30 Mar Learn how to research the market with Amazon
- Thanks to Amazon’s tools, you will be able to collect a multitude of data and information about your products and customer behavior.
- Make use of keywords, compare prices, study the competition and all kinds of opinions and reviews to improve the performance of your business.
We’re only 3 months into the year 2023, and Amazon never ceases to amaze us. Do you know that if you’re looking to expand your business or launch a new product, the e-commerce giant can also help you research the market?
Incredibly, it’s totally true. As one of the largest online retailers , the platform can offer a wealth of data and insights for your business:
- Assess product demand.
- Research the competition.
- Connect with customers.
But how can a simple marketplace help you with this task? If your head is about to explode, don’t worry! From Nozama Solutions we leave you with some tips and recommendations.
Really, Amazon? Why?
Because, first of all, Amazon’s eCommerce platform is one of the largest and most popular in the world. It has more than 2.5 million active sellers and more than 310 million customers and is an excellent source of product and market data and information.
Amazon, on the other hand, is the quintessential place where a customer goes to buy products. By analyzing the sales and reviews of your products on the marketplace, you can gain valuable insights into your customers’ tastes, what they are looking for, and what features they consider most important. With this, you will be able to come up with real marketing plans that meet their needs and wants.
Thanks to this, you will extract a lot of information: from customer buying patterns to reviews and opinions. And on top of that, if you use the tools and data available on Amazon, the collection will be much deeper and more accurate.
How to use Amazon to research the market?
A useful form of research is through the use of keywords, commonly known as keywords. As with Google, Amazon has its own search engine. By researching relevant keywords on Amazon, you can get valuable data about all the market trends and which products are standing out from others.
This tool allows you to visualize which search terms buyers use and how many searches are made for each keyword. In this way, as a seller you will be able to improve and plan an SEO strategy to your needs, thus increasing visibility on the platform.
Another way to research the market is through competitors’ products.
Searching for products similar to yours can be very useful for:
- Analyze product performance.
- Examine the quality of reviews.
- Observe its characteristics and price variations.
And, in short, to obtain any type of information that you, as a salesperson, consider relevant to understand what your competitors are doing.
On the other hand, Amazon offers a wide range of prices for each product. Thus, you can compare prices and calculate your own profit margins. Thanks to the “offers” tool, you will be able to carry out a price study with respect to your competitors with the advantage of being able to adjust them if you wish to be even more competitive.
With the “Fee Calculator” tool, Amazon will also help you calculate the costs associated with selling products within the marketplace and you will be able to determine the optimal selling price. For what? For maximum profit margin.
Reviews and market trends
Thanks to reviews, you will be able to see and rate different opinions and customer experiences with your products, which will allow you to identify patterns in opinions and improve the quality of both the product and the service you provide.
Amazon also offers review tracking tools so you get notified when a new one is posted and can respond to customer concerns in real-time. It’s a great way to show commitment to customer satisfaction and noticeably improve your reputation.
Amazon’s platform also gives sellers access to real-time sales data and market trends. This sales tracking tool can be used to see how many products are sold per day and per week. They can also see what the most popular products are in their category and gain insight into seasonal sales spikes.
In addition, among their latest functionalities they have introduced the possibility of seeing which products have been the best sellers in the last month. This will be very useful for you to know what product category is being searched for on Amazon.
Once you have soaked up the information we have proposed, you will be able to launch a great deal of market research to find out all the strengths towards which you want to direct your business.
However, remember to monitor the quality of all your products, use FBA logistics if you can’t handle shipments constantly, and don’t forget to stay up to date with updates to Amazon’s policies