Product Sourcing is more than just looking for products that you can sell for your business. It will take a lot of research! You also have to consider a lot of things so that in turn, it will be of great advantage to your enterprise. There are a lot of methods and key pointers you need to take note of which other sellers are using for sourcing their products.
One of the most important things to consider when looking for products should be the category they belong to. You have to make sure that it’s something you’re knowledgeable of and familiar with. It also narrows down your options, just as when you’re using keywords when finding products. Popular products tend to rank higher in the Amazon Search Engine which also shows how much people buy this product. You can also check the selling rank to know which has lower demands; the higher the number of the rank is the lower the demand level gets.
You might also have to make a checklist for product sourcing. Consider its competition and check its seller. Competition increases when the demand gets higher so you’d want to know if you’re gonna gamble your way through or not. You also have to know if the product is profitable as well as durable. You have to check the item dimensions, the costs and fees you’re going to spend (e.g., inventory cost, hidden fees) while the stocks are not being shipped out. Look at the reviews of the product and how the customers feel while using it. You also have to know if it is harmful, prohibited or hazardous. We do not want products like such to be shipped out since it can only cause issues to your selling account, too.
One helpful way to get you through product sourcing is utilizing tools like JungleScout, Helium 10 and Keepa. These tools include features that will provide you access with data you need to know of (e.g., revenue, sales equity).
You only need to remember these 3 pointers to get through product sourcing easier and more convenient!