Hate it or love it we all need money. Money is what lets us buy our basic necessities. It’s what you need to live in the coziest houses and drive the sweetest rides. In the digital age, a lot of people have relied on using the internet to make money. There are plenty of ways you can make serious cash, however, these days one of the most popular methods is by starting an Amazon FBA business. Especially those who have done proper Amazon product research. Online entrepreneurs have gone crazy about it due to the countless number of success stories we hear about making a fortune through Amazon.
Even if starting an Amazon FBA business has plenty of positive feedback there are a lot of people who are avoiding it in fears of failing. They think that the market has been saturated and the competition is too much. They believe that all the older sellers who started way before them have already monopolized Amazon. I have talked to people who have admitted their fears and frustrations of an FBA business. In these days I know that it’s really hard to even think that you can run a profitable Amazon business. I admit that it I’ve had my fair share of struggles in trying to run an Amazon business. However, if you hustle hard enough and rise above all the obstacles that come your way, you can conquer anything. All you need is dedication, a hustler’s mentality, and great product researching skills.
Sounds Easy Enough
You might be asking; Hey MonetizePros, are you saying that all we need to do is sell products from Amazon to other people and we’ll get filthy rich? If you’re new to the whole e-commerce scene or have been hiding under a rock for the past few years then yes. That is basically the thought of it. Sounds easy enough right? Wrong! Not trying to be a douche but it’s actually harder than it sounds. You need to dedicate plenty of time to sales and advertising. You also need to do an amazing job finding profitable products that could give you a hefty profit.
There are plenty of things that you need to look out for like brand restrictions, selling fees, and thick competition just to name a few. Selling on Amazon might look bleak but there are still hundreds of success stories from newer sellers who just started last year. It is still very possible to be successful at retail arbitrage.
People who have been in e-commerce for quite some time now already know that you need to do an awesome job with your product research before you can even imagine making some serious cash. Karl Kangur couldn’t put it any simpler; pick a loser and you’ll have to restart, pick a winner and the game accelerates.
Amazon Product Research
First things first, before you even start thinking of ways to advertise and create a funnel to sell your product you need to pick “winning” products. This is where proper Amazon product research comes in. The basic idea is to look for a product which you can buy cheap and sell at a competitive price which will still give you profit in return.
Pricing isn’t everything! For example, you can sell socks at $1.00 per pair but if your product isn’t that good then it will get negative feedback on Amazon and give you very low sales. You need to find “winner” products which won’t cost you a fortune, get you positive reviews and sell like hotcakes.
So how do you actually do the whole research process to find a profitable product?
You can do things manually by listing down niches or products that you want to sell and researching them on Amazon if similar products are making sales. This is important because you don’t want to sell items that aren’t even getting searched. Once you have narrowed down your list of potentially profitable products you will then need to look at stats such as their sales, their reviews, the number of people selling similar products and all around metrics.
In a nutshell, you need to look for a product that is going to have a high opportunity, high demand, and low competition.
Between deciding what product you are considering to sell and getting statistics to determine whether those products are actually profitable, the whole process is going to take you a long time. We are all humans, and all humans need their sleep. Even a super online entrepreneurs such as you need to close his eyes. This is why you need the help of tools to make things easier.
You can read our post titled 10 Tools to Scale Your Amazon FBA Business to get a list of more tools to help you scale your Amazon business more efficiently. By spending an extra few bucks a month you can buy yourself some time to rest. At times, working smart is better than working hard.
Amazon Product Research… Like A Pro
If you want to really make a bang in the industry you need to find winning product through product research and market analysis. A lot of people make the mistake of either spending too much to hire a so-called product researcher or spending too much time by manually doing it without the valuable knowledge on how to do it properly. Do not be like them. There are tools we can use that can make our lives easier. With these market analysis and product research apps, you won’t need to spend too much money or spend too much time.
Pretty much like a hammer, it can drive the nail in the coffin. There are dozens of tools out in the market which can help you with researching potential products however we prefer using Egrow. It’s literally one of the newest Amazon product research tools. They just launched last October 12, 2017.
With the help of Egrow we can cut time spent on product research by more than half. This way you can spend more time with focusing on sales and execution.
Grow with Egrow
Egrow is a web-based tool which means you won’t need to install it on your computer or mac. It was specially developed for Amazon sellers to help them analyze the market and research profitable products which can sell fast.
So what does Egrow bring to the table? Off the bat, it has multiple tools you can use to help you identify products that are profitable and have huge potential for growth. You can also use those tools to track a product and get statistics which you can base your next moves from. Instead of spending thousands of dollars per month to hire someone to do your product research and market analysis, you can use Egrow and do it on your own for the cost of a few bucks.
As mentioned above, Egrow has multiple tools. For the price of one, you get a product tracker, a database researching tool, a live Amazon scanner, saved searches and recently added – a keyword and niche tool. Let us now discuss each one while I give you a little preview of how it works.
0. Signing Up, Pricing and Initial Log-in
If you want to try out Egrow you are in luck. They are currently having free sign-ups with no obligations and no credit cards required. All you need to do is input your preferred email and a password.
They currently have three plans namely basic, standard and plus. You can refer to this table for the features that each plan offers.
