30 Mar Learn how to research the market with Amazon
- Thanks to Amazon’s tools, you’ll be able to collect a wide range of data and information about your products and customer behaviour.
- 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 2023, and Amazon keeps surprising us. Did 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?
Believe it or not, it’s absolutely true. As one of the largest online retailers, the platform can offer a wealth of data and information that can help your business to:
- Assess product demand.
- Research competitors.
- Connect with customers.
But how can a simple marketplace help you do this? If you feel like your head’s about to explode, relax! At Nozama Solutions, we can offer you some tips and recommendations.
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Really, Amazon? Why?
Because first of all, Amazon’s e-commerce platform is one of the largest and most popular in the world. With more than 2.5 million active sellers and over 310 million customers, it’s an excellent source of data and information on products and the market.
Amazon, on the other hand, is the number one place where a customer goes to buy products. By analysing the sales and reviews of your products on the marketplace, you can gain valuable insights into your customers’ tastes, what they’re looking for and what features they find most important. With this, you can develop real marketing plans that meet their needs and desires.
From customer buying patterns to reviews and opinions, you can extract a wealth of information. And if you use the tools and data available on Amazon, the collection will be much more in-depth and accurate.
How to use Amazon to research the market?
One useful form of research is through the use of keywords. As with Google, Amazon has its own search engine. By researching relevant keywords on Amazon, you can get valuable data about all the trends in the market and which products are standing out from others.
This tool allows you to visualise which search terms are used by buyers and how many searches are made for each keyword. This way, you as a seller can improve and plan an SEO strategy to suit your needs, thus increasing your visibility on the platform.
Another way to research the market is through your competitors’ products.
Searching for products similar to yours can be very useful for:
- Analysing the performance of products.
- Examining the quality of reviews.
- Observing their features and price variations.
In short, for obtaining any type of information that you, as a seller, consider relevant to understand what your competitors are doing.
Amazon also offers a wide range of prices for each product. You can compare prices and calculate your own profit margins. Thanks to the «offers» tool, you can carry out a price comparison with 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 determine the optimal selling price. Why? To obtain the maximum profit margin.
Reviews and market trends
Thanks to reviews, you’ll be able to see and evaluate different customer opinions and experiences with your products, which will allow you to identify patterns in reviews and improve the quality of both the product and the service you provide.
Amazon also offers review tracking tools so you can be notified when a new review is posted and respond to customer queries in real time. It’s a great way to show your commitment to customer satisfaction and greatly enhance your reputation.
Amazon’s platform also offers 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 which products are the most popular in their category and get information on seasonal sales peaks.
Within their latest functionalities, they have introduced the option to see which products have been the best sellers in the last month. This will be very useful for you to know which product category is being searched for on Amazon.
Once you’ve soaked up the information that we’ve proposed, you’ll be able to start a great job of market research to know all the strengths that you want to direct your business towards.
However, remember to check the quality of all your products, use FBA logistics if you can’t handle shipments constantly, and don’t forget to keep up to date with Amazon’s policy updates.