors.
5 – Save enormous amounts of time
Say goodbye to tedious, manual research that most probably produces inaccurate results. Amazon product research tools will let you benefit from a faster research process and much more reliable data—and most importantly, you will be able to dedicate your energy and valuable time on other crucial business activities.
Take action and outsmart your competitors
Product research tools for Amazon Sellers are certainly a decisive contributor to a merchant’s success. Platforms like Algopix give immensely powerful insights that are simply not neglectable once leveraged. Moreover, a great number of product research tools, just like Algopix, offer flexible pricing and individual customer support to ensure accessibility to the platform for all types of online sellers, from small vendors to large retailers.