Another area where we believe we can gain a lot of intel is in our competitors. Analyzing our competitors from the best in the market all the way the startups who just launched their first product in this same market. We will compile sales analyses to show our clients what each competitor is doing in sales on Amazon per SKU. From this data we will be able to see what is working best for that client and further compile the top products doing well in the market.
In assessing top products in the market, we will seek to understand why they are successful by looking at competitor size, product launch timeline, product/packaging design, market depth, and quality. On the other hand, we will also seek to understand how this product could be better by reading about it further online and reading each negative review on Amazon about the product. That data can be so valuable when determining product development strategy for coming year.
No longer is your target consumer strolling through retail stores taking their time to asses each product to figure out what is best for their needs. As a business selling on Amazon, you now have only a couple seconds to catch a consumer’s eyes as they scroll down their search page. Consumers will always take reviews, review rating and price into high consideration but the first thing that catches their eye could very well be a product look or differentiation among competition sticking out on the page.
We care about our clients’ growth so we put our best foot forward in trying to help them through this process and make sure that the future products they are putting out exhibit differentiation in the market and attractive to the eye. These considerations are the foundation for building a great sourcing/development strategy for the coming 12 months on Amazon.
Do You Have a Product Sourcing Plan?
We have built 7 figure businesses for clients from scratch on Amazon and a major part of that success has come from strategy around new product development so we can be confident in our launch when the time comes.
Contact us today if you need assistance in developing a strong product sourcing plan.