Amazon launched Product Opportunity Explorer, a unique and innovative tool to help Amazon sellers generate new product ideas and determine niche opportunities relevant to selling on Amazon based on customer reviews.
In late October, Amazon Accelerate Conference announced Product Opportunity Explorer, one of the new features of the Seller Central. This tool helps sellers locate profitable products and discover which product trends are booming that can earn thousands or millions in revenue, allowing the sellers to make decisions about their selling business.
What is the Amazon Product Opportunity Explorer?
It’s more important for sellers to understand what their customers want so they accurately predict the demand for new offerings. But finding newly trending, emerging, or missed opportunities often requires significant time and financial investment. Now, Amazon sellers have access to Product Opportunity Explorer that provides deep insights into potential opportunities across product categories and brands, enabling them to identify top-selling products based on historical search and purchase trends. The tool presents sellers with data about search volume and growth trends, sales history, and pricing trends. Providing a faster way to identify potential opportunities based on customer demand, Amazon Product Opportunity Explorer helps sellers make informed decisions so they can launch more successful products.
Amazon offers many tools and services to help sellers launch new products. The FBA New Selection program, designed to help accelerate the early sales of a new product by offering benefits on storage and advertising costs. Sellers can also use Amazon Vine by registering the product with Amazon Brand Registry, where sellers can start the process of building a foundation of customer reviews for the brand for as little as $200 per enrolled product.
How do I Gain Access to Amazon Product Opportunity Explorer?
Since the Amazon Product Opportunity Explorer was only last October, several sellers have no access yet. Amazon is currently running a beta program for Product Opportunity Explorer, making the tool accessible this year to all sellers at no charge in Seller Central. For now, the Amazon Product Opportunity Explorer is accessible for Brand Registered sellers and currently available and limited release within Amazon US and Germany only.
You can find the Amazon Product Opportunity Explorer option under the Growth tab in the Seller Central.
If Amazon Product Opportunity Explorer does not appear in the Seller Central account, sellers can write an email to request access with their merchant ID to [email protected]. According to seller feedback, it takes about two weeks for the tool to be available in the Seller Central dashboard.
What Data does it provide?
The Product Opportunity Explorer features a simple layout with the search bar and a suggested niche section below. This section has a variety of products where the results are different for the other sellers based on their prior and current selling operations. Amazon then recommends similar product niches to suggest products that can be top-selling private label products.
Using the “Browse and Filter” option, this feature will help the sellers search for product niches and filter out unrelated ones to narrow down specific search results in every Amazon category based on set parameters. Filters include Search Volume, the Percentage change in search volume, Units sold, Total number of Products, and Average Price.
Keep in mind that a niche is a set of keywords or search terms that are connected. The goal should be to use the data to find high-performing keywords. To get the most traffic, use complimentary search terms in both the front and backend sections of the product listing. The data can help find product opportunities within a niche and use high-volume keywords to best represent the product. Insights is the last section of the Amazon Product Opportunity Explorer.
What are the Downsides of the Amazon Product Opportunity Explorer Tool?
There are a few drawbacks to using Amazon Product Opportunity Explorer, especially for the new sellers. The information is too general, and the Search Terms are limited to sellers to explore suitable products, which is critical for new sellers to thrive. Another drawback is the most recent data available is for the previous 90 days. Deciding based on the given data that is more than 90 days old can be devastating.
Lastly, because the product is only available in the United States and Germany, sellers in other locations have no other choice but to find different ways to conduct product research. Despite the limitations, Product Opportunity Explorer is the best tool to use for more comprehensive and more effective third-party Amazon seller tools.
References:
- https://press.aboutamazon.com/news-releases/news-release-details/today-amazon-accelerate-amazon-announces-product-opportunity
- https://www.zonguru.com/blog/amazon-product-opportunity-explorer
- https://www.bloomberg.com/press-releases/2021-10-20/today-at-amazon-accelerate-amazon-announces-product-opportunity-explorer-to-help-third-party-sellers-identify-new-products-to