Upon initial log-in, you will be greeted with some useful tutorials and information that will help you use Egrow properly. If you are in a quick hurry, you won’t even need to watch the video tutorials. The user interface is very optimistic and easy to use. The statistics and analytics are very straightforward and easy to read. You won’t have to be an expert to use Egrow to its full potential however if you want help their support is always ready to lend a hand.
1. Product Tracker
If you are unable to find a specific product you are looking for in their current database you can use this tool to scrape data. Data is updated on a daily basis and very easy to analyze. All you need to do to utilize the product tracker is to copy the ASIN number from the product you would like to monitor and paste it into the space provided. Alternatively, you can copy paste the URL into the tab and hit the “add to product tracker button”.
Tip: You can also use this tool to spy on your competitor’s products. You can also use this tool monitor your own products even closer and make it easier to view.
2. Database Research
With this tool, you can view and scan Egrow’s entire database of scanned products from Amazon. There are millions of items in this database and it is being constantly updated on a daily basis. You can use it to help you find the ideal niche that you can use to jump-start your Amazon business. You can also use this powerful tool to look through millions of potential winner products that would sell and give you profit.
The interface is pretty straightforward. Let’s try to do a sample research. On the main categories tab, you can select which niche you would like to start with. In this example, let’s start with “Health, Household & Baby Care” since it is one of the best selling niches in 2017 so far. You can choose to select a subcategory and get even more specific with what type of products you would like to research.
In the Min-Max tab, you can input data about the minimum and maximum values that you prefer. On this sample, we have set the price to $0 – $100 because we would like to try and sell something cheap but profitable. We have set the number of reviews to 5, you can leave the maximum value blank or you can go crazy and place 99999 like in the screenshot. Reviews are also one important thing to consider when looking for a winner product. The better reviews and ratings a product has the better the customer satisfaction it gets. Reviews and ratings are also one of the basis when customers are looking to buy a product. The more stars you have the more chance a customer will highly click and purchase your product.
We have set estimated sales to 5 in the example. This is because we need to know if that item is really making sales. I have set a small amount of 5 in the sample just to show you however you might want to go with higher numbers if you really want to know how much good a product is selling. The higher estimated sales a product has the higher the chances that you will also make sells with your similar product.
As the name suggests estimated revenue is an estimate of the revenue that a product is currently making. I have set it to 5 in the screenshot just to show you but you will put in bigger numbers in your actual research.
Amazon BSR stands for bestseller ratings. According to Amazon itself, “the Amazon Best Sellers list is a good indicator of how well a product is selling overall”. But at the same time Amazon has also stated: “it doesn’t always indicate how well an item is selling among other similar items.” Basically, the higher a product ranks with its BSR (one is the highest) the more it is selling. So when you are looking for a product to sell you need to remember that the higher the BSR, the more chances that you are going to sell a similar item.
With Egrow you can put a minimum number of sellers, this way you can see the possible competition for a product. You can also place data in net, weight, and the number of images a product has all up to your preference. But on this sample let us leave them blank.
Finally, on the right side of the screen, you can see product size, seller type, and title keywords. In this section, you can choose the available sizes of a product, the types of sellers selling the product, and you can include keywords to make your search more specific. In this sample, we check both product sizes, check all seller types and include the keyword “baby”.
Once you are satisfied with the values you have inputted then it’s time to hit the purple search button.
3. Live Amazon Scanner
With this tool, you can perform real-time research on Amazon. You won’t need to install any add-ons and skim over Amazon anymore. You can perform the same task using this tool. All you will need to do is select a category and use a keyword of your choice then you are ready to go.
Data is real-time and pulled directly from Amazon so you don’t need to worry about accuracy.
Let’s try to look for dog toys. All we need to do is select pet supplies from the category and add the keyword “dog toys” then poof! Egrow immediately loads up products from the category that contains the keyword.
4. Keyword and Niche Tool
This is a new tool that Egrow has recently added. It can be used to quickly see how well a keyword is doing. You can see the BSR, price, reviews, sales and more. Basically, it can provide you a quick look-up to help you figure out how well a keyword or a niche is doing on Amazon.
For example, let’s try how “dog toys” is doing. All we need is to set a price range, a range of the number of reviews and estimated sales. Then all we have to do now is put in the keyword “Dog toys” then poof! Press the purple search button.
As you can see on the results, the keyword “a dog toys” is doing great. It has an average BSR of 951, 4,004 reviews and more.
In the Actions tab, you can also see some more functions. You can search a keyword directly using the live scanner, Alibaba and Google trends. With this tool alone you can definitely find a potential winner product that is going to give you plenty of profit.
There is only so much you can do with your tools. At the end of the day, you still need to have the instincts and skills to be able to find winner items. However, it is very true that with the help of an awesome tool such as Egrow you will be able to work faster and more efficient. You need statistics and proper analysis before you decide your next move. Basing from statistics is always better than relying on chance.
Before we end this post, let us give you a few extra notes. Remember that you need to find items that will actually sell, it doesn’t have to give you the biggest profit from one sale. Selling 264 products with a profit of $5 each is better than a profit of $100 from one sale in one year. Constant growth is important. Remember to always plan your next move after you have viewed the numbers and do not rush things. Build, Grow, Monetize!