One of the most challenging parts about selling online is figuring out what to sell.
You might think that you have come up with the next bestseller, but unfortunately, your gut instinct alone won’t bring you closer to your first million-dollar turnover. Smart sellers become successful sellers because they rely on data that guide them on which products to invest in. Smart sellers know where to invest and where to save. They know that the data that you unveil answers questions like How do I know what to sell? How do I know what people will want to buy in 2022? How do I source my product? What’s the best way to get liability insurance?
We’ll reflect on all those questions and more in this article, so if you’re looking for ways to choose the best Amazon products for your store, keep on reading.
Learn about consumer habits
Amazon is one of the biggest marketplaces in the world. It is the gold standard for all things eCommerce. Even if you are planning on setting up shop on Shopify or Walmart, if you are looking for a detailed understanding of marketplace demands, Amazon is your one-stop shop. Understanding consumer habits and trends are imperative for your product’s success and Amazon has all of that information and more at your disposal.
Here are two ways to find out what the best Amazon products are for 2022:
- Amongst the helpful information that Amazon offers is the Amazon Best Sellers Rank (BSR), a scoring system that indicates how well a product is selling within a particular category. The Amazon BSR is a key indicator of a product’s success and is displayed on each product listing, and also on the “Amazon Best Sellers” page. This ranking provides you with helpful information such as the top selling items on amazon, and which items should be avoided. Some will say that this score is one of the more powerful functions Amazon has to offer to predict the success of a specific product and estimate your sales.
- Amazon is an endless source of products which also means that it is an endless source of product ideas for your store. This can be a little overwhelming as there’s only so much you can understand by scrolling through different product pages and categories without losing your mind. Using a product research tool will provide you with helpful insights, trends, and information, presenting you with the best products to sell on amazon and helping you make a more confident decision when choosing your product.
Know your seasons
Some products have a pretty steady demand during the year, while others have high peaks in specific months. These products are what we refer to as seasonal products. Here are a few reasons why you should consider going seasonal on your store:
- Selling seasonal products gives you time to plan and prepare. If you’re working from season to season, you can plan cash flow, inventory, operations, and marketing techniques. You can review last year’s mistletoe sales and make conclusions about what worked and what didn’t by next Christmas.
- Seasonal products are also a lot easier to market. Buyers don’t need to be convinced that they need a sweater to keep warm in the winter or to eat candy during Halloween. People will seek your products out when they are seasonal but this doesn’t mean you don’t need to get creative with your marketing to take advantage of that.
- When choosing your seasonal product, look at last year’s best sellers. This will not only provide you with information on what was hot and what was not last season but also about your competition and what else is available. Understanding what was a hit last season and why is crucial when picking your products for 2022.
Just keep in mind, that selling a seasonal product is not always a sure shot. If you’re new to the game and looking to make consistent sales, it might be better to avoid seasonal products at the beginning. Seasonal products provide peaks in sales but also lows, increased stress, and unclear profit margins – challenges that can be overcome, but with experience.
Source your product wisely
So, you’ve identified the product type (Congrats!). Now you need to work hard on making sure that it becomes a top-selling item on Amazon or any other eCommerce platform you chose to sell it on. Another important influence on the success of your product is where you are going to source it. Whether you are planning on manufacturing something of your own or finding a supplier to buy wholesale, finding a good quality product that won’t disappoint is not an easy task.
The decision to take a local or overseas supplier is not an easy one. Although overseas suppliers can be cheaper, larger in number, and easy to find, they often provide products that are lower in quality, longer in shipping time, involve inventory hiccups, and can be difficult to communicate with. On the other hand, local suppliers are often more costly and have a smaller product range.
Logistics is a massive consideration when choosing your product. Even if your idea is absolutely brilliant, it’s the execution that will make or break your business. Factors such as inventory, global chain supply, or shipping costs all have big impacts on the profitability of your product.
The decision may seem overwhelming but it doesn’t have to be. Here are two valuable tips when sourcing your product:
- Secure yourself with two different suppliers – one local and one overseas – that way you always have a backup if something goes wrong.
- Work with a manufacturing manager – These are contractors who work as middlemen between you and the manufacturer. A manufacturing manager should have your back and make sure everything is running smoothly.
Find the right manufacturer for your product
Whether you have decided to manufacture your product locally or overseas, it’s time to find the lucky manufacturer who will bring your vision to life. Your choice of manufacturer will have a direct influence on the cost and quality of the product, the packaging, and shipping costs, so finding the right one is crucial to your product’s success and can be done in the following ways:
- Online supplier directories – These are basically manufacturer catalogs that contain profiles for thousands of suppliers that you can browse and choose from. Examples include Alibaba, Maker’s Row, ThomasNet, MFG, and more.
- Referral – If you know someone successful in an area you’d like to grow in, check whether they are feeling generous with their contacts. Another option is social networks. LinkedIn and Facebook are havens for professional networking – join forums, groups, and eCommerce communities and see what helpful information people are willing to share. Word of mouth is a great way to find a manufacturer that is reliable and professional.
- NAICS – The North American Industry Classification System (NAICS) is a code that manufacturers and suppliers use to list their products. All you need to do is look up the code of a similar product on the market and find the manufacturer who created it. Just make sure to check that they are credible before you start working with them.
To wrap it up, selling online provides people with the opportunity to meet endless demand from all corners of the world. With that being said, if you have decided to sell online you must know how to sell wisely. Doing your research and using all reliable information at your disposal will take you a long way when making your product one of the best amazon products for 2022.
Once you have chosen your product it is even more important to make sure that your business is protected every step of the way. Whether you are selling on Amazon where product liability insurance is a requirement for all sellers or on any other eCommerce platform, product liability is a major consideration when planning your product strategy for 2022. Get in touch with Spott to discuss product liability insurance, so that once you have chosen the right product for you, you know that it is in safe hands.
