The Amazon Product Research Myth of Low-Competition High-Demand: Uncovering the Truth for Sellers
There’s a lot of advice out there for Amazon sellers in regards to product research, and one of the most common pieces of advice is to find products with low competition and high demand. It sounds simple enough, but in reality, it’s not always that easy. In this blog post, we’ll uncover the truth about low-competition high-demand products and help you understand how to find them… if that’s even possible!
If you’re an Amazon seller or want to become one, there’s no shortage of advice out there telling you to find products with both low competition and high demand. Sounds simple enough but – surprise! – it ain’t always that easy. Well don’t worry, because in this blog post we’ve got the inside scoop on how to actually score those needle-in-a-haystack items – or at least get as close as possible!
Giddy up peeps! Let’s go bag us some treasure!
Why finding low-competition high-demand products is difficult?
For starters, there’s just a handful of them
Finding low-competition high-demand products , you know, the real gems can be a pain, even for the most savvy of e-commerce entrepreneurs. Truth to be told there is an abundance of products available to purchase online, but only a handful are in high demand and have relatively low competition and finding them requires methods just a handful of people know, for obvious reasons but the question is, do you really need to find products with high sales volume to have a successful business? Maybe not
Profitability is the real key to success
When it comes to launching a successful business, entrepreneurs are often drawn toward popular products with high demand. But they should also study their profit margins – while having customers is great, you need to ensure that your product can be sold for a decent price! If the profits don’t add up then keep looking – there’s more than one way to make money online.
How do you know if a product is profitable?
When evaluating whether something is worth investing in, don’t forget to factor the costs for sourcing and producing it. If you can’t make more money than what was spent on getting your product from concept to store shelf, then maybe think twice! It’s not just about dollars though – if that consumes a lot of resources for which you aren’t seeing returns…probably better off leaving this one alone. At the end of the day, profitability is all it matters. Revenue is just a vanity metric, and you always need to set a profitability target in order to make sure you’re building a business for the long haul and not just short-term profits
Make sure to sell on the high-end of pricing
When you’re looking for a product to sell, don’t skimp on quality – focus on the high-end in order to sell your item for more than just a measly 20 bucks. Nailing down that sweet spot isn’t as simple as it seems; go too low and profits shrink while pricing too high may scare away customers. With so much competition out there, doing thorough research is key: make sure your price won’t get undercut by rivals yet still keep up with their standards of excellence!
Okay, so you’ve found the holy grail of products: high demand, low competition. Congrats! But don’t pop the champagne just yet. Remember, you still gotta get your product in front of the right people. So don’t skimp on the marketing budget. A little bit of investment can go a long way in getting your product noticed by the masses (aka your future customers). Just make sure you leave enough margin for all those marketing dollars you’re about to drop. No sense in making all those sales if you’re not actually making any money, amiright?”
So there you have it, some tips on how to tell if your product will be profitable or not. The most important takeaway from this blog post is that it’s not enough to just find products with low competition and high demand. You really need to consider all the other costs involved in order to know if you’ll be successful or not. Focus on higher-end products as you can charge more for them and make a bigger profit, but don’t forget to factor in marketing costs too! By taking these steps into consideration, you’re more likely to identify a product that could benefit your business financially.
Does this make sense? Lemme know in the comments – I would love to hear your thoughts on this topic! Did we miss anything? What do you think are some of the most overlooked factors when determining a product’s profitability? Let me know below!