Finding the right product for your business on Amazon by Nexus
One of the first and perhaps the most difficult tasks before entering Amazon is choosing a product to sell on Amazon.
If you’re a new entrepreneur and you’re already excited about starting on the world’s largest marketplace, you’ll definitely face the following questions:
- how to choose a profitable niche;
- which products are in the greatest demand;
- what is more profitable to sell to minimise FBA Fees (Amazon fees);
- which products are undesirable to sell and why.
Unfortunately, most perfectly viable ideas end at this stage. When a novice entrepreneur has not been able to decide on a niche/product or has made a fundamentally wrong decision.
What do we offer?
Nexus experts will help you choose a high-margin, promising product and make it really interesting for the buyer.
We will create a detailed personal business plan for you. An example of a ready-made document.
Perhaps you already have general ideas and preferences, but you are not sure what exactly is profitable to sell. Or you may be at the starting point and have no idea what your desired niche is. In this case, we will help you choose a product that you personally would like to understand.
What is included in the “Product selection on Amazon” service
- Consultation with a manager.
- Selection of the most promising products in the chosen niche.
- Recommendations on the assortment.
- Development of a detailed business plan:
- market analysis;
- competitors’ sales volumes;
- calculation of sales for the year;
- P&L forecast, etc.
We will help you make the right product choice, taking into account the following factors:
We will analyse the demand for the product using special metrics and point out consumer preferences.
We will check how many potential competitors you have and whether it is profitable to enter this niche. We will analyse the sales figures of other sellers in your niche on Amazon.
3. Dimensions and weight of the goods.
These indicators directly affect the FBA Fees rates, meaning that they can significantly increase or decrease operating costs.
Also, it is logical that large and heavy goods are quite expensive to transport to Amazon warehouses. And small, light and cheap products often do not bring the desired profit. That’s why we’re looking for a “golden mean” for you.
4. Cost and profitability.
We analyse whether the product can provide you with maximum profitability at minimum costs. We calculate the margin. We look for ways to reduce costs for further promotions and discounts.
5. Scaling and long-term planning.
Not all product categories that are hot now will be relevant in six months’ time. Our task is to take this factor into account and provide you with flexible opportunities for future growth.
An important condition when choosing a product that not everyone pays attention to is the presence/absence of a patent. Sometimes Amazon may request a patent or various certificates that your product (or the factory that produces it) may not have. This will cause a number of problems.
We exclude such situations by conducting a full and detailed analysis of each factor.
What are you getting?
The result of our cooperation on the “Finding the right product” service will be your personal detailed business plan.
Based on the analysis and metrics, we will be able to predict your annual sales figures. And you can assess the attractiveness of the chosen idea and make a decision to launch your business.