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4 Invaluable Tips on Undertaking Successful Amazon Market Research

by
Dani Avitz
|
Algopix Marketing Manager
November 13, 2018
Revenue, Profit, customer service, SEO, Customer Experience, Design, UX, Shopping Cart, Social Media

Amazon Market Research: 4 Invaluable Tips

Amazon is the largest and most valuable retailer in the whole of the United States by market capitalization. Yes, it actually is bigger than WalMart by market capitalization. This means that presently, eCommerce has overtaken brick and mortar trade and the trend is going to continue for a long time into the future as we have finally reached the tipping point. Therefore, any forward looking enterprises must strive to ensure that they have a foothold in this medium if only to stay relevant.

Thus, you need to engage in some serious research in order for you to take pole position in this competitive eCommerce platform and this is informed by the desire to dominate the market with your product. There are several ways of getting to pole position in the race for the number one spot on the platform; there is a method to the madness.  We are going to explore all the required tips and tricks that you must have in order for you to have a leg up on the competition with Amazon product research tool.

How to Do Successful Amazon Market Research

- Spy – Well to get a leg up on the competition you need as much information as you possibly can on the competition in order to pick what they do right for your campaigns and to discard that which will take you nowhere.

This also means that you need to find out all that you can about the latest completed sales: check out the best selling items while you are at it. After choosing your niche, you can check on its popularity by finding out its rank in terms of sales with respect to the other products in the market.

The competitive intelligence that you will be able to gather includes: the top competition, ideas on price and the format of listings, expansion ideas, niche ideas, demographics and keywords. This information will help you craft a winning strategy going forward.

- Niche – Well, all this competitor business intelligence is good for one primary reason: you will be able to narrow down precisely the niche in which you want to have maximum impact. This means that you will now have the unique ability to gain invaluable insight into the inner workings of that particular niche and you will then be able to use this information to your advantage.

Another clever way for you to gain more information about the niche and the primary competitors is to get deep into Google and research the niche and the related websites from the perspective of the open internet. In this way, you will be able to develop a huge corpus of information not only on the opportunities of the niche but on the competitions inner workings.

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- Products – The first two categories listed above namely some good old time spying and niche research will be the first products of your amazon market research. At this point in time, you will have formed an opinion on the best niche that is suitable for you.

Having done that the next logical step is off course to go ahead and embark on the sale. At this point in time you will revert your research to pinning down the very items that you need to sell on the platform and make a profit. To fine tune your efforts, check out the top selling products and after settling down on the one of your choices, consider making your offer at a price lower than the prevailing rate.

- Sell – At this point in time, you will have a pretty good picture of the market and the specific product that you want to offer up on sell. Having done that, the only thing that remains is for you to start selling your stuff online and this is where you bring your market research and put it to good use.

This information will help you settle down on a price range which makes the most sense in terms of offering the client’s value but at the same time offering you a tidy margin. This information will not only help you to make the sale but it will also offer you the best strategy of going about this.

Continuous Loop

Armed with all this information from Amazon, you should be able work on your product volumes and choose whether to upsell, down sell, cross-sell, targeting and any other tactics that will give you and upper hand on Amazon. The process does not stop here since you will still need to use the research tools to settle on the best price points. After that,  you still need to go ahead and continue looking for the best ways to optimize your shop and this means that you will have to keep looking at the available information and tweaking it all to your advantage.

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