This is a guest post from Lee Online Sourcing
If you have been wondering where to start with finding your product and selling it on Amazon, this article is just for you.
China has become one of the leading partners for Amazon sellers in recent years. Importing merchandise has never been easier than now as China has a host of different suppliers you can choose from.
However, you will need to choose the right product for your target market. There are certain steps that you can take in order to make your life easy, and the process of importing them simple.
What to consider when choosing your niche
The first step will be to make sure that your product is marketable. In other words, how unique is your product in relation to your competitors? What are your products benefits? What does your product cost per unit? Will you be able to import your product on an ongoing basis?
These questions are very important for you to establish if your product will be viable on a long term basis.
Price is another large factor. You will need to make sure that you can afford to cover what your supplier has quoted you. The best way will be to compare quotes from a few different suppliers to get a good idea of what is being charged and who has the best prices. Keep in mind there may be extra charges at a later point. This will depend largely on what agreement you make with your supplier in the beginning stages of your negotiations. There are various ways of importing your goods, be sure to become familiar with all methods of import to be better equipped to negotiate your deal.
Profit is the forerunner to any import business. If the business is not profitable, then it in essence would be a waste of time, energy and resources. Always keep in mind who your target customer is, what profit margins you are looking at, and the return on your investment.
As Amazon is becoming increasingly larger with online sellers, it goes without saying that the competition is also gaining momentum. Remain competitive and keep your products sellable to your audience. Knowing everything about your product is a key factor in being successful as a seller on Amazon.
To find your ideal niche you will need to a few things first. Brainstorm, research, analyze your findings; and then make a decision on your niche. This four step method is simple and can be done without too much hassle. You can find more information on how to go about this in other articles posted in our Blog. Feel free to take a browse through and see what will work for you.
How to select your imports from China
Take some time out with a notepad and pen and write down everything that comes to mind. Ask yourself some questions, like, what are my goals? What kinds of products do I enjoy and feel passionate about? Why am I doing this?
These questions will help you narrow down your choices and find some clarity on which direction to take.
After doing this exercise, discuss them with your family and friends. See what their thoughts are.
Next step is to research the market. Research China as well as your own market, as the laws & regulations as well as trade policies for China and your own country may be different. It is important to know what the laws are on each side so that you can choose the right product for you. You will need to know if the product you have chosen is allowed to be sold in your country.
To take a closer look at what is trending on the market there are a few great sites that take the pain and unknowing right out of the equation. Amazon Best Seller, will show you the most popular items that are trending on the platform, where Google Trends and Kickstarter’s Trending Products will also be able to give you a broader idea of what is going on currently in the market. The great part is that you can search by location, time and it gives you selling stats. If you would like to take it even further, check these out – More inspiration Sites.
Always take notes. Jot them down or start up an Excel spreadsheet to record everything that you find, this will help you analyze all your research later on.
International trade makes it essential that you familiarize yourself with regulations and policies. Not only in China and your home country, but for Amazon as well. Amazon has their own list of rules and regulations. The trade rules include reimbursement, tariffs, customs and all the additional information that will pertain to selling your imports.
Last but not least, comes the analyzing of all your research. In this step you can compare all the details surrounding your chosen product. You will be able to look at and compare the pricing, packaging, quality and MOQ’s. This will enable you to learn as much as you can about your product choice and in so, will narrow down your list of choices.
Pitfalls to avoid
- Don’t source fragile items to minimize your transportation risks and increase your ROI (returns of investment).
- Stay away from counterfeit products. Getting involved in this type of trade will get you into a lot of trouble in the long run.
- Only buy copyright related products if you are authorized by the copyright owner.
- Buy smaller amounts of inventory in the beginning, just in case the market changes. You will have to first test the market before you go ahead and buy in bulk.
We hope you have a good idea on how to choose your idea product. If you want to know more about finding your ideal product, check out, Products with Low Competition and High Demand must be Sold Well. This will help you choose the best competitive products on the market. This article will also show you step-by-step, how to grow your business with the help of some powerful ideas.
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