If you are looking to start a business there has probably never been a better time than 2016. The amount of arbitrage opportunities is immense and so is the amount of analytical tools that will basically lead you to the best marketing decisions. All you have to do is be persistent and push.
Selling goods on Amazon is one of the best ways to go since you can source cheap stuff from China, brand it and sell it for decent margin in the USA. But since you’re not the first person in the world who go this idea you will need to play smart. And to play smart on such a huge and seemingly chaotic platform like Amazon you will need an Amazon research tool. There are plenty available but trusted brands like AmzShark should be your safest bets.
The first thing a decent tool will allow you is to make no mistakes while selecting a niche. Very often people go for something they consider lucrative with very little data backing it. But making data-driven decisions is what sets winners apart from losers. All Amazon research tools present with some sort of niche analytics – you can see how much the sellers in the niche are making, what the average Amazon sales rank is and how they price their products. As a result you can choose to sell a product that will fill an actual gap in the webstore.
Pricing is a whole separate topic yet very few newbies pay enough attention to it, thinking branding is more important. You need to analyze hundreds of products to figure out the best pricing for you. Contrary to what seems logical cheapest products do not always bring in most money! Again, you need a reliable tool pulling all the products and presenting them into a nice clear chart for you.
Amazon is not just an ecommerce store, it’s also a huge product search engine. They get thousands of product queries per second, ranking thousands of product results and analyse behaviour of thousands of customers at every given moment! To think you can bypass all that data basing on some sort of entrepreneurieal “sense” is madness. As every search engine Amazon has a ranking algo that you can conform to. They pay attention to the product describtion, title, the amount of reviews and a couple of more factors that any decent tool will let you see. When you analyze the niche you’re about to enter you will notice how your competition does all that and where it gets.
If you are serious about selling goods online you need to get a reliable research tool (probably more than one even) and tons of data to make every move. Then and only then you will get “lucky” and make a fortune.