Welcome to TAC Day 3.
Today, I spent most of the day doing research on the various products I may be selling on Amazon. To be honest, doing research is time consuming and boring. I have not been using any tools to make my work easier. I don’t even know if there are tools that can help you do this.
Amazon Niche Product Ideas
Now, like is the case with all businesses, I need a niche to enter. I did not have any idea on the niche I would enter. I simply went online and did some random searches on products off the top of my head and from inspiration from different places.
One of the places I looked for ideas on what to sell on Amazon is Reddit. Here is a handy subreddit that has tons of ideas on what you can sell on Amazon.
I could have also gone through other routes such as:
i) Looking at niche forums
ii) Doing keyword research
iii) Checking questions on social media (Facebook and Twitter)
iv) Checking Amazon and eBay best seller lists
v) Search for products in evergreen niches
However, I simply decided to let my mind wander and see what I can find. I was specifically looking for products that get a high number of searches per month (over 10K) on Amazon, and that I can private label.
The major focus today was on getting product ideas. At the moment, I have found 17 product ideas that I will further test tomorrow. All the products get over 10K searches.
Some of the the further tests I will be doing tomorrow include:
i) Checking the number of reviews of the top products in the niches at Amazon. Ideally, I want a product whose top sellers do not have a lot of reviews. In particular, I will not go forward with any product whose top sellers have more than 1000 reviews.
ii) The products must have a potential to be sold at a premium price. During my research, I have been avoiding products that are sold at less than $10 on Amazon. All the products I have chosen are on average been sold at $10 or more.
You don’t want to go with a product that sells for less than $10 because that will not be your net revenue. There are Amazon fees to be considered, shipping fees, etc., which can eat into your profits drastically.
iii) The product should ideally be able to be sold with complementary products. This is option but a good thing if you want your store to reach 6 or 7 figures. Don’t ask me how I know about this.
iv) The products should be light in weight, (should be able to withstand shipping knocks. I don’t want high refund rates.). Moreover, I also want to keep the shipping costs down.
From the 17 products I have identified, I will decide which one to go for tomorrow.
Thus continues my Amazon Challenge.