Selling online today in the e-commerce world, or even offline has its challenges if you are not familiar with the latest search tools to gain a competitive advantage.
However, itâ€™s no secret that Amazon is king of the online shopping world in the U.S., with thousands of people flocking to their Amazon FBA program. Becoming an Amazon FBA seller is now one of the most sought after job titles, as many see it as a promising opportunity.
It sounds easy. Find a product to private label, market it, sell it, let Amazon do the work, profit!
Unfortunately, finding the right products is the hardest part of the journey, besides finding a reliable supplier. The solution to finding the right suppliers is in the power of import trade data, which we will explain in this article. Also, the logistics of it all is overwhelming, especially if you are not familiar with import and export trade data.
Read on to find out more about how to start selling on Amazon by finding the right products, conducting research, and using sophisticated software solutions such as Viral-Launch and ImportKey. After this article, you will be more knowledgeable and ready to start an Amazon business!
Why You Need to Use Import and Export Data for Product Sourcing
Many people who are starting a business, especially selling on Amazon, are unaware of import and export data. Sure, they are familiar with Chinese manufacturing sites like Alibaba, but there is a step to take before you begin working with overseas suppliers.
For instance, if you did want to source products from China, you have to be extremely careful, as there are many scammers out there. Itâ€™s essential to take precautions to avoid getting scammed on Alibaba.
Even if you were not sourcing from China, you would still have to find validating data to ensure the company you are working with is legitimate.
How? By using import and export trade data.
When you are exposed to trade data, is it legal documentation that confirms a transaction. However, to get the juicy details, you must possess software that reveals the data to you even though some of the information is public information. To save time and money, investing in trade data software is the way to go.
Information such as the Bill of Lading is essential, as it shows a legal transaction occurred. It shows which businesses exchanged goods and where to took place. Also, cargo description gives insight to a companyâ€™s shipment and can validate if a particular company does, in fact, sell a product they claim to sell.
Using ImportKey for Trade Data Solutions
There is no better way to get a leg up on the competition, which is to possess an import and export trade data software. In seconds, you are exposed to millions of shipments made daily from suppliers to your potential competitorsâ€”which is precisely what ImportKey does.
Gaining access to this intuitive data is a privilege and an investment. Those who do research using import and export data are more competitive and successful than those who do not possess next-level software.
Technological evolution allows people to adapt quicker than those who donâ€™t, providing a competitive advantage over their business rivals. Import and export data can transform your business in more ways than you thought, with current, legitimate information readily available at any time.
Brief Overview of Viral-Launch for Amazon Product Sourcing
Viral-Launch is a software designed for finding the best Amazon products based on keywords, market intelligence, and market research. You can either discover ideas or explore your own before diving into an Amazon business.
There are features available by Viral-Launch to give you the best data to formulate smart business decisions.
For sourcing products on Amazon, the best tools from Viral-Launch are:
- Product Discovery: a product finder that helps you identify profitable products.
- Market Intelligence: a market research tool that analyzes into the market and validates ideas, while keeping track of top-performing sellers.
There are 7 tools in all available from Viral-Launch to search, market, and scope out the competition. The other tools include:
- Keyword Search
- Competitive Intelligence
- Listing Builder
- Listing Analyzer
- Keyword Manager
These tools all work together, also called integration, to give you optimal results, and performance through market research and SEO practices.
Lastly, is the Launch feature where Vital-Launch can assist you in tracking your campaign, as well as providing photography and copywriting services.
Combining the Power of Viral-Launch and ImportKey
We begin using Product Discovery, as there are many features to differentiate how we want to view potential products. There are three tabs: Product, Keyword, Brand. You can choose whether you want to see ideas from these areas, including other data such as revenue, fast growing brands, etc.
To keep it simple, letâ€™s look at high margins in the products section, and letâ€™s choose one category. In this case, weâ€™ll choose a hot market which is Sports and Outdoors, as many people are becoming physically active and one with nature more than ever.
Down below the dashboard is shown, with High Margins chosen under Products.
We then sorted the products by Monthly Revenue, because we want to see who is making the most profit while having the highest margins. Initially, biking goods were in front, but the cost to make was around $90 which we believe to be too steep for beginners in Amazon FBA.
Then we came across the Hydro Flask.
We kept scrolling and more Hydro Flasks!
It didnâ€™t end there, as one more Hydro Flask showed up, and then a competitor of the Hydro Flask. In all, four Hydro Flasks were in the top 10 of monthly revenue while having good margins, roughly 78% to 80%+.
We then clicked the Market Intelligence tab (the diamond) on the Hydro Flask Mouth Flex Cap that we saw first and reviewed the metrics (shown below).
