Amazon Product Selection Tool: “Business Opportunity Detector” is now live!Dig up hidden and popular artifacts, and hit the buyers' hearts as soon as you hit them!
July 7, 2023
Dear sellers, are you still envious of the fact that others are developing new products, the best seller models are popular?Here's the good news!
Amazon's official product selection tool - “Business Opportunity Detector” is officially launched!As long as you're on Amazon's US site, UK site, Germany site , or France site , Italy, Spain, if you have a professional sales account, you can log in to Amazon Seller Central to access it!
Knock on the blackboard!Please check the “Business Opportunity Detector” application guide!
The seller is a professional selling account. The main account can be viewed by default, and the sub-account can be viewed by authorization from the main account.
Four Europe marketplaces (France, Germany, Italy, Spain)
You can view it in the following two ways:
🔎 Path 1: Click this link to go to the “Business Opportunity Finder” page;
🔎 Path 2: Log in to Seller Central and click on the menu bar: “Growth” > “Opportunity Finder”.
Specifically, what problems can the Amazon Business Opportunity Finder help seller friends solve?Xiaobian has compiled three items for you today:
💡 How to find potential market segments and explore new products?
💡 After determining the product selection, how do you set the pace for introducing new products and promoting them?
💡 How to use popular search terms wisely to optimize site traffic?
Do you also have this question: how to determine the size, growth trend, and competitiveness of a market segment, and find a market segment suitable for your own development?Don't worry, let's go step by step.
What is a niche?
Market segmentation is the core concept in the business opportunity detector. It links the consumer needs of Amazon overseas consumers with actual purchases to help sellers efficiently develop new products.
The Amazon Opportunity Finder provides a number of market segments, and each segment has a detail page that provides more information, such as current products in that segment, popular search terms, and statistics on the potential for new product launches. You can use these details to determine if similar products that meet the same customer needs are right for your business. Search terms and products can exist in multiple market segments. Segment metrics are refreshed at the beginning of each week, and new segments are created at the beginning of each month.
You can access market segments in three ways:
① Browse market segments by category
② Search market segments
③ Market segmentation using examples
First step
Assess the overall demand stock, increment and competitiveness of the market segment
We can find a list of market segments we want to research through classification or search, and further evaluate the overall demand stock, increase, and competitiveness of the market segment through data such as sales potential scores and search volume, so as to find market segments with a certain market volume and rapid growth.
Second step
Find a differentiated price range
By comparing the average price and price range of the market segments, the price band distribution and approximate margin of the market segment are determined, so as to find market segments suitable for the seller's supply chain cost situation and meet the seller's gross margin expectations.
Step 3
Dig deeper into product competition
After selecting a market segment, you can click on the “Insights” section to view more detailed data. This data can help you further dig deeper into product competition and brand competition in that market segment.
The “Insight” section also provides average reviews, average out of stock rate, and average product information quality score. These three indicators can help us evaluate the buyer experience in market segments, identify risk points and opportunity points, and help set the cold launch stage for new products Data goals for a good buyer experience.
Step 4
Assess the buyer experience
The “Products” section shows the ASINs with the most hits in the market segment, as well as their detailed data, including brands, categories, release times, hits, etc., all of which help us analyze the operating conditions of existing competitors' products, find out the attributes of popular products, and explore opportunities for product improvement.
The “Trends” section of the Business Opportunity Finder shows 6 key data items such as search volume, number of products, average price, and search conversion rate, as well as trend line charts over the past year, and a visual display format.
First step
You can use the “Trends” feature module in the Opportunity Finder to view trend changes in the market segment over the past 360 days and the past 7 days.
Second step
We can use market segmentation trend maps to determine whether the market has seasonal attributes, position the best new nodes based on the time point of peak sales season and corresponding search volume, and use this to guide our supply chain and logistics plans and formulate a year-round promotion rhythm for products .
The “Search Terms” section contains the most popular search terms and detailed data in the market segment, including search volume, search volume growth, click rate, search conversion rate, and the top three most clicked products.
First step
Based on the total number of search terms and trends
Target and expand popular search terms and tap potential long-tail terms
case
Take the camera “camera” as an example. If the function module “search terms” are arranged in descending order of search volume, you can obtain popular search terms in this market segment, and determine whether to include them as advertising keywords based on the annual and recent growth trends of search terms.
Another example is that by descending the search conversion rate in the image below, you can find potential keywords such as “indoor camera”. The overall search volume is moderate, but the recent increase is obvious, and the search conversion performance is excellent.
Second step
Based on the top 3 clicked products in popular search terms
Find the target product and refer to it to optimize your own listing
Examples include categories that explore the potential of target products, high-quality copywriting solutions, such as main images, videos, A+ page optimization, pre-embedded high-quality keywords, use of new features, etc.
case
Taking the camera category as an example, we can locate a top product here, go to its product detail page, summarize the selling points in a concise and concise manner, and enhance the product highlights with an eye-catching and ultra-clear product functional scene map. At the same time, the product still doesn't use the new function Brand Story. This is an opportunity point we discovered through positioning and observation. By optimizing our own Brand Story, we can have more advantages in optimizing the Listing Page.
Step 3
Based on changes in product rankings in popular search terms
Formulate corresponding advertising optimization strategies
Examples include ad budget adjustments, ad group clicks and sales target designation references, keyword bidding strategy CPC, etc.
case
Take the camera “camera” as an example. After targeting the top 3 clicks on the product for a certain keyword, you can check the nearly 360 hits of the specific product in the “product” function module of that market segment, so it can be used as an auxiliary reference for the product's advertisement click target. Through the calculation of search conversion rate/search volume, the organic sales volume of a search term in the past 360 days is estimated, and this is used as a reference for the sales target for promotion.
Seeing this, aren't you crazy excited about the “business opportunity detector” tool?Let's “hang in”, say goodbye to the “holes” in product selection, expand overseas sites, discover new business opportunities, and keep moving towards the peak of sales!
At present, Amazon has launched two official product selection tools — “Business Opportunity Finder” and “Product Selection Compass”. Xiaobian has carefully compiled a picture for sellers and friends to read Amazon's official product selection tool to help everyone get started quickly and shorten the new product development time!
Click the button below to register now!