Why Do We Need to Conduct Research before Selling a Product on Amazon and other E-commerce Marketplaces?
In our experience, we have found that businesses want to list and sell their products online NOW and to start making profits almost immediately. Their product is the best, so it should dominate the market right off the bat, with some smart keyword placement and a few photos.
There may have been a time that products could be posted on Amazon and start selling profitably on day one. Unfortunately for all of us, those days are ancient history (or maybe just 2012).
Today, the competition is fierce, sophisticated, and has been on Amazon for years. To have success takes much more than just having a better product. We need a plan to enter the market and to gain initial sales velocity without breaking the budget.
The first step to this strategy is Research. We must study the market, our competitors, customer feedback, keyword ranking, and more in order to introduce or increase sales of products on Amazon and other e-commerce platforms.
These are the things we consider when conducting our own research for our brand partners:
What should we look at to know if there is demand for our product? We need to research the entire market for our product category to figure out where the current products meet customer expectations and where they fall short. Then we will know how to position our product to take advantage of gaps in the market.
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