Revealing the Best Products to Sell on Amazon
Selling on Amazon can be a goldmine, but if you pick the wrong products, it can also drain your wallet. The good news? With a little know-how and the right tools, you can easily steer clear of bad buys. Watch the video above where arbitrage genius Warner breaks down the best products to sell on Amazon by looking at some good and bad examples, or read below for a summary of the key strategies he talks about.
Understand Profit vs. Risk
– Sure, Amazon can make you a lot of money, but buying the wrong products can cost you just as much. The key is doing your homework before jumping in.
Check the Data
– Before you invest in a product, take a look at its sales history, pricing trends, and how many sellers are in the game. Tools like SellerAmp are great for getting all the info you need to make smart decisions.
Avoid Over-saturated Markets
– If a product suddenly has a flood of new sellers and the price starts dropping, that’s a red flag. Over-saturation usually means less profit for everyone involved.
Be Careful Competing with Amazon
– When Amazon is selling a product directly, they tend to take most of the sales. If you see Amazon dominating the buy box (that “Add to Cart” button), it might not be worth competing.
Use SellerAmp to Your Advantage
– SellerAmp is an excellent tool for tracking key details like price history, the number of sellers, and how often a product sells. Having this data can help you spot good opportunities and avoid bad ones.
Watch for Brand Restrictions
– Some brands are strict about who can sell their products. Always check if a brand allows third-party sellers before investing in their products.
Look for Sales Trends
– Even if Amazon doesn’t provide best sellers’ rank data, you can still get a sense of demand. For example, if reviews are increasing and the number of sellers is dropping, that’s a sign people are buying.
Go for Stable Products
– Look for products with steady sales and pricing, especially seasonal items that tend to perform well year after year.
Use Discounts to Boost Profits
– Sourcing products directly from a brand’s website or taking advantage of coupon codes can help you get better deals and increase your margins.
Monitor Amazon’s Buy Box Behavior
– If Amazon has the buy box majority on a product, it can be tough to make sales. But if you notice they’re sharing it with third-party sellers, it could still be worth a shot.
Let Data Guide You
– At the end of the day, making smart decisions comes down to the numbers. Use tools like SellerAmp to back up your choices with data, so you can find products that will actually make you money without the risk.
Keeping these tips in mind and using the right tools will ensure you avoid bad buys, find profitable products, and build a successful Amazon business with confidence!
