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Product Research Criteria for Amazon FBA UK - Product Research Tips for 2019 - Part 1 of 2
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- Опубликовано: 17 авг 2024
- Your Amazon FBA product criteria should be flexible based on your overall Amazon plans and individual product goals, remember the perfect FBA product does not exist!
This is the first video in a two part series where I will be discussing product research tips for Amazon UK. In the next video I will be showing you step by step the research technique I use to find profitable products to sell on Amazon.
I am discussing the product research criteria first as your understanding of this will impact how successful you become at actually finding products. Using my approach you should discover opportunities that you may have previously missed when following the typical criteria spouted by the average "Guru".
When I am researching products to sell on Amazon UK I consider the following product criteria:
• Demand/Sales - How many units do you want to sell per day/month
• Pricing and Profit Margins - Aim for a profit margin of around 30%
• Reviews and Competition - Don't be put off by other sellers having a high number of reviews, if your private label product is better and offers more value you will still be able to sell and get ranked
• Weight and Dimensions - Remember dimensions are often more important than weight!
• Seasonality - Summer/Winter can prodvide some great FBA product opportunities (if you plan ahead), I would avoid short seasons, holidays and one off events.
• Opportunity to Differentiate - How can you improve a product to stand out in the crowded world of Amazon UK.
• Can you Launch the Product? Do you have enough capital to fund your launch strategy and buy enough stock to avoid going out of stock before your next order arrives.
I would love to hear your thoughts on the FBA product research criteria I use, I aim to reply to every comment within 24 hours. !
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Love your videos straight forward and honest I am a ex Police Officer retired and I am greatly moved by your videos stay strong young man you are doing a good job 👍🏽
Great honest video. Totally understand your angle at looking at things. I'm at that age were I keep watching RUclips videos instead of getting down to looking for a product. I only want to make £25/£30 a day too working part time on it. Toying with the idea in investing in junglescout for a month or two to help with that decision. Keep up the helpful videos thanks.
Great video!
Thanks yet again Darren, your info and delivery is priceless and a great template for anyone to get their head around. Patience and pace is the main thing I'm learning overall. Cheers mate ;-) & good luck with your 2nd product.
Thanks Denis, i really appreciate the support and feedback 👍
Nice vid man, glad to see you're still going strong! The only addition I could make (purely from a business stand point as I'm still yet to start selling! haha) is when it comes to profit is to also take ROI into consideration as it will help with cash flow. You don't want to end up inventory rich and cash poor due to all you funds being tied up in stock and WIP
Great point Joe, I am currently inventory rich and cash poor lol - I think it is wise to budget for two batches of stock as usually you need to order your second batch before your first batch has sold out (plus the wait to actually receive some of the money from Amazon every two weeks).
@@FBA-Elite I think I'd have to be using the never-never credit card for second batches! haha I'd be using the first batch as "proof of concept" really. If it's a success, get the next batch delivered on credit. If it's a slow mover or a failure, wait it out and hopefully sell for a break even. It's a measured risk, but a risk nonetheless
@@NightflyUK6969 Haha so true, my second batch is on my business credit card 🤑
Thanks for the video one of the best Amazon videos I've ever seen. I have found a product that sells for 10 GBP My profit after amazon fees and vat is 3 pounds. In you're opinion is 3 GBP to small of a profit margin if you are going to use ppc. I have no problem in going hard on ppc in the beginning but I'm thinking is it a too small profit margin because I want to make minimum 2 GBP after ppc and everything
£3 is a good profit margin on a £10 product. Whether it is a viable profit margin for a PPC launch would depend on the competition and how many sales you would need to make to get ranked on the first page (the quality of your listing/photos/unique featus will also have a huge impact). I don't think you will see £2 remaining profit until 3-4 weeks in when you will have enough data to optimise it to remove poor converting keywords and then eventually scale it back if possible. If you approach it with a long term view that you might not make much money on the first batch but are investing for the long term then it could be a good product.
Great content mate. It's actually weird seeing this much content packed into one video lol. Too many big names on here have a habit of milking their content across as many videos as they can... Keep it up
Thanks Theo - really appreciate the positive feedback, part 2 of this video should be coming Friday :-)
Very interesting, thanks Darren
ahhh i know now to keep size under 46!!! if i was to buy bundle ill order and collect in uk and use van to collect from customs and pack the product's at home, then send too Amazon after packing and boxing. now all i need is ideas lol
Yep definitely keep a close eye on those dimensions :-) One thing to consider with using that method of bundling is it won't be very passive - maybe use it for the first order to check it's viable and then get the suppliers to do it once you know you can trust them.
Hi Darren, do you sell only in the UK or in the EU as well? If in the EU as well do you store your stock in the EU Amz warehouses or ship it from the UK only? I'm trying to figure out the best option for selling in both EU and UK market in terms of taxes and other costs..Thank you:)
Thank you.
Excellent video Darren, took a lot and confirmed a lot from your points there. We are gonna have to come up with a new tag for you! Like an 'FBA Guru' but one that actually has a genuine interest in sharing, discussing and building a business on Amazon FBA. 'Guru' in the FBA sense is quickly becoming a bad tag to have!
Have a great weekend and I hope your stock arrives before you start slipping down the rankings. Also hope Amazon warehouse can get it checked in quickly! Anyway, I'm sure you will recover quickly and maintain a good ranking from then onwards.
Thanks Alan, maybe i can just be the Anti-Guru ;-) Fingers crossed on the stock, it's painful knowing I have £13k of capital sitting in German customs clearance!
