Amazon Product Hunting Tips in 2024
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This guide will help you get started, understand the basics of Amazon selling, and explain in simple words how it all works.
In the highly competitive Amazon marketplace, hunting for the right products to sell is not just a choice; it's a necessity. This task may seem challenging if you don’t know where to begin. However, with the right tools and strategies, you can find profitable products with high demand and low competition.
In this post, we'll describe product hunting and ways to simplify this complicated process. We'll also share tips that can help you find winning products to sell on Amazon.
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What Is Product Hunting on Amazon?
Product hunting on Amazon is the process of finding and identifying products that are profitable candidates for selling on the platform.
That involves analyzing a variety of factors, such as product demand, competition, profit margin, the product's sales history, and other parameters. This analysis ensures the product will bring you money when you sell it on Amazon.
Product hunting can be done manually or with the help of specialized tools. Manual product hunting involves browsing Amazon's product catalog, searching for keywords, and reading reviews from other sellers. Tool-assisted product hunting uses software to automate the process of collecting and analyzing data on Amazon products.
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Benefits of Seller Tools for Product Hunting
Many sellers use product research tools for product hunting. That is because using seller tools offers a number of advantages over manual search.
Efficiency
Manually searching for products can be a time-consuming and tedious process, especially if you must verify many parameters quickly. Seller tools automate a lot of the work involved in product hunting, saving you a significant amount of time.
Accuracy
Seller tools collect and analyze data from a variety of sources, including Amazon's product catalog, sales history, and customer reviews. That allows you to better understand the demand for a product, the competition, and the potential profit margin.
Product finding
Seller tools can help you quickly identify products in high demand and low competition by analyzing sales, profitability, and competition data. That can save you a lot of time and effort and help you find profitable products to sell more quickly.
Scalability
As your business grows, it can become difficult to manually search for products and keep up with the competition. Seller tools allow you to scale your product-hunting efforts so that you can find new and profitable products to sell, even as your business grows.
Competition insights
Seller tools can provide insights into the competition, such as the prices they charge and the features they offer. That can help you price your products competitively and develop a winning product strategy.
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Finding high-margin products for Amazon may seem difficult at first glance. However, our tips below will help you hunt the most profitable items.
Tip 1. Use the right tools for product hunting
When you do product hunting, selecting the right seller tools is essential because they help you get the exact data you need to know about the product in one place. Also, you must ensure that the tools you use provide value for money.
One of the best tools for product hunting on Amazon is Seller Assistant App. This product research extension provides many valuable features to help you identify profitable products. Its FBM&FBA Profit Calculator, Quick View, Stock Checker, Restrictions Checker, UPC/EAN to ASIN converter, and other advanced functionality lets you quickly see if a product is worth reselling.
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Seller Assistant App’s product metrics
- ASIN, BSR, and category;
- Product dimensions and size tiers;
- UPC, EAN, and model;
- Current, minimum, and average price;
- Price dynamics;
- Offers and competition;
- Offers list;
- FBM and FBA offers;
- BSR graph and history, BSR Drops for 30, 90, and 180 days,
- Competitor prices and rating;
- FBM and FBA lowest prices;
- Estimated sales and profit;
- Profit, margin, ROI, break-even point, target ROI price, the minimum price for Amazon repricer;
- Sales eligibility, restrictions, and IP alerts;
- Total product stock availability; stock availability by seller and seller type (FBA or FBM);
- and more.
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Tip 2. Look for products that sell well
Amazon doesn't show how much a product sells. You can use the Best Sellers Rank (BSR) as an indirect measure of sales. The lower the BSR score, the better. BSR constantly changes, so it's best to use the average figure and the trend (upwards or downwards) to see if product sales grow or fall.
Where to find BSR?
You can find the BSR in Seller Assistant App. If the BSR is highlighted in green, it means that the product is in the top 1% of sales in its category. If it's highlighted in red, it's not in the top 1%. A green arrow pointing down indicates a drop in BSR, while a red arrow pointing up indicates an increase in BSR. The exact BSR figure you should look for depends on your business goals.
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Tip 3. See if you can get the Buy Box
The Buy Box is the box on Amazon product pages where customers can add a product to their cart and checkout. It is estimated that around 80% of Amazon sales happen through the Buy Box, so it is crucial for sellers to win it. Customers are less likely to purchase your product if you are not in the Buy Box.
How to estimate your Buy Box chances?
