Trying to find the perfect product to sell on Amazon?
In his presentation at the April 2016 Global Sources Summit, Greg Mercer, founder of JungleScout shares advice on selecting profitable niches.
Learn more about the next Global Sources Summit: www.globalsources.com/summit.
Here are highlights from Greg’s presentation:
1. Look for products with 3,000 units per month existing demand on Amazon. Instead of creating a new niche, focus on capturing an existing market. And then target selling at least 10 a day or 300 a month. [7:12 in the video]
2. Avoid mature and competitive products. This can be determined by how many reviews there are. If the top sellers have less than 50 reviews, it is not a competitive product.
3. Find products that are selling well but have poor reviews. You know there is high demand for these products because people are buying them even though they are terribly ranked. Read the reviews to see if anything can be improved in the product. You can probably charge a premium for these small improvements. [15:38]
4. Go to trade shows with a list of ideas to search for or source. If you don’t, you might end up wasting time on products that don’t have enough demand or are too competitive [14:00]
5. If you find a good product on the show floor, go to Amazon, find the top listing, get the best sellers rank, then go to junglescout.com/estimator (a free tool), enter the sales rank to get the number of sales on a monthly basis.