We all know not every product on Amazon can convert. So how can we find the best selling products on Amazon and actually convert them to profit?
The truth about selling on Amazon
When it comes to eCommerce sales, finding profitable products is the key to success. Despite how good your marketing strategy is, if the product is not interesting enough, you can never make any sale.
Amazon, in the meantime, is a platform on which many different kinds of products are presented. The wide coverage of Amazon thus makes it difficult for many business owners to figure out which products can convert.
Thus, if you want to succeed with Amazon eCommerce business, you need to have a proper plan. There is no way that you can jump right into it and succeed with luck.
Selling on Amazon; however, should not be something impossible to get profits. As Amazon want the commissions, they definitely want to see you succeed.
And if you are yearning for a proven blueprint to start building your eCommerce business empire, you should keep reading this piece of writing.
What are the factors that worth considering?
It is ideal to set the cost at 25% – 35% of the actual price. This range allows for stability and safety in your pricing policy. It gives you more room for the markup profit and reduces the loss risk.
Target sales price
The sales price should be somewhere between $10 and $50. Go beyond this range and you may lose your target market segment. We all want the customers to buy the high priced products.
But it will be not very likely that they will come to you for these products. Instead, they will be more interested in established retailers.
Now you know that aiming at low-priced items should be a proper strategy. Thus, you should also refer to the fact that it is vital to keep the shipping cost as low as possible.
Try to keep the shipping weight under 3 pounds. And even if you cannot do that, make sure that the shipping fee is at a minimum level.
There is no promise during the shipping time. Products with good durability are then more attractive to both the customers and suppliers.
Besides the price, what makes your product a better deal is its quality. The low price cannot tell everything. A product with a reasonable price and competitive quality will help you stand out from your counterparts.
How can you find the best selling products on Amazon?
Do not compete with major retailers
You can lower the price as much as you want yet you will never be able to compete with the established retailers. You have to admit that those retailers have much greater brand awareness.
They have much better price as they buy in huge volumes. Customers will then have no hesitation to go for them.
Make your products easy to find with the detailed product title
A common habit of the customers when they are searching for a product is typing in their description/ expectation of the product. Sellers should thus align their products with this habit. A product title with a wide range of keywords will increase the likelihood of it being discovered.
Make sure your product is popular enough
The products in your target list should have at least 50 reviews from its counterparts and 100,000 monthly searches. The reason behind this criteria is that Amazon will provide the data about these products for you. These data will make it easier for you to sell your items to target customers.
What should you care about product listing?
Price is the very first bit of information that will catch the eyes of the customers. It is crucial to make it attractive to the customers. But it is not all about making it a low price, but making it a great deal.
Specifically, you can set the actual price lower than the list price, and make it seem like it does not last for long. With this trick, you can push your target buyers to add it to cart.
The description can serve as a text ad for your products. Focus on the words you use to demonstrate the quality of the product and you will soon profit from them.
And if your product weights more than 3 pounds, try to note down other selling points that make it worth the shipping fee.
As a rule of thumb, products with higher rankings have greater profitability. You should look for those with the BSR of more than 5000. Otherwise, at least you need to find products that rank high in their own niches.
The minimum number of reviews should be 20. The more reviews a product receives, the more popular it is, and the more likely you can sell it.
Besides, most of the customers these days consult the reviews before they make the buy decision. Products with many positive reviews will make it much easier and faster to close the sales.
What can you learn from Amazon Best Seller List?
This list includes the products that customers do not purchase but put on their wish list. Even though it does not show you the sales figure, you still have the overview of what the customers are currently interested in.
Shakers and movers
As you can refer from the name, this list shows you the trendy products that are climbing up the BSR rankings. In other words, this list tells you which products are in high demand.
These products may be ones with low price, a new concept, or in the season. You can take advantage of this sudden interest to leverage your profits.
Gift coupon checkout
This page gives you the list of products that customers can use as gifts. You can sell them at the holiday/ gift-giving times to attract more customers.
Hot new products
They are the new products that are moving up in the popularity ranking. Selling these trendy items can also help you to increase your “bottom line” figure.
What should you do now to start?
As I already stated at the very beginning of this article, it is not a good idea to place yourself in a competition with big suppliers. Instead, it is better to go for smaller niches and make sure your products have high-value packages.
Find a wholesale market
To minimize the cost, you had better choose a wholesale buyers’ market that offers you a lower price for larger orders. A good market is Alibaba, they do not only sell the products at wholesale price but also provide you the detailed information about them.
Complete eCommerce business training
My recommendation is to take a training course from Amazing Selling Machine. This training takes you by hands and shows you the exact steps to build, develop, and scale your eCommerce business. Many people taking this course have made it to the 6-figure income per month.
Having an eCommerce business on Amazon is not easy, but not impossible if you have a proper action plan. With good sense of improvisation and clever product choosing strategies, you will be ready to rack in the dough from your business.
And if you are looking for a proven and newbie-friendly training course to help you start your business, Amazing Selling Machine is an excellent starting point. It teaches you in an over-the-shoulder way, making it easy to apply to your own case.
We have now come to the end of this guide. Thank you so much for reading it. Wish you all the best.