7 Important Things in Every Profitable Product
If you're looking to bring cash online, be it as an extra income stream or a plan to supplement your full-time work, eCommerce is an excellent option. Naturally, you'll have to decide what you'll be selling. There are many possibilities available. You can dropship niche products via AliExpress or sell handicrafts that you created by yourself, or create a custom-made product by a factory in China. Dropshipping is typically the most convenient alternative for those who are new, and has the lowest entry barrier. In essence, you sell products purchased from manufacturers, and without having to deal with the logistics of inventory or logistical issues. However, how do you identify the right products to sell? There are certain characteristics that e-commerce products that are profitable share in common. This includes important aspects such as demand for market services, a manageable level of competition, and reasonable profit margins.
Important things to consider about Product Consistent & Sufficient Demand It is important to be aware that the products you are considering are being sold on Amazon. The importance of confirming demand is paramount. I would like to see at least 2 000 sales per month in the top 10 best sellers for the same product idea. That is around 400 monthly sales for a product. If you're not using SellerApp yet you can look into our Amazon sales estimator tool to determine the amount of sales of any Amazon product easily.
Limited Competition As the first seller of this product you must go up against your competition. Particularly when you are exploring the new field You must find products that are available for a brand new product. Check for products where the top competitors' listings are rated less than 100 or perhaps less than 50 reviews.
The “Weirdness Test” Popular brands can create many obstacles to the entry of new products, such as excessive competition, as well as trademark and legal concerns. Find obscure items in the highest demand, but are not found from bricks and mortar shops. You'll be amazed at the bizarre and amazing products sellers earn the most profits from.
High Profit Margins It may sound obvious, but it is important to understand that we are able to make profits. It's easy to lose sight of this vital aspect while getting distracted by the search for new products. Find products you are able to sell for less than $20. Begin to compile some rough estimates of FBA costs, shipping and manufacturing costs.
Enter A Niche That Is Less Mature Competition is a big issue for sellers who are just starting out. Why not look for items that are popular but have only a few reviews? You can search for products with the highest sales volume with a minimum of 40 reviews.
It will not take too difficult to get some momentum in this field and you won't be caught up too long trying to get scores of positive reviews.
Spy On The Competition The last tip is to search for opportunities through searching for private label vendors and checking the storefronts of their sellers. Look for their top-selling products and then look for opportunities to duplicate or enhance. It is possible to do this manually through Amazon If you want using the Amazon competitor analysis tool, which allows you to assess the competition in a precise manner and update your product's position using the most effective methods.