Regardless of whether you’re just starting to sell on Amazon or looking to expand, analyzing your competitors is an important part of your research.
If you want to stand out and need to do really well on Amazon, the analysis you do before selling products is as important as the quality of your product and the service you provide.
Let’s dive deep into the tips that you need to look into your competitor products:
FACTORS TO CONSIDER AT AMAZON COMPETITORS
1. REVIEWS
Reviews provide you the information that you need for your competitive research. If you are targeting a specific product take a look at the product page and get to know that how many reviews your competitors have.
If the top five sellers of the product each have more than 300 reviews, that’s probably going to be tricky for you to sell.
On the other hand, if one or two of the top 5 have less than 300 ratings, by making some efforts you can reach into a top five spot.
The other thing reviews give you is valuable customer feedback. Look at your competitors ‘ reviews to know what difficulties customers deal with and how to address those in your products.
2. SELLER INFO
Look at the products that Amazon sell. Most of the time, you will find it difficult to compete with Amazon for a product they are selling.
Checking their products gives you access to prices they offer for the products. We recommend you to avoid selecting the product when Amazon is already selling it.
You can see the information of the number of sellers selling that products. If there are many sellers involved, try to differentiate your product to stand out.
Try to earn the Prime eligibility. There are millions of active Prime users and many will search for the Prime eligibility of the product, especially if they need it quickly
3. PRICE
Pricing is the key factor that you need to look to the competitors frequently. You might have fix much better pricing than your competitors, but that’s a relatively low.
If you’re selling an product on Amazon which others can get their hands on too, chances are anyone else can be cutting deals on price.
Pricing lower is also not recommended, you need to analyze your niche market. To lower the costs, reduce the fees you pay.
So, when analyzing your competition, you need to check whether you will be able to offer product as similar as your competitor, yet can be differentiated somehow.
Also, you need to monitor your competitor pricing and offers they provide in order to compete with them.
4. LISTING
This is an important area where you can potentially compete. The quality listing, including the use of keywords and descriptions, could potentially be improved to give you an edge over the competition.
Refer to the listings on page 1 to find the product you want to sell and consider how well the sellers are optimizing their listings. Look for things like:
Missing use of keywords in title, bullets and description
Very short descriptions
Missing information
Low quality images
Remember, you are looking for weaknesses where you can improve. When descriptions are minimal, there are other ideas you can add, this will attract more customers to your product page.
FINAL THOUGHTS
If you want to increase your chances of successfully adding a new product to your Amazon offerings, it is essential to conduct at least some basic competitor research.
Also while selling on Amazon you need to consider ungating by The Funnel Guru an ungating expert who gets you ungated in any of the restricted categories with their expert knowledge, so you just sit back and focus on other aspects of your Amazon business.
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