In a competitive market, being cleverer than your competition will always give you the edge.
Business is not for the faint-hearted. Demanding hours, endless responsibilities and saturated markets are among just some of the challenges that face Amazon Sellers. But what can give businesses an advantage is an Amazon Product Research tool.
This single tool changes the way that businesses monitor their pricing strategies and gives accurate, actionable information to make your business decisions.
Best of all is that you are not limited by your types of products. So whether you sell Bedknobs & Broomsticks or button-up blouses, an Amazon product research tool can work for you!
What is an Amazon Product Research Tool?
A product research tool, or product finder, is a business tool designed to provide hard, actionable information for Amazon Sellers.
This can either be for existing products in need of a competitive pricing review, or to find new products that can both permeate the market and provide lucrative returns. You can find:
- Who else is selling a product
- How much they charge
- Sales rank (customer demand)
- FBA fees
- Optimal pricing for the Amazon Buy Box
And much more!
Business Challenges Without an Amazon Product Research Tool
Without a product research tool, you have no advantage. You are on the base level along with every other Amazon Seller, and face the same challenges.
Customer demands change frequently, and so too do the businesses offering to fulfill those needs. For every change in customer demand, there are dozens of businesses rushing to meet that demand.
However, not all customer demands are met equally.
Finding products in markets that have high demand, but low supply are a gold mine for Sellers looking to make a profit on Amazon.
Entering blindly into markets that clearly have high customer demand is a risk, so use an Amazon product research tool to determine if those demands are being overfilled. If not, then you run the risk of drowning in a sea of competitors.
Amazon is King of the Buy Box
While you use Amazon, it can be hard to view them as competition, yet they are. Amazon Retail supplies customers by using thousands of Amazon Vendors to supply their needs.
And as you may expect, Amazon Retail has a large monopoly on the Amazon Buy Box.
It’s not surprising, they set the rules and they know how to maximise their algorithms to suit them. However, with an Amazon product research tool you can also optimise your odds at winning a share of the Amazon Buy Box.
Not only can a tool show you whether Amazon Retail is meeting customer demand on your particular products, but it can also calculate the optimal pricing strategy to win the Amazon Buy Box. Naturally a host of other metrics to win the Buy Box come into play, but pricing is among the first and foremost.
With over 82% of Amazon sales going through the Buy Box, even winning a tiny share of it is a priceless advantage.
Accurately Gauge Profits
Making a profit on Amazon is the reason why you’re in business.
It pays your bills, maintains a roof over your head and ensures that your business keeps on ticking over. However, when it comes to making future investments in products, you need accurate financial forecasting.
This is where many businesses fail.
Despite subscription services being perhaps the most solid method of gauging profits beforehand, when it comes to Amazon you need to predict how much you’ll make and how much you’ll have to pay.
Amazon fees are what most businesses fail to account for. They eat into profits unexpectedly and can leave your business in danger of overinvesting in certain areas. With an Amazon product research tool you can foresee your Amazon fees for each product, and accurately account for them before making any decisions.
Keep your financial future safe!
The Benefits of an Product Research Tool
Plan Your Inventory
Never overfill or underfill your inventory again by examining the seasonality of products.
With an Amazon product research tool you can maximise your profits without running the risk of paying to store excess inventory all year round. By examining changes in Sales Rank on Amazon, you can identify how much you’ll need, and when you’ll need it!
We already examined brand intelligence, and finding high-demand, low-supply markets. However, certain product research tools allow you to examine international markets too!
Is your local Amazon market saturated? Not a problem, simply check another region!
You may find that while your own market is competitive and oversaturated, another may be sparsely populated with Sellers and needs a helping hand.
You already know that you can determine the sales rank of products, and identify competitors selling them. But that’s not the end of the useful information that you can extract with a product research tool.
You need to examine your report and ask yourself the right business questions.
Why are certain products so successful? And why aren’t others?
Sometimes it isn’t about market demand, but about customer desires. You can examine the data and your competition to pinpoint what puts off customers, and what makes them follow through on a sale.
Learning what not to present to your customers is just as important as learning what they want if you want to scale up your business!
What Amazon Statistics are Included?
The right Amazon product research tool should provide a whole host of vital data in a single easy-to-view report for you.
In it you should be able to view:
- Amazon Specific Internal Number (ASIN)
- Brand (The one that Amazon associates with the identifier)
- Title (The description Amazon associates with the identifier)
- Buy Box Price (The optimal one)
- Amazon Referral Fee
- Amazon FBA Charges (Check out our Amazon FBA Guide for a full breakdown!)
- Product Sales Rank
The Best Amazon Product Research Tool
Product Finder is the best Amazon product research tool currently on the markets.
With a user-friendly interface that cuts out the distractions, Product Finder gives you the information that you need, as you need it.
With hard, actionable data at your fingertips, Product Finder compiles your report in a cleanly presented and downloadable file that you can peruse at your leisure. Extract the data that you need to make the right business decisions and scale up your Amazon business in no time at all!
Remember to check out our business articles to learn more about the tips and tricks of today’s markets!