market-researchSo far from what I’ve read,
You shouldn’t choose a product that has too many ratings (1000+ reviews on the best sellers list dominated by 9+ people) as its way too competitive.
You shouldn’t choose a product that has too few ratings (top sellers have 1-10 reviews) as you won’t be able to sell anything.
choosing a niche product is usually a good idea.
Other than that I have a few products in mind that I can import from aliexpress. For one of these products, the best sellers list is only dominated by 3-4 people and most of them have only 300-400 reviews.
Is there any way to tell if it has potential to sell well?
What about useful software designed specifically for online arbitrage?
What about forums that are specific for trying to make a profit off of Amazon arbitrage?
Lastly what do you guys think about retail arbitrage? For example using an app to scan which items from retail stores have potential to turn a profit on Amazon?
Thanks.
Is there any way to tell if it has potential to sell well?
Any business idea including arbitrage, may be - no scratch that - should be validated before going live. There are tons of resources out there outlining different ways of validating business ideas.
In particular though, I like the idea of doing validation by actually having a landing page and then advertising. Then, just count how many people actually visited your page. Here's a link on how to do it.
I know you want to sell via Amazon. But it's very simple to create a simple landing page and run a cheap Adwords campaign to validate the product/s. You can even outsource building the page - should be doable by a freelance developer in a couple of hours. Besides, if the page does very well, you can even put a link there to your Amazon page as soon as it is available.
what do you guys think about retail arbitrage? For example using an app to scan which items from retail stores have potential to turn a profit on Amazon?
Business practices are important thing to hold ourselves accountable for. Here is an interesting segment about some different perspectives of amazon and eBay Middle men; the original vendor, Middle men, and customers.
NPR Planet Money - Retailer Arbitrage: How Internet Middlemen Are Scaring Traditional Stores
All content is licensed under CC BY-SA 3.0.