@@FBA-Elite Yeah, I can see the whole logistics and customs aspect is an important part of the jigsaw. More important than the focus it is given as far as I can tell from YT vids.
Have you considered an experiment of slowing sales by raising price? I guess the bsr would rise sharply but wonder how that will compare with an 'out of stock' ranking. Tricky one, as if your product is that good, buyers may not mind paying a little more.
Also wonder which scenario would recover its bsr the quickest, 'price re-adjusted to normal' or 'back in stock'.
Its not quite as simple as identify a product on JS, order from China to warehouse, then sit back and browse for your Ferrari.
Fingers crossed for you anyway too!
I have been experimenting with price over the past few weeks and each price increment has led to a drop off in sales so I must be approaching the ceiling price of this product. The BSR dropped off as sales slowed and ranks followed shortly after, I was able to find a sweet spot between maintaining rank and not selling too many - unfortunately (or fortunately?) I will be going out of stock anyway so it will definitely be interesting to see how that impact ranks. I plan to close the listing when I go out of stock and then relaunch with a slightly lower price to get sales/rankings back up as quickly as possible and then slightly increase the price back to the sweet spot.
Do you reckon that to recover your bsr and page ranking you will just have to spend again on ppc that you would maybe not have had to do if you had maintained stock? I can imagine its a bit of a pain but also think its a great learning experience without to much anxiety about low sales as you will, or should be, confident of a good recovery.
With tweaks like price adjustments and ppc spend, do you find this affect bsr, page rank and sales relatively quickly (hours) or does it take a day or two to have an impact?
Yes I am hoping that scaling up the PPC (and if needs be re-enable the Facebook Ads) then ranks and BSR should pick up quickly. I experimented yesterday with my last few units and with a PPC bump and small price decrease I was able to double sales so I think i'll be ok when the stock eventually arrives.
With regards to the impact of changes, this is two phase - if you are changing price there is an immediate impact on conversion (cheaper will almost always convert more) and the same with PPC, if you increase/decrease budget sales will change accordingly. However, there is then the second phase which comes 2 to 5 days later. Say for example you increase your price and decrease PPC - Amazon will see your conversion rate drop and also sales drop due to price and PPC, due to this they will start dropping your organic rank as they will replace you with products that are selling better.
Hi Darren!
Excellent video, I really enjoyed it! I have a question about another criteria - electrics/electronics
What do you think about
- electric items with plug (but safe and simple + with manual + CE/RoHS or FCC)
- electric items with Li-On batteries (also safe and simple + everything like above)
- low-voltage electrics/electronics with or without battery (5V USB)
It's also another criteria with is mentioned by "Guru's", to avoid them, but I think it's also myth. Just ensure which documents you'll need before, prepare them (if I think, 99% if not all of them should be provided by our supplier for most simple things) and everything should be ok. What do you think?
Kind Regards,
DL
Hi Damian, I also avoid them, however, I know other sellers doing very well in electronics so maybe I'm missing a huge opportunity by avoiding this sector :-)
Think I'm going to change my product criteria a little bit coz I'm struggling a little with my 2nd product. You recon it's possible to sell 10 units a day of a product that's selling 5 a day on average through differentiation and making your product better? Is that realistic in your opinion?
It's very hard to predict how the sales might increase, if the competitor products listed are good listings with good reviews then you might not see an uplift. However, if the sales are well spread across a number of average products then there may be an opportunity to generate additional sales as you will stand out a lot more.
Hi Darren!I m really glad i came across with your chanel ,and thanks for sharing your amazon fba experience with us! I have one question which you might have answeared in one of your videos, but haven t seen all yet: do you sell or intend to sell products in one specific nieche( branding and selling the same nieche) or just random products from different nieches? What is the best choice in your opinion: to go for an “universal shop or have a specific nieche brand? Cheers!
Thanks Theseus. My first two products are in a similar niche but the next three are completely unrelated. I have a generic brand for my products that could be used in any niche. If you have a particular interest that you would like to focus on then it is worth creating a brand around that niche. The best choice comes down to what is right for you, personally i prefer the flexibility of a generic brand.
Darren Lynch Thanks for reply! Did you open a second account to sell in a different niche?
@@Thor-cq4dc Just the one account for now, i'll look to open a second account later this year.
So when checking on a potential product, you check for each keyword it's related to ? So the keywords are the different 'routes' of how customers find that product correct ? I'm new to all this so just trying to get me head round it. 🙂
Exactly James, you can also use this method to find other product ideas - here's a video discussing it ruclips.net/video/-OArhxottdI/видео.html
how do u pay for tax on your profits do u request the services of an accountants for filling can u explain please
I'd strongly recommend an accountant if you plan to setup as a Ltd company. They will be able to help you with everything and also reduce your corporation tax liability.
Great value Darren! Would love to connect! Been doing amazon for the last 6 months, reach out if your interested. Always open to learn
What FBA course did you purchase?
I purchased the EME course (Every Mans Empire aka now JT Franco), unfortunately I found it very disappointing and would not recommend it.
What is the reason as why you only do private label
And do you think i will have enough time to join the black friday and christmas sales? Thanks in advance
@@libanovic1755 I think it might be a fraction too late for Black Friday / Christmas this year. With manufacturing, shipping and launch period you probably need to be planning for January onwards at this point.
I see it as an opportunity to grow a business without needing lots of employees or overheads other than stock. Is there something you had in mind that you would like me to compare it to?
"full six months of reasonable UK weather". You're bloody hopeful mate lol.