FINDING THE MOST PROFITABLE NICHE FOR YOUR AMAZON BUSINESS
- January 22, 2016
- Posted by: Kevin168
- Category: Sell on Amazon
Retail is one complicated field of endeavor, one minute you are up the next you brought back down to earth. The subtle nature of retail can only be understood by those who know they are and are sure of what they do. Hence, understanding your purpose in retail is the first step in staying relevant in the business. Whether you want to be a manufacturer, seller, distributor of whatever the choice may be; you have to stand firm by it. In addition to establishing your role in retail, you have to have a firm knowledge of what area you want to specialize in. For without an area of specialization, there is no goal and without a goal there is no business. Finding your most profitable niche is one puzzle you need to solve if you want you thrive in business. A fish cannot survive on land hence locating your natural habitat is key to your success.
Amazon is one of the largest Internet retailers in the world today with millions of people conducting their various lines of business on a daily basis. There is so much traffic on Amazon, everyone wants a piece of the action. Once you are fully convinced of being an Amazon seller, the next stop is to find the low competition niches to delve into. You won’t want your business to crumble before it even starts now would you? Therefore it is advisable for you to look for low competition niches which will help you build your business from the ground up. Play and master the game in the little leagues before going to face the men in the major leagues.
Consequently, you could make a list of popular niche products that will help you get started. Thankfully, this article will provide you – the Amazon seller, enough knowledge to find the most profitable niche to start and expand your Amazon business.
CONCEIVING AN IDEA FOR YOUR NICHE PRODUCT
At this juncture of your retail adventure, you have made one of the most important decisions which is becoming an Amazon seller. The next stage of this thrilling journey would be to find out the profitable niches with low competition available and select your product. Reading this aloud will make it sound very simple but without the right steps to guide you through, things might seem a little bit difficult.
Without an idea, focus will be lacking. There won’t be any destination and worse still no starting point. Brainstorming is one of the exercises used in conceiving an idea for your niche product. This profiting exercise entails the contribution of ideas spontaneously by members of a group in a bid to solve a problem. It is also possible to have a brainstorming session by yourself to conceptualize an idea to help break through into lucrative niche businesses.
The first nugget you can hit while digging during a brainstorming session is asking yourself some deep questions. Before you encounter the gold, you have to uncover the earth burying such treasure. So questions like these should pop into your head:
- What is my passion?
- What are my interests in life?
- What are my hobbies?
- What experiences do I have?
- Are there experiences in other people’s lives that speak to me?
Answering all these questions and more will lead you to what your strengths and weaknesses are. Uncover the truth lying underneath these questions before you proceed to questions like :
- What are the untouched niche markets available?
- List of untapped niches?
- Are there profitable niches with low competition?
Some Amazon sellers skip the first phase of questions only to hit a brick wall in the second phase. Find your passion before setting out to pursue it.
ONLINE CONSUMER MARKETPLACES
These platforms are really popular in retail today, a lot of people gather knowledge for their products on these platforms. Some of the most popular marketplaces will be examined below.
AMAZON BEST SELLERS
It would be regarded as a sin if you don’t check out the best sellers feature on Amazon before choosing a product to sell. Amazon is so easy to navigate that you can search for trending products via the website. There are other sections on the Amazon homepage that will guide you in conceiving an idea for your niche product. Finally, searching for products becomes very easy on Amazon as you can filter your search to accommodate any result you want to get.
TRENDING ON eBay
eBay is a popular auction website where you can see loads of products and buyers. eBay has a trending section where products are arranged according to their demand in the market. You can as well monitor each product’s search volume; price tags are also placed on every item to make things a lot easier when thinking of a product to sell.
This is one of the most visually appealing websites that helps millions of people shop for items. Let’s look at some categories on Etsy.
Etsy Most Wanted: This section provides the user or contemplative seller the luxury of viewing most wanted items that the website has to offer. Pictures, price tags and search volumes are all accessible on Etsy most wanted page.
Etsy Best Selling items: The website is very easy to navigate as you can locate the best-selling items section by typing best sellers in the search bar. You will be directed to another page where you can view the best sellers with pictures and product information to go with it.
Etsy Most Popular Item : Just like the other sections, you can search for the most popular items via the search bar at the top of your screen. It is very easy.
