Let’s begin our topic with a short scene showing the chaos of your anxious demeanor. “Remember, our short fiction happening negates the very essence of product hunting and sourcing.” But still, it’s essential to illustrate to help you acquire its clear perspective.
Quite a decree-in-a-sentence you just read, isn’t it? – no one said it, neither your boss, line manager, the team leader, or those coworkers getting on your nerves.
- “Same eavesdropping conduct is required from you if you wish not to make fireballs out of the erroneous products and sources.”
“There are two reasons your job has reached a standstill: you’re hunting your tasks inappropriately or sourcing dubious products.”
Pursuing the right products isn’t the sentimental duck soap you can enjoy in your snugly house space. Instead, it’s something you must solemnly perform, or else your post-business brand will witness its doomsday. Like running a quest for popular bestsellers and your customers’ favorites, product sourcing and hunting is equally important.
Remember, the two words of our title are the main highlights of our discussion. Hence, it is a serious business objective, a task you must fulfill to satisfy your customers. So, what are the straightforward definitions of hunting and sourcing Amazon products? We hope we have cleared the pathway to enable you to grasp both concepts easily. So, without further ado, let’s get started!
1. Clarification of Product Hunting
You can hear the simplest definition of product hunting if you observe the latter word thoughtfully. It’s as lucid as it sounds – running quests and raids in the local market or online to find the ideal products. FYI, there’s even a community run by the moniker ‘Product Hunt.’ It’s like an organization but in the most liquified way possible. This society is a house for product enthusiasts, business owners, brand geeks, and up-to-the-minute fashion hypebeasts.
Furthermore, hunting products for your online stores allow you to attract nerdier global buyers on a mission for otherworldly knick-knacks. And here comes the Product Hunt community to the rescue. However, this group is relatively small compared to other eCommerce platforms and service providers. But it offers extensive aid in dire moments in contrast to other so-called benefactors who only desire your BIG BUCKS.
Amazon product hunting enables merchants to find and promote their products strategically. This way, they can connect with genuine buyers who don’t haggle to the brinks of dwindling product prices. Hence, this means the term ‘hunting’ allows product manufacturers, wholesalers, and retailers to accommodate good value to their business. The community members can get a head start by voting for the best available items in large numbers and analyzing unbiased user reviews.
Steps to create the perfect ‘Product Hunting’ Strategy for your business
Do not get too anxious about the mechanisms of this straightforward clock-work planning. It’s similar to any approach you take to find your best products. However, this particular term has a cleat-cut criterion; amplifying your tactics and speeding the process to unearth the products from the rubble of infinite items. Below are some practical ways to create an Amazon product hunting strategy:
· Clarify your business objectives
· Understand your customers and have the will to change for them
· Familiarize with the online marketplace
· Launch your best product research techniques
· Stay well-conversant with the fluctuating industry trends
· Leverage your products by influencing eCommerce tricks and technologies
· Authentic your business model and products via users’ evaluation
· Run your Minimal Viable Product for testing the pilot product versions
· Keep up with the latest product practices
· Regularly update your online brand platforms
· Consistently research, modify, and diversify your product range
To help you get a jumpstart for your Amazon ventures, here are a few products to lead you in the right direction:
· Smartphones & Tablets
· Laptops, Workstations, and Gaming Laptops
· Clothing & Fashion
· Video Games
· Beauty and Personal care products
· Home Décor
· Pet Foods
· Sports/Outdoors Equipment
2. Clarification of Product Sourcing
Hunting down products is at the table; you open your Amazon, eBay, Etsy, or any other store and start digging. But on the other hand, the sourcing method is a bit intricate and time-consuming. It is the process of procurement of products from the best suppliers. Hence, its intuitive nature is quite similar to the hunting process but requires more vigilance.
Sourcing the products can have multiple sources for obtaining the cream-of-the-crop products. Finding the best craftsperson for DIY items, notable manufacturers, wholesale dealers, and dropshippers are part of the product sourcing ritual. Besides, you can also contact startups that are expert merch makers and create high-quality products.
Below are a few critical sourcing strategy steps you should know before commencing the post-product hunt process:
· Evaluate your expenditure cost
· Supplier market stakes’ analysis
· Vendor product share and outlay analysis
· Acclimatizing with organizations’ acquisition demand & supply chain
· Product category ‘perk or risk’ scrutiny
· Suppliers’ industry experience
Product ‘Hunting & Sourcing’ seems like a fancy word stemming from the social media zones. But it’s not the case. Neither it’s something new eCommerce business inducement nor a trend guesstimate given by the “knowledgeable” influencers. Sadly, most netizens joke around and fuss about petty things they come across online. – “And that’s what we all must work on from today onwards.”
So, now you know both of our topic’s terms pretty clearly; that’s good! But still, there are a few factors you should be well-versed with. Be aware of the products’ high demand and their meager competition race. Ensure the keyword research volume is higher than the actual selling of the item. Seasonality matters, as it defines the best months for selling a specific product.
Be various eye-catching product titles, considerable profit margins, positive user reviews, product portability, vendors’ qualification, and so on. Please avoid vulnerable items, as they might have severe repercussions on your business. The list includes Amazon FBM brands, fragile glass/ceramics, confined items, obscure electronic brands, batteries, patented articles, etc.