In this post, we’ll cover Amazon’s latest innovation: Opportunity Explorer. This is a new venue for sellers to scout and pounce on unmet market demands.
There are two things Amazon sellers need to excel in the marketplace. First, they must find the right products to sell. And second, they must offer it to the right customer base.
Of course, this is quite hard to achieve without the proper tools. But don’t fret! Amazon features cutting-edge apps for merchants to build their stores.
Let’s take a deep look inside Opportunity Explorer. We’ll explore how this new tool works and how it can help you drive sales.
What is Opportunity Explorer?
Opportunity Explorer was launched as a beta tool in October 2021, for US and Germany sellers. However, Amazon plans a broad release of the feature throughout 2022.
The app delivers custom market data. Brands can dig out new products, related to their existing customer base.
Opportunity Explorer is built around finding profitable market niches. These are search terms or items bundled together, which help profile the users’ needs.
Within each niche, Opportunity Explorer gauges the following insights:
- Search volume
- Click rates
- Sales history
- Pricing trends
This niche-focused search means sellers can look at product clusters, which are driven by a group of shared keywords.
Such detailed intel helps to rate the potential value of launching new products. Plus, brands can also focus their marketing efforts into specific customer niches.
Opportunity Explorer’s data is also a good guideline to forecast revenue potential. The result? Increased engagement, better ratings, and sales.
How Opportunity Explorer Works
Sellers can access Opportunity Explorer through Seller Central. Let’s take a deep look into its inner workings.
The main page presents ‘suggested niches’ for sellers in the US or Germany. These are based on listing categories and sales history.
However, merchants can perform specific niche surveys in two ways. First, by submitting keywords in the Opportunity Explorer search bar.
A second method is to click on the “Browse and Filter” button. Here, you can explore different Amazon niches by search volume, or by total number of products.
- Search volume – filters niche based on 10-20 keywords. It delivers results from the last 90 days, or the past 360 days. Additionally, it features the option to see percentage changes within those timeframes.
- Total Number of Products – Filters the amount of items that the marketplace identifies as part of a niche. Amazon compiles niche data based on customer search terms, and top clicked products.
Once you’ve found your preferred niche, Opportunity Explorer compiles the data in a “Search Results” dashboard.
This page lists the niche results, based on a specific keyword search. Here are the metrics by niche you can review:
- Customer Need: Similar items that meet users’ needs, compiled as niches.
- Top Search Terms: Additional keywords related to a market niche.
- Search Volume: The times that customers used the search terms within a niche.
- Search Volume Growth: Percentage changes in keyword volume.
- Units Sold: Product sales completed after entering a niche-related search term.
- Total Products: The number of items within a niche, including top-picked options.
- Average Price: Selling price for all niche products.
Sellers can click on each result to review the Niche Details.
Opportunity Explorer splits the data in three tabs:
- Search terms
Related Content: Improve Your Product Visibility Using Amazon Backend Keywords
The tab features ASIN-Leve info on the items within a niche. Here are the metrics shown:
- Parent ASIN Name: Features the title of the parent ASIN. It’s also a link that takes you to de ASIN’s detail page.
- Brand: Product brand’s name
- Category: It rates the product with Amazon’s browse hierarchy, going up to 3 levels.
- Launch Date: It’s the time when an ASIN is first available in the marketplace.
- Click Count: Total clicks on a product, resulting from niche-related search terms.
- Click Share: Single item clicks derived from the total click count of all products in a niche.
- Average Selling Price: It amounts to all the niche products, for the past 90 days.
- Total Reviews: Number of product reviews with written feedback.
- Average Customer Rating: Number of star ratings which include written feedback.
- Avg BSR: A product’s best seller rank within its Amazon subcategory.
- Total Number of Sellers and Vendors: Available product offers in the marketplace for the last 90 days.
Watch this video from Amazon Seller University to learn more: https://youtu.be/5rV3t-gvr1Y
Details search-term level data for a niche, which allows sellers to access the following metrics:
- Search Term: Names the keyword used by customers.
- Search Volume: The total times customers used the keyword, in the last 90 days.
- Search Volume Growth: Rates the change in search term volume from the present quarter against the last quarter.
- Click Share: Total clicks from customers on products found using the search term.
- Search Conversion Rate: Sales made after customers used the search term and clicked on the product. It’s divided against the times users entered the keywords.
- Top 3 Clicked Products: Items get ranked by clicks after using the search term.
Provides niche-level stats to assess the launch potential for new listings.
Here’s what you can review:
- Number of Products: Total products within the niche. It includes top clicked offers.
- % of Products Using Sponsored Products: Advertised products inside the niche in the past 90 days.
- % of Prime: Products with Amazon Prime eligibility for the last 90 days.
- Top Products Click Share: The top 5 or 20 products in the niche, based on click share.
- Average BSR: A product’s best seller rank within the niche.
- Average Number of Reviews: Reviews of a product in the niche.
- Number of Brands: Total brands for all products inside the customer niche.
- Top Brands Click Share: The top 5 or 20 brands in the niche, based on click share.
- Average Brand Age by Niche: Age of the first branded product in a specific niche.
- Number of Selling Partners: Buyable product offers from sellers and vendors.
- Average Selling Partner Age in Niche: Age of the first product offered under a specific seller.
- Number of New Products Launched: ASINs in the niche with less than 90 or 360 days of age.
- Number of Successful Launches: Item launches with an annual revenue over $50K.
The last 3 insights feature: average review rating, out of stock rate, and product listing quality. These metrics rate all products in a niche.
Amazon sellers need up-to-date market data and insights to grow. This is what makes tools like Opportunity Explorer such great business assets.
It’s about eliminating the guesswork. Opportunity Explorer delves into customer behavior. to see if there’s a market demand to meet.
This type of insight is key to unearth niches with low-competition. It’s a great advantage to develop new product offers.
You can surely see where you’ll go with such a tool: new customers, better ratings and long-term growth.
Esteban Muñoz is an SEO copywriter at AMZ Advisers, with several years’ experience in digital marketing and e-commerce. Esteban and the AMZ Advisers team have been able to achieve incredible growth on the Amazon platform for their clients by optimizing and managing their accounts and creating in-depth content marketing strategies.