For most people, social media is their go-to source for any kind of information, whether it is Facebook, twitter, Instagram or any other platform people throng to social media prompt information. It is therefore no different in retail, if you are looking for an idea for a product chances are that you would find plethora of products to choose from on social media. With daily trends, views, likes and firsthand comments you can easily decipher what low competition niches to penetrate.
There are a lot of websites with loads of information about what products to sell, so you don’t have to be in a dilemma when trying to conceive an idea for a niche product. One of such websites is Jungle scout which features information on products, prices, dimensions, ratings and other relevant information to help you choose your product. Jungle scout also has an amazing feature that helps you track the progress of products and affords you the luxury of searching for products using their keywords.
FINDING THE RIGHT KEYWORDS TO MEASURE SEARCH VOLUME
Keywords are words or phrases shoppers use to find a particular item or product online. Amazon sellers use keywords to check the search volume and capacity of their product. It is a way of gauging how well the product is doing in the market. Put differently, you can know how well your product is doing by the number of searches it gathers from the public.
Keywords also help to push traffic to your website and products; with apt online keyword tools you can easily find keywords that can help. Some online tools help the user uncover specific words, more like predicting what the buyer will type while others give varied options to what the buyer may want.
CONFIRMING THE LEVEL OF COMPETITION FOR YOUR PRODUCT
The next phase in your Retail journey as an Amazon seller would be to confirm who and who are already selling your product. You have to understand that you may not be the only to have thought about those untouched niche markets. Hence, there is a high probability that one or more people are already in your market, which may make things hard without the right strategy.
Firstly, you have to be competitive, stake your claim, defend your territory. Conducting proper research on the competition is one way of defending your territory.
There are a few areas you need to take cognizance of when conducting competitor research, one area to properly mark down is product reviews. Take a look at the product’s reviews, if each seller had over 300 reviews then it may be difficult to get off your feet with that product. On the other hand, you might get to see from some consumer remarks that might give you an edge in Seize that information and make things better.
Before fully committing to a product compare the price other sellers have fixed with yours. Also, identify recent trends that may determine your price and confirm if this is the right product to sell. It might be a lucrative niche business but it might not be for you. You don’t need to force things.
IDENTIFYING YOUR COMPETITORS PITFALLS
The retail life is not like it’s a cutthroat game where you identify your nemesis weaknesses and kill them. It’s not entirely the case here, what I mean is finding out the things that your competitors do wrong and seeking out ways of doing those things better. You can do things better through reviews. As explained earlier, you can identify patterns of complaints in reviews from consumers and then seek to solve their issues using the same product. It will push a lot of people to you when they know they have found the solution to their aching problems with your niche products.
LOCATING YOUR PRODUCT SOURCE
Nowadays, many Amazon sellers source products from China, if you can’t find the right supplier for your products, or you want to get a price advantage, you also can import it from China. It is safer and cheaper to import from China since you are just starting out , I suggest you use a sourcing agent, they will help you source from China.
By this time you have decided on your product and profitable niches with low competition that you can explore. One of the most important hurdles to cross when running the race of being the top Amazon seller is locating the right source for your products.
The Internet has ushered us into an era of quick responses and deliveries, so to seize the opportunity the new world has given us, you can easily locate a list of supplier online. Compile a list by searching for a keyword of your product, this will give information containing suppliers details with other information about the product. A list of 10 to 20 suppliers is apt for this stage, you can then send enquiry emails and messages via other platforms asking for prices, deliveries, terms and conditions amongst other things. Carefully collate the responses on all the platforms you made enquiries through and check which is the best fit for you and your product. By this, you successfully moved into one of the most profitable niches available.
I bet some of the veteran Amazon sellers would be slobbering over this moment, had it been they knew what you know back then, I guess things would have changed. Notwithstanding, you have to carefully transit from one stage to the other to solidify your claim on low competition niches. In life if I’d important to grow at a steady pace, so in essence take things one step at a time, you will get there. Patience they say is a virtue.
Furthermore, ask questions and seek for help when stuck, as an Amazon seller you can’t possibly do it all alone, look for people you can trust, form alliances and build your business.
This for me would be the last tip to finding your most profitable niche for your Amazon business, stay focused. No matter the ups and downs, trails, tribulations, failures – stay focused. Keep your eyes on the prize, set out your goals and objectives and let nothing stand in your way. This is not only a tip for success in retail but a winning tip in life. It is somewhat difficult to get your business of the ground but it is even harder to maintain the level of success your business might achieve.