We don’t have to tell you that it’s a competitive world out there – that’s why product research is your best friend in business. That means that having a decent tool isn’t a luxury, it’s a necessity.
Online retailers are facing greater pressure year on year as the scale of eCommerce continues to grow. More sales, more consumers, more competition. The most successful companies are those who employ product research tools.
Admittedly, product research isn’t the most fun part of the job. In fact, without the right tool, it can feel endlessly tiring and repetitive, but it is also a vital aspect of your business. With the best research tools in the cleverest hands, companies can make actionable insights and ultimately outperform those around them.
It’s not just about having the power at your fingertips, it’s that the possible advantages of having a product research tool are limited only by your imagination and ingenuity. Here are just 6 reasons why you should invest in a decent product research tool.
#1 Measure the competition
Understanding what and who is out there is essential. You’re no stranger to researching other companies, and you have scoped out what they are doing, but now you need to take a closer look at their specific products.
Product research tools allow you to dig deep into the details of a particular item and find out the statistics. Is it selling? Is it widely available? Are the prices high? These are the questions that you need answering if you want to succeed in your business.
#2 Understand product profitability and fees
You would never sign a contract without reading it first, right?
The same applies to selling your products. The truth is that there are always fees involved when you are selling through sites such as Amazon. It’s the price you pay for wider market access but it comes at a cost.
You must calculate your prices with those fees in mind.
That’s why a product research tool can let you know the precise costs involved for any item at the current time. You’ll never be caught out wondering why your accounts are looking a little lighter than they should.
#3 Scan thousands at once
We’ve established that product research is essential, but you shouldn’t be under the impression that it can be done manually.
Unless your item is rare enough to be produced by a select few places, you’re more than likely going to see a large number of similar ones out there. Are you really going to waste time looking up each one and putting together a report?
It sounds more like a punishment for the next time Peter from accounts is late to work, but when it comes to overall productivity for your business – there is no alternative to a professional, well-rounded tool that can present an analysis in seconds.
#4 Collate data in one report
Everybody hates a rambler.
Whether it’s full of flowery description or dry, technical information, you simply do not have time for it. You need to have one short detailed report of everything you need to know in one single place.
A powerful report doesn’t necessarily mean long, and a good product research tool accounts for that, allowing you to optimise your decision-making in the shortest time possible.
Short, but sweet.
#5 Win that Amazon Buybox
The Amazon Buy Box is the holy grail for Amazon sellers, with approximately 80% of all website sales going through the buy box.
Only competitive businesses can win the buy box through a combination of history, metrics, and competitive pricing. Owning the buy box is valuable to all businesses, big or small, because this opportunity can generate an overwhelming amount of sales in a short period of time.
Only a product research tool can help you stay ahead of the competition and gain this elusive prize.
#6 Monitor foreign markets
Every country and marketplace has different trends. A product that is plentiful and cheap in one marketplace may sell differently in another, and that is why keeping an eye outside of your current country is useful.
Your products may be more profitable in one market, or there could be a sudden shortage somewhere elsewhere. You will never know if you are not looking into it. That’s why a product research tool can let you search across different regions and plan your expansion carefully and in an informed manner.
How does a product research tool work?
Then, once you’ve entered your product identifier code, you will then receive an all-encompassing report of data and analyses ready to go. That’s all it takes!
Within the report you can find:
- ASIN (Amazon Specific Internal Number
- Buy box value
- Amazon referral fee
- Amazon FBA (Fulfillment by Amazon) fee
- Sales rank
And much much more.
The data made available by Product Finder is compiled in one easy-to-view spreadsheet, and it offers you the chance to make actionable decisions with zero hassle.
Make sure you stay ahead of the competition, and download the tool that will scale up your business today! Check out some of SuperDisty’s other tools available for online businesses such as EDI Solution, Seller Central Connect, Vendor Central Connect, and many more!