Sales metrics are shown both in standard view and detailed. Shown above is in detail, laying out the average sales, average revenue, and average price.
In the next tab, market trends show how the product performs during the year.
Virtual-Launch has its own analysis (shown below) and states the product idea is 3.5 with other numerical data, citing its possible for 27,000 monthly sales.
Lastly, a cost calculator is shown with the possible profits and fees. This comes out to roughly 60% profit margin, which is not as high as perceived, but still more than 50%.
Letâ€™s move on to how ImportKey will play a role.
Now that youâ€™ve seen a product that is selling at a high rate and is extremely popular, how can you get a product just like it to a private label and sell as your own? Import and export trade data.
First, we must find out Hydro Flaskâ€™s main company, as in the business that sends and receives cargo. Sometimes it’s easy to just put in the name in the search bar, but some companyâ€™s do business under a different name.
We went to Hydro Flaskâ€™s website, and found out their organization is called â€śSteel Technology LLC (shown below).â€ť
As we head to ImportKey and do a search, we see three â€śSTEEL TECHNOLOGY LLC.â€ť Ultimately, we opted for the one with â€śDBA HYDROâ€ť and not â€śDBA HYDRO FLâ€ť because it had more suppliers, including the lone supplier of â€śHYDRO FLâ€ť, as well as way more shipments, over 75 more shipments, citing heavy volume.
We are greeted with a clear list of the top 5 suppliers of â€śSTEEL TECHNOLOGY LLC DBA HYDRO.â€ť
As we scroll to the right, we see all the recent activity, including the Hydro Flask. The supplier is â€śHANGZHOU FREETRON INDUSTRIAL CO LTD.â€ť
The next tab is Suppliers, which shows addresses and contact information, as well as shipments of each supplier.
Lastly, the Relationships tab reveals companies that have the same suppliers. In this case, a company as prestigious as Starbucks also has a mutual supplier of Hydro Flask. Interesting!
Now to do some searching. Youâ€™ve been shown the exact 5 suppliers of the Hydro Flask products, and itâ€™s time to do internet research.
More than likely there are two ways to find the suppliers: Google to find the website or search on Alibaba. We will do both and see the best way to contact these manufacturers.
Down below, we searched â€śHANGZHOU FREETRON INDUSTRIAL CO LTDâ€ť and found the official website with a number and email address at the bottom of the webpage (not shown).
Then, we searched for â€śZHEJIANG FEIJIAN INDUSTRY TRADEâ€ť and found a match on Alibaba, where this company is a verified supplier selling flasks.
â€śZHEJIANG XIONGTAI HOUSEWAREâ€ť was next to search, and we found a match on Alibaba.
Below you can see the various products they have to offer, which are like the Hydro Flask. The price per product is shown and minimum order, showing you how much you would have to be willing to invest.
Itâ€™s a hefty price tag, which is why you need import and export trade data to sell on Amazon to save time and money.
â€śZHEJIANG HAERS VACUUM CONTAINERS CO LTDâ€ť was a mystery on Alibaba. If you see something like this, do not try and push it. This seller is either extremely private or inactive on Alibaba.
We did do another search on Google for â€śZHEJIANG HAERS VACUUM CONTAINERS CO LTDâ€ť, and found a better catalog of the direct source (shown below)
As a bonus, we will use Viral-Launchâ€™s keyword tool to see how we can rank the flask. We can do this by finding out itâ€™s strongest keywords.
We put the obvious â€śhydro flaskâ€ť and see what else shows up.
Down below, we see that â€śhydro flask 32 ozâ€ť is an even better keyword. We can use this keyword for SEO purposes into the listing to attract buyers.
Another keyword we looked up was â€śvacuum steel flaskâ€ť as a more general search, and oddly enough a variation of the first keyword shows upâ€” 32 oz hydro flask, and with a priority score of 1,000! This is further confirmation that putting the size is not only better for SEO practices, but people really like the 32 oz.
Explore Your Options with Viral-Launch and ImportKey Today
We hope you enjoyed this article and found it informative as you take your first dive into selling on Amazon.
Exploring your options using the product discovery tool in Viral-Launch can give you ideas that you wouldnâ€™t think of, to then explore and make your business a reality. Paired with ImportKey to validate your search and find reliable suppliers online or through Alibaba will give you confidence as you start your Amazon business.
Use Viral-Launchâ€™s other tools to effectively market and spy on the competition, and be up-to-date on their fluctuations. Viral-Launch has alerts, notifying if your competition makes any sudden changes, which means youâ€™re always a part of the action and one step ahead.
Start your journey with both Viral-Launch and ImportKey today! Various pricing is available.