Summary of How To Pick Winning Products To Sell On Amazon & Shopify - A COMPLETE Tutorial
Main Financial Strategies and Market Analyses:
- Iterative Process: Finding the right product is an iterative process; avoid overthinking and analysis paralysis.
- Niche Selection: Focus on niches that are not overly competitive or saturated, and where products are not readily available in brick-and-mortar stores.
- Demand and Profitability: Ensure there is sufficient demand for the product to meet income goals while maintaining a reasonable profit margin.
- Avoid Obsolescence: Choose timeless products that won’t go obsolete quickly, steering clear of electronics and similar items.
- Unique Value Proposition: Aim to offer a product that stands out from competitors, ideally improving upon existing products based on customer feedback.
Step-by-Step Methodology:
- Brainstorm Product Ideas:
- Keyword Research:
- Utilize tools like Amazon.com/s?k=Ahrefs&tag=dtdgstoreid-20">Ahrefs to assess search volume and keyword difficulty for potential products.
- Market Analysis:
- Use Jungle Scout to evaluate sales data and competition on Amazon.
- Profit Calculation:
- Research sourcing prices on Alibaba and calculate potential profit margins by considering shipping and other costs.
- Product Differentiation:
- Analyze competitor reviews to identify weaknesses and opportunities for improvement in your product offering.
- Supplier Sourcing:
- Explore both domestic and international suppliers, weighing the pros and cons of each.
- Consider attending trade shows like the Canton Fair for direct sourcing opportunities.
Tools Recommended:
- Amazon.com/s?k=Ahrefs&tag=dtdgstoreid-20">Ahrefs: For keyword research and search volume analysis.
- Jungle Scout: For analyzing product sales and competition on Amazon.
- Shop Hunter.io: For estimating revenues of Shopify stores.
- Alibaba: For sourcing products from manufacturers.
Presenters/Sources:
The tutorial is presented by an unnamed instructor who offers a free mini-course and promotes a more extensive class on e-commerce. The instructor shares personal anecdotes and success stories from students to illustrate the effectiveness of the strategies discussed.
Notable Quotes
— 03:30 — « Your goal isn't to just sell any product; your goal is to sell the best and highest quality product that you can. »
— 04:28 — « If you have no idea what you want to sell, one way to brainstorm products when you're clueless is to use the opportunity finder from Jungle Scout. »
— 13:20 — « People are sourcing this product for five bucks and selling it for 25 to 30. Crazy, right? »
— 19:11 — « I actually offer to evaluate a student's product niche and give them my opinion before they get started, and that often gives students peace of mind before they begin. »
— 20:31 — « Starting your own business is not going to be a black and white affair; you are going to have questions that are going to be very specific to your business. »
Category
Business and Finance