Hey Steemians, this is for those interested in building an e-commerce business.
Today we cover Product Research.
In this video (Ep4 Part 1) we are going to cover how you should view this process, what criteria you should be looking for and a manual approach to Amazon FBA Product Research. Use this to find products to sell on Amazon or cross-check what you find with the use of software tools.
In the next video (Ep4 Part 2) we will cover how to find products with the use of software tools with a focus on AmazeOwl. We will also cover how to perform keyword research to find products and uncover gems when it comes to how you differentiate those products.
Time Line:
0:17 – Introduction and the Layout of the Product Research videos.
3:24 – How to view this process (IMPORTANT).
5:59 – The 10 criteria that I use to evaluate opportunities (can use for software settings).
17:42 – Amazon FBA Product Research on Amazon (Manual but effective Method).
27:30 – How to perform Review Research and think about your differentiation.
30:23 – The 5 page competitor rule (evaluate the number of relevant competitors).
34:24 – How to organize your review research.
34:59 – Final tips and what to keep in mind when Differentiation and Bundling.
Amazon UK Best Seller’s List:
https://www.amazon.co.uk/Best-Sellers-Welcome/zgbs
Amazon US Best Seller’s List:
https://www.amazon.com/Best-Sellers/zgbs
Amazon Fulfilment fees:
UK:
https://services.amazon.co.uk/services/fulfilment-by-amazon/pricing.html
US:
https://services.amazon.com/fulfillment-by-amazon/pricing.htm
Favorite these URLs so you can easily jump to them when needed. Remember, these are just the fulfillment fees. To get your total Amazon FBA Fulfilment fees, you will need to add this to your Amazon FBA Referral fees (15% of sell price) and storage fees. (Amazon FBA will give you this total amount on your listing on Seller Central as well).
To work out NET PROFITABILITY of items you find through Amazon FBA Product Research, do this:
Add up the following:
Manufacture cost/unit
International Shipping cost/unit
FBA fulfillment fee/unit
FBA referral fee/unit (+any storage fees)
This total amount is your Total Cost (TC)
Deduct the TC from your realistic sell price (SP)
SP - TC = Net Profit/unit
Take the Net Profit (NP) per unit and divide it by your sell price, then multiply it by 100 for your net profit percentage:
NP/SP X 100 = NP %
Remember there will be other costs such as PPC etc, especially in the beginning. So aim for a net profit % of 40% for safety.
Hope you enjoyed this video on Amazon fba product research. Now you have another method to find products to sell on Amazon. Use this manual method in conjunction with your software.
Differentiate! Aim for a good net profit!