It's thrilling to get consistent sales on Amazon but as wonderful as it is, getting too comfortable with selling a single product can hinder your brand’s success on Amazon. Trends are constantly changing and people are looking for the latest and greatest products. This is why it’s incredibly crucial for brands to be able to adapt and deliver what their audience is looking for. Growth is key and product research is where to start.
Analyze your competitors
Knowing where you stand with your competitors is a great way to gauge how well you’re performing on Amazon. Analyze the other players in this niche and pick up on their strengths, like the number of reviews that they have, or, what sets their product apart from yours? What are other products in this category - are they selling well? Keeping up with this information will inform you of what consumers are looking for so that you can plan and prepare ahead of time.
Explore New Unsaturated Niches
If there’s a need in the market for a product in a different niche then consider diversifying - especially if the market is unsaturated. Don’t miss out on a profitable business opportunity if you’re capable of expanding. Using a product research tool will help you discover other categories to branch out into.
Conduct Product Research within your niche.
ALWAYS be aware of what’s going on in your niche. Knowing the fads, trends, upgrades, and innovations surrounding your niche will help you grow your brand. The fewer surprises, the better position you’re in to anticipate new popular products and take action.
How to get started on your product research journey:
Grow your business through product research and innovation. Pay attention to the trends going on in your niche and see the amazing potential to expand your business.
Manage your Business: Just like your local marketplace, managing your seller account in any other region requires lots of work. You'll be working on customer support, price changes, inventory control, and more.
Managing an Amazon Global Selling account does require a lot of work; however, the sweet satisfaction of selling your product in new areas of the world is pretty great and could just be the next step in growing your business!
THIS WEEK'S BITES
May 3, 2021 - Upcoming changes in shipment confirmation: Amazon will validate tracking details (including the carrier name and tracking ID) for all seller-fulfilled orders and show warnings for invalid tracking details.
May 31, 2021 - Extended disbursement reserve period: Sellers who continue to use a bank account from a non-participating PSP after this date will be subject to an extended disbursement reserve period of up to 21 days after the latest estimated delivery date.
June 21, 2021 - Update to Amazon US referral and FBA fees: Amazon is making modest increases (about 2-3% on average) to fulfillment fees, in line with or below industry averages. We will also reduce certain fees, like the returns processing fee.July 15, 2021 - Disbursements stop for non-approved PSP to sellers using non-participating PSPs until they switch to a participating PSP or use a bank account directly issued by a deposit-taking bank
NEW ON AMAZON
Stay alert sellers, because Amazon is cracking down once again. Earlier this month, Amazon announced a reminder for sellers to keep their GTINs in check.
GTINs are the unique Global Trade Item Number assigned to a product and are a requirement in most categories on Amazon. This is all part of Amazon's standards to ensure products are up to code and worthy of consumer trust. GTINs are required to be GS1-vended as GS1 provides standards for industries that will benefit businesses and consumers, therefore Amazon will deem your listing invalid without one.
Verify your listings for GTIN requirements
To see if your products are in danger of being flagged as invalid, visit the Fix Your Products page. At-risk listings will be visible here. If none are present, then you’re good to go. To address listings with invalid GTIN claims, you’ll need to submit a letter of authorization or a licensing agreement.
What your submission needs to include:
We suggest obtaining your GTINs directly from GS1 as a GS1 provided GTIN will include the required information requested by Amazon to smoothen out the process. Ensuring that all of your products have a legitimate GTIN should be standard practice and will avoid future problems.
TRENDS TO FOLLOW
It’s not a surprise that the world of e-commerce has changed AND continues to change rapidly in this day and age. Everyday routines are changing, technology is evolving and customer habits are transforming. It was prominent before the pandemic and now, more than ever, customers are demonstrating e-commerce popularity.
Because of how much it's grown, there is a vast amount of knowledge available to the consumer - from comparative shopping, to coupon searches, crowdsourced product information and so much more. A brand needs to know what matters to customers most so that they don't miss out on connecting with potential customers. . A 2021 Jungle Scout article, surveyed more than 1000 U.S. consumers to determine what their online shopping motivators were:
Free shipping took a leap from fourth to first place on the ranked list of reasons why consumers prefer online shopping. The shipping price could easily be the make or break for a sale, especially when there are still so many alternatives that exist.
Social media has immense capabilities and shopping is more prominent on these channels than ever. From ads to influencers and posts, exposure on social media has never been so influential. A casual browsing session could easily turn into a purchase, simply from seeing a post with a product they were interested in.
Be Payment Flexible
Coupons, price comparisons, and online sales were just the beginning. There are A TON of services that offer buy-now-pay-later payment options, shop with points, payment plans, and more. Making these alternatives available will increase your chances for sales.
More trends to be aware of:
Keeping these trends in mind and applying them to your marketing strategies is how to appeal to an increasingly growing tech-savvy audience who are watching your brand very closely.
Working with suppliers isn’t always the easiest of tasks, especially when they’re located far from you. Unless you take a trip, you’re making decisions based on images, claims, and emails. This can become challenging as the process requires a lot of due diligence and it’s your responsibility to ensure a quality, safe product. Here are some tips on getting started with a new supplier:
Ask all the questions you need and don't be afraid to keep in contact once an order has been placed. It is your responsibility to communicate your needs so that you can deliver the best of the best on Amazon.