You can use Seller Assistant App to look up the Buy Box information for a product. That will show you the average Buy Box price and the minimum FBA and FBM Buy Box price offers. You can also see if Amazon is in the Buy Box, and in such a case, it’s challenging to get it over.
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Tip 4. Go for products with less competition
The competition is too high if more than 10 FBA sellers offer the product. You should also avoid products with low Buy Box prices, as this indicates that the market is saturated and it will be difficult to make a profit.
Instead, look for products with few FBA sellers and a high Buy Box price. That indicates less competition and the potential to make a good profit.
How to know the competition level?
You can use Seller Assistant App to determine how many FBA sellers offer a product. It shows the number of FBA and FBM sellers on the listing. The number on a blue background is the total number of merchants selling the product, and the number on a white background next to it is the number of sellers whose offer is the Buy Box price +5%.
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Tip 5. Find out how much you can sell
To understand if the product will meet your sales targets, you must identify how many units you will be able to sell. This information can help you know how much you can expect to sell if you add your offer to the listing. The more units you can sell, the better.
How to know how much you can sell?
Seller Assistant App shows you an estimated number of product sales in the 'Est' line. That is calculated based on the product's BSR and category. This information can help you decide which products to sell and how much inventory to order.
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Tip 6. Avoid items with IP complaints and restrictions
Some products are restricted on Amazon, and you need approval to sell them. Other products may have IP complaints, which means that someone else claims to own the intellectual property rights to the product.
Selling restricted or disputed products can lead to your listing being deactivated or your account being suspended. Therefore, it is important to check before you start selling a product to make sure that it is ungated on Amazon and that there are no IP complaints associated with it.
How to know product restrictions and IP complaints?
Seller Assistant App can help you do this by providing alerts about IP complaints and product restrictions. IP Alerts displays a red triangle icon in case of IP complaints.
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Restrictions Checker shows if you are eligible to sell the product on your account with a green open lock. If the lock is red, you can’t sell the item. Seller Assistant App will also display warnings for oversize, fragile, meltable, HazMat, and adult products.
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Tip 7. Calculate your profit and margin
Before you start selling a product, you must calculate each product's estimated profit and profit margin. This information can help you decide which products to sell and how much to price them. By calculating your profit margin for each product, you can make sure that you are selling profitable products that will help you grow your business.
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How to calculate profit and margin?
Seller Assistant App’s FBA&FBM calculator shows your estimated profit, ROI, and margin for both FBA and FBM. It also calculates your fees and logistics costs. That includes the cost of fulfillment, Amazon referral fees and storage fees in Amazon warehouses, third-party logistics costs, and the cost of shipping the product to the customer.
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FAQ
Is Amazon FBA a good idea in 2024?
Yes, Amazon FBA can be a good idea in 2024, but it is important to do your research and choose the right products to sell. FBA can help you save time and resources on fulfillment, but can also be expensive. By carefully considering the pros and cons, you can decide if FBA is the right fit for your business.
How to pick a winning product for Amazon FBA?
To pick a winning product for Amazon FBA, you should consider the following factors: demand, profitability, and restrictions. Choose a product with high demand, high profitability, and no restrictions.
Is Amazon FBA saturated 2024?
Amazon FBA is a competitive marketplace, but there are still ways to find profitable products and build a successful business. By doing your research, choosing the right products, and investing in the right tools, you can increase your chances of success.
Is it too late to start selling on Amazon in 2024?
No, it is not too late to start selling on Amazon in 2024. Amazon is a massive marketplace with billions of active users, and there are always new opportunities for sellers. However, it is important to choose the right products to sell and to have a good understanding of the Amazon marketplace.
How to hunt ungated products on Amazon?
To hunt ungated products on Amazon, you can use product research tools to identify products that are not gated and have high demand and profitability. Use Seller Assistant App to see product restrictions and the profit you will get.
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Final Thoughts
Amazon product hunting is an essential skill for any Amazon seller. By following the tips in this post, you can increase your chances of finding profitable products with high demand and low competition.
Selecting the right tools for your product hunting, such as Seller Assistant App, will help you find high-margin products that will grow your Amazon business. This advanced product research extension is a one-stop shop for finding profitable products to sell on Amazon. It includes an FBA&FBM profit calculator, Quick View, Stock Checker, Restrictions Checker, and other product research features, all in one place. All information is readily available on the Amazon product search and results pages.
