Given the central role the Amazon e-commerce platform plays in reaching customers worldwide, it is critical for an entrepreneur like yourself to understand products trends, customer buying trends and invest in products that have a greater chance of meeting customer tastes and generating killer profits while accelerating your Amazon business.
The product Spy Pro has built-in analytics capabilities, underpinned by data science, to give you an understanding of products trends and thus customer behavior derived by analyzing patterns based on categories, buying behavior, prices, rank, sales, revenue etc. as well as host of other factors. This in depth and broad analysis is available at your fingertips on Product Spy Pro in three different but complementary ways:
- Power Spy Search: Search the Product Spy Pro’s database for observed historical products/customer trends for a given category or categories and myriad filter criteria such as range between which number of units sold, revenue, price etc.
- Simply Spy Search: Search for product that may not be available in Product Spy Pro’s database by directly retrieving it in real time from Amazon such that you can see the most up to date trends.
- Product Spy Tracker: Customize your product research by creating a personalized portfolio of products and apply the power of Product Spy Pro’s analytics on it to focus on potential opportunities.
Let’s begin the journey by analyzing product trends and thus implicitly customer trends that has been observed. On Product Spy Pro , login to your account:
Upon login, you will see the Spy Power Search page:
Here, you can start exploring the recent trends observed on Amazon for variety of categories of products by first selecting categories that are of interest and then providing filter criteria based on price, net revenue, amazon sale rank of the product, estimated sales, estimated revenue etc.
Let’s choose a couple of categories (Beauty and Electronics) with price range ($20 to $400), the rank range (5000 to 250,000) and Estimated Revenue ($1000 to $50,000):
Click on Submit and you will see the analytics available to you from the Product Spy Pro’s database:
We see that each product that matched the filter criteria is shown with the following:
- Category: This is an Amazon product category in which it is being sold.
- Price: This is the price at which it is being sold.
- Net: This is the amount a seller would make taking into account the fulfillment fees. It does not take into account the cost of the product.
- Weight: This is the packaging weight of the product.
- Review/Ratings: This shows how many customers’ reviews this product has received along with rating of the product.
- Rank: This is an Amazon sales rank specific to a category in which a product belongs. Lower the sales rank number, better it is performing in terms of sales with other products in the same category.
- Sellers: This shows how many sellers are selling this product. Implicitly, it is indicating how competitive it may be to sell a given product.
- Listing Quality Score (LQS): This is a Product Spy Pro derived quality score for the product listing on Amazon. It takes in to account host of product listing page characteristics and derives a quality score for the listing. Implicitly, this defines how effective it has been attracting customer attention to the page.
- Estimated Monthly Sales: This is one of the most important information for an entrepreneur i.e. forecast of how many units I will sell in month. This enables you to know how much to invest in inventory and recurring orders.
- Estimated Revenue: This is one of the most important information for an entrepreneur i.e. forecast of monthly revenue possible. This enables you to know your possible monthly cash flow.
This illustrates an example of how you can look at the product trends that have been observed on Amazon. In Product Spy Pro, you can also narrow down by product size tier, type of seller and products that include or exclude specific keyword in their description. From here, it is possible to add the product of interest to your own customized product research list on Product Spy Tracker but more on that later. Overall, it provides a comprehensive way to drill down to product details and explore trends so that you can make decision where to focus your amazon store in terms of types of products you should sell and expected revenue and profits.
The Product Spy Pro database is very comprehensive but there may be instances where a specific product of interest does not show up in the search results. In this case, switch to Product Spy Pro’s Simple Spy Search which retrieves the data directly from Amazon:
Let’s search for a specific category and keyword (Electronics and laptop), we see the following result:
We have the results from Amazon but it did not show up in Product Spy Pro’s database. Since this product is of interest, you can start tracking this product using the Product Spy Pro’s Tracker. From here, click on the “+” symbol in the name column of the product:
Product Spy Pro begins retrieving the data and provides analysis on it after it has retrieved sufficient product history. The Product Spy Tracker allows you to customize which products you would like to track and obtain key analytics on them. It is possible to track up to 60 products at a time. Once the data is available, it will show up as follows:
Here, we show averages for the product in terms of price, rank, units sold per day and daily revenue. Clicking on the red angled arrow in the product column gives you the ability to view key performance visually for this specific products:
We can see a 7, 14 and 30 days performance graphically for the units sold with passing of time. Additional Info tab on the right hand side gives key performance indicator for the product in question.
In conclusion, we provided an overview of how you can perform product research for your amazon business using the Product Spy Pro. We showed how you can research broadly on Amazon products being sold using Power Spy Search which allows you to see the trends observed in terms of monthly sales, monthly revenue etc. Furthermore, we showed how Simple Spy Search can be used to obtain the latest trends on the product of interest in real time. Finally, we showed how Product Spy Tracker can be used to customize your product research by tracking the products you wish to see and analyze.