What is Amazon’s Product Opportunity Explorer?
Amazon’s Product Opportunity Explorer (POE) is a powerful tool that assists the sellers in identification of potential selling opportunities on Amazon while analysing the potential profitability that specific market place has to offer. It then becomes much easier to make strategic decisions and understand competition trends and chances that can for instance help the business of the sellers. In this article, we look at the various ways through which POE is a great advantage to the sellers.
How efficient is Amazon’s Product Opportunity Explorer?
Product Opportunity Explorer is a complicated analytic tool in Amazon, which assists the sellers in comprehending potential opportunities for new products. It leverages all the data at the disposal of Amazon to assist the sellers in identification of opportunities for penetrating into a certain market, estimation of market saturation and customer behaviour. To help with this task, sellers can use the features to make better judgments on the next steps to take in the development of new products or in marketing existing products on the market.
The key features of the Product Opportunity Explorer:
There can be multiple causes of search suppression of your product; let us discuss some of the critical factors that can cause this issue:
1. Market Analysis:
POE enables sellers to carry out extensive evaluation of current trends through presenting information on the number of searches made, volume of sales and competition encountered in the market. This feature makes it easier for the sellers to know which products are popular and which are not, perhaps indicating there are niches that are yet to be exploited.
2. Customer Insights:
The sellers can find more selling opportunities as this tool gives them a closer look at the customers’ tendency and choices. More so, it offers information on what customers are looking for, what consumers are purchasing, and what feedback they are offering.
This data is very important for sellers in the process of creating new products that would cater for customers needs and distinguish themselves from other similar products in the market.
3. Competitive Analysis:
Primary knowledge about competitors is essential therefore we should begin our journey with the definition of the competition. Through POE, one is able to determine the bestselling products in a given category, the sales and the prices at which they are sold as well as the level of satisfaction that customers accord with the products. In doing so, it also aids in setting a standard for sellers to compare their products and realise areas of enhancement.
4. Trend Identification:
The external environment is dynamic; thus, being keen on market trends is crucial for sustainable business. POE assists in increasing awareness of new trends and seasonal shifts, which are then reflected in the sellers’ approach to their product offering and promotion.
5. Opportunity Score:
Quite prominent among them is that POE utilises the Opportunity Score to evaluate potential niches with regard to demand, competition, and profit potentials.
Pros of Using Product Opportunity Explorer
I) Data-Driven Decisions:
It allows sellers to make intelligent choices most of the time than just speculating as to what is best for their business. Because of this, it allows sellers to be informed so they can be in a position to sell products in the market that will be successful.
II) Reduced Risk:
The potential niche markets-to-go helps to avoid a situation when sellers launch products that do not meet customers’ demand and do not generate high profits. POE provides sellers with proper pointers on where they can channel their money to ensure that they buy items that will appeal to the public.
III) Enhanced Product Development:
Consequently, there is a clear understanding of the type of products that are likely to sell in the market hence aiding the sellers to develop products that fit into the market best. This then results in greater customer satisfaction and hence increased volumes of sales.
IV) Improved Marketing Strategies:
Based on the favourable trends and consumers’ needs, the sellers should thus be in a position to advertise in a way that appeals to them. The same triggers enhance the conversion rates and make more of the goals.
V) Competitive Advantage:
Using POE’s competitive analysis tools assist the sellers to Olympics of their competitors by observing the areas that the competitors can be beaten. This involves identifying the areas that potential competitors may not have considered to serve their purpose appropriately.
Recent Improvements in Amazon's Product Opportunity Finder
In addition to the existing features, Amazon’s Product Opportunity Explorer has recently added new functionalities to enhance seller experience:
1. Enhanced Keyword Analysis:
The new features introduced are the enhanced keyword scarcity which helps the sellers in determining the best keywords to use when describing their products and/or when running advertising campaigns.
You can implement the right strategies for Amazon SEO, which will result in more traffic and more clicks through rates, thus enhancing the visibility.
2. Competitive Pricing Insights:
It features various selling tools that have been made available to help sellers obtain price intelligence thus enabling them to know their prices against competitors’ prices. This area assists in establishing ways of pricing that ensure that the firm is able to be competitive in the market as well as making the most of the profits.
You can use a software like Repricer too, which automatically adjusts your prices as soon as your competitors change pricing.
3. Sustainability Trends:
However, due to increased customer awareness on the environmental impacts of the products that are being purchased, POE now not only contains information on environmentally acceptable products, but also other developing trends in sustainability. This also explains how sellers can benefit from this increasingly significant segment of the economy.
4. Social Media Integration:
Using POE today it is now possible to get the trending product segmentation and customer sentiment on sites such as Instagram, Facebook, and Twitter among others. This will help sellers to post their products in such a format that will best suit the social media platforms.
Concluding Thoughts:
Product Opportunity Explorer on Amazon joined is a great weapon for those retailing to identify the potential product categories and move towards them winning niches. This makes it easier for the sellers to make timely informed decisions, avoid different risks and challenges, and most importantly, beat their competitors.
But a tool is only as good as its user, if you’re not an expert in Amazon then you might not be able to pull off great results. In that case, you should hire an Amazon marketing company to assist you with managing your store.
We have helped 50+ Amazon sellers like you to run successful businesses. Contact Scaleforte today to hire Amazon experts to succeed in the Amazon marketplace.
