One of the biggest challenges in starting an Amazon business is building relationships with wholesale suppliers and searching for high-profit products to sell online. Super tracking can be the ultimate superpower to expediting this process and unlocking your profitability quickly and efficiently. Super tracking involves looking for other sellers that have the same product range as you and scouting out their inventories. Other competitors provide quality leads to finding profitable products that you can use to broaden your catalogue. As you become more successful at tracking competition and scouting products, wholesale manufacturers will see your potential and be willing to supply more products for you to sell. By establishing your business and reputation, you will see higher acceptance rates from brand owners and suppliers as they come flocking to your doorstep hoping to partner up.
Super tracking consists of three major steps: identifying Amazon third-party sellers, optimizing product research to track popular products to sell online, and using Amazon product lists to find new wholesale suppliers.
Amazon Seller Search: How to Find Best Sellers On Amazon
The first step is finding the right competition to super track. There are millions of merchants across Amazon’s global marketplace. As an individual user, super tracking is not about finding the best sellers, but focusing on the right size sellers. Look for other Amazon third-party competitors that are not too small or not too big.
Small sellers are often “arbitrage” resellers with low inventories. As a result, tracking small sellers will not be beneficial to finding new products to increase your own catalogue.
On the other end, large merchants may sell mass-market products or private labels and which may not be the most profitable and can have a short lifespan on Amazon. Larger sellers often have the resources run on thinner margins, which is not affordable for medium-size or small-size Amazon sellers.
You’re searching for the “middle man”, the successful Amazon sellers that don’t sell too much or too little products and have a catalog within your reach. These proven merchants are the best sellers for your size and are worth super tracking. For more information on the different types of sellers and which category may be right for you, check out our “Beginner’s Guide to Selling Wholesale Products on Amazon.”
Amazon Seller Feedback: Using Seller Feedback and Reviews to Scout Competition
After you limit your scope to the right size sellers, you are left with hundreds of thousands of sellers you can start tracking. But how do you differentiate among the middle-sized sellers? A useful metric to finding the right FBA sellers is seller feedback. Seller feedback includes reviews from various buyers in the past 30 days, 90 days, and so on. For a quick analysis, utilizing reviews from the last 30 days is more than enough to see a competitor’s tracking potential. A seller who has between 200 to 800 different feedbacks is most likely another genuine third party seller using the wholesale model and is the ideal seller to track.
Next, you want to investigate each of these seller’s Amazon listings. Pay close attention to their product descriptions, images and most importantly, keywords. Take a look at the product reviews to determine what customers like and don’t like about the product. You could even go as far as to order a product if it is in your price range and ask the seller questions regarding the product.
Product Tracker: Best Selling Products on Amazon
Before you can start super tracking products to sell, you have to look through the thousands of products on Amazon to find the most profitable products to sell online. Some sellers may have as little as a dozen products while other sellers may have hundreds to thousands. To find the best products from each seller’s catalogue, you have to manually calculate important key performance indicators (KPIs) such as the profit margin and return on investment (ROI) of each product and see which ones are the most profitable. As we always say, not every product is a winning product. Even some of the “best selling products” may have low-profit margins or potentially negative profit, so sellers need to do product research before they invest in any product. If you need tips on how to manually calculate a product’s KPIs, please read our last blog on “Profit Calculator: How to Estimate Amazon Product Margin.”
An alternative to manual calculations is utilizing convenient seller tools:
Amazon’s Revenue Calculator
The first tool is Amazon’s Revenue Calculator. Located in Amazon’s Seller Central, the revenue calculator allows sellers to input a product and calculate the product costs along with any variable cost such as shipping and seller’s fees. Please note that prices and KPIs change constantly, so this tool provides rough estimates, not exact figures. As a result, you should use this tool for big picture analysis.
Sellgo’s Product Tracker and Profit Finder
The Product Tracker uses product scouting to find individual winning products that sellers can use to widen their catalogues. In addition, sellers can analyze trending products, Buybox Rate Estimation, revenue estimation, daily sales tracker, inventory insight and more.
Alongside the Product, Tracker is the Amazon Profit Finder tool. The Profit Finder works hand-in-hand with the Product Tracker provides Amazon filtering of all the products and instantly provides KPIs such as variation analysis of selling prices, profit margins, and return on investments to identify winning products.
Both of these tools provide instant super tracking powers for you to accelerate the product research process. As you continue to super track more products, you may see your sales results and acceptance rates from wholesale suppliers skyrocket.
Wholesale Manufacturers: Tracking the Best Wholesale Suppliers
The final step in super tracking is tracking the best wholesale suppliers to stock up your inventory. This relationship with suppliers is the most vital relationship because it is how to source your products that will ultimately determine if your business is profitable or not. Suppliers are very picky with their partners, so be sure to convey your unique value proposition when trying to agree on a sourcing deal.
If you can get product sourcing from a wholesale manufacturer, you may get access to all of their product lines that you can potentially add to your catalogue. But remember, not all products are winning products. To determine the best products from the product lists to sell, you must perform manual calculations or utilize FBA tools to calculate the appropriate KPIs. One option is to data export the product list to Sellgo’s Search Management tool.
The Search Management tool makes wholesale sourcing convenient and transparent through supplier analytics. This tool will categorize all of the products from a supplier and then sort them based on KPIs, similarly to the Product Tracker but for individual suppliers. By organizing this data, seller’s gain a profit funnel of products that they can super track and add to their catalogues. Wholesalers can use this software to find products to sell on Amazon, identify brand name wholesale suppliers, and organize Amazon product lists.
Optimize with the Best FBA Tools:
Finding the right products to sell may seem like a difficult process but it doesn’t have to be. A lot of the challenges of starting your Amazon business can be minimized by using super tracking and resourceful FBA tools. Unlock your super tracking powers by using Sellgo and be a seller on Amazon today.