Do not reinvent the wheel, look at what your direct and indirect competitors are already doing. Explore existing ecommerce websites including eBay, Amazon, the Google Keyword tool, and Terapeak.
- Market research can often seem a very mundane topic. However, when done effectively, it can be a very lucrative activity. You have marketing data, literally available at your fingertips. It's insane not to use it. In this movie, I want to show you how you can actually identify hot-selling products on eBay and Amazon and how you can use this information to your advantage when looking to research products. So, firstly, let's dive into data that is available to you on eBay. eBay is a place where you should definitely be looking and doing market research because they give you so much data. Here I am on an eBay listing, and it shows me exactly how many views per day this particular listing is getting. If a listing is getting a lot of views and attention, it's a good indicator that that is a hot-selling product, and you might want to enter this particular market. You can also see exactly how many units have been sold. And if you click on this item, you can actually see the daily sales. So, for example, when I'm looking at this, you can see how many have been sold in this particular date range. It's important to note that when looking at this, you want to ensure that you're not looking at date ranges of holiday seasons. This can skew your data, so keep that in mind. Now let's look at Amazon. So, Amazon gives you similar data. You can see how many customer reviews a particular product listing has, and you can also look at the questions that people have as well. Reviews give you a really great insight in terms of not only what that product is doing well, but you can also look at some of the negative reviews, and see if you can use that data to improve on your product when you launch it. You also want to see the best-seller rankings and see what product is getting the best sales on Amazon. You also want to look at how people are pricing their items on Amazon as well and whether or not you can use that to your advantage. There are also really useful third-party tools that you can utilize to help you to research the market even further. One that I personally use and recommend is a software called Terapeak. Terapeak allows you to see what is currently selling online and easily pull that data into one easy to look at interface. It is important that you know what products are actually selling well before you include it in your inventory. There's no need to guess what your customers might want to buy because the data is available to you. Make sure you're making use of all of these resources and researching your market and identifying what your customers actually want to buy and selling something similar.
- What is ecommerce?
- Building an ecommerce site
- Attracting free traffic via SEO and social media
- Acquiring paid traffic
- Increasing website conversions
- Email marketing for increase conversions