The e-commerce industry is growing at a mind-boggling rate. E-commerce is projected to hit $4.9 trillion in sales by 2021. The success of this industry can be attributed to the increase in the number of tech-savvy consumers that prefer shopping from the comfort of their homes.
This group of consumers consists of millennials that do comparison shopping and do product research before they make a purchase. The advancement and accessibility to technology have also led to an increase in e-commerce retail on platforms like Amazon. Just as the opportunities in this market are immense, the competition is also steep, and that is why you need an e-commerce tool like IO Scout for product analysis if you want to be an Amazon Seller.
Before venturing into this industry, you must understand how products you intend to sell, perform in regard to competition and profitability. Millions of products are available on Amazon, and a simple glance cannot give you the insights you need. With the IO Scout tool, you can analyze product history and trends and always be on top. Here is what you need to consider when looking for a tool to help you understand product trends.
1. Verse yourself with what a product research tool does
To get the right product research tool, you must first understand what its job is. Product research basically entails analyzing products available in the marketplace in order to get ideas on profitable products to sell. The data you get from the tool should help you identify product demand in the market and existing gaps that you can harness to stand out.
The tool you are looking for should basically help you find competitive keywords: in this case, it will take up the role of a keyword research tool. It should also help you collect product ideas. It should also help you distinguish profitable products from the non-profitable ones and also help you establish if there is enough demand for your product idea. With an understanding of how product research tools work, you will be in a better position to choose one that answers your questions.
2. Availability of a browser extension
Imagine working with an Amazon product research tool that requires you to switch from different apps continually. In this case, you will be forced to spend a lot of time pondering on Amazon products. To save yourself the trouble and save valuable time, you should choose a tool like IO Scout that has an extension.
Such tools will give you estimates on monthly revenues, reviews, prices, and other information regarding products. This way, you will be able to spot opportunities faster and stay ahead of the competition.
3. Pricing
For your business to be successful, you need to track your expenditures, and that counts even if you are running an online store. Product analysis tools cost different as they come with various features. The various tools have different ways of pricing, depending on what you need. For instance, while others price based on the number of keywords you track, others will charge you depending on your sales volume.
Also, they have different criteria for pricing. For instance, the pricing model for IO Scout includes a monthly and annual subscription. There are also discounts on various packages. This is something you want to look at as you shop for product research tools. That way, you will choose a product that fits your budget and also meets your needs.
4. User-friendliness
You do not need a tool that will take you weeks of learning your way around it. An excellent tool should have a friendly interface that will help you hit the ground running. A product with a browser extension and user-friendly interface will help you scan through the market easily and quickly identify the products that will make you profits.
It is also essential for you to take it for a test-drive before you spend your money. Most companies allow their clients trials for them to feel comfortable and assess whether they are navigable enough for them.
5. Geography
This might come as a surprise, but it is something that you want to consider. It is important to note that not all tools cover all geographies. It is, therefore, critical to assess whether or not the tool focuses on your target geography.
Note that Amazon is a global ecommerce market. That means that you will be dealing with different market characteristics depending on the geographical territories available. A product may be profitable in one geography, and not perform so well in another. You, therefore, need a tool that will give you accurate data to get better insights.
It would help if you kept your eyes open when looking for an Amazon product research tool. With the insights above, you should be able to choose a tool that gives you accurate data, that will provide you with ideas on profitable products.
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