As a seller on Amazon, trying to stand out and succeed in a market against 9.5 million other sellers can seem impossible. Fortunately, there are several tools you can leverage to boost sales and profits. One of the newest features is the Amazon Product Opportunity Explorer. It’s an innovative tool you can use to analyze niche-level data for insights regarding customer behavior and potential demand for new product ideas.
However, learning to use this new tool for optimizing Amazon product listings takes time, knowledge, and skill. Read on to learn more about Amazon’s Product Opportunity Explorer and how you can use it to maximize sales and profits on the world’s largest eCommerce marketplace.
What Is the Amazon Product Opportunity Explorer?
Amazon’s Product Opportunity Explorer (POE) gathers and analyzes real-time data from Amazon to provide valuable insights for sellers regarding new products and trends, including what customers search for and click on, the average selling price for products, what customers purchase and don’t purchase, etc. Ian Simpson, the VP of Selling Partner Services at Amazon, stated, “What we want is to help take the guesswork out of launching a new product.”
The POE analyzes customer data to identify niches with unmet customer demand, allowing sellers to meet that demand with new product ideas and launches. The primary goal of this tool is to:
- Eliminate the time-consuming work of researching different niches
- Recommend items with a high potential to become best sellers
- Suggest familiar, well-established brands and products
Essentially, the Product Opportunity Explorer gathers data and key metrics you can analyze to gain critical insights on customer behavior using market niches. And the best part? It’s free!
How To Access Product Opportunity Explorer from Seller Central
Here’s how you can access the Opportunity Explorer on Amazon:
- Log into your Seller Central dashboard.
- Click the “Growth” drop-down menu.
- Select “Product Opportunity Explorer.”
You’ll now see suggested product niches based on your sales history and listing categories. In addition, you can search by keyword in the search bar or use the “Browse and Filter” tool to explore various niches by search volume or available products.
How To Leverage Data From Amazon’s Product Opportunity Explorer To Maximize Sales for Your Brand
Next, we’ll discuss how Product Opportunity Explorer works and provides real-time data you can use to maximize sales and drive growth for your brand. The tool separates data into the following categories: Products, Search Terms, Insights, and Trends.
1. Products
The Products category provides data on the ASIN (Amazon Standard Identification Number) level. Specifically, it lists the most clicked and purchased products within a niche. The metrics include the following:
- Brand name
- Launch data
- Category
- Average selling price
- Click count (90 days from search terms within the niche)
- Click share
- Average page rank
- Total reviews
- Review rating average
- Average numbers of vendors and sellers
The Products tab allows you to understand what customers are searching for and how much competition is currently within each niche. You can also determine whether a particular brand is already controlling the space and how established products within the niche are.
2. Search Terms
You’ll find valuable research information in the Search Terms tab, including the most frequent searches within each niche.
The metrics and data points under Search Terms include:
- Search volume (past 90 days)
- Search term
- Search volume growth change (quarter over quarter)
- Search volume growth (year over year)
- Search conversion rate (from search to purchase)
- Top three clicked products
- Click share (past 90 days)
Use this data to help you measure search term performance and analyze customer search behavior within each niche. You can evaluate customer intent and pinpoint which features or attributes of a product are the most important to customers.
Plus, the year-over-year and quarter-over-quarter data provide valuable insights regarding customer demand and conversion performance. Are you planning a Sponsored Campaign? Use the data from this tab to plan your marketing strategy before entering the niche.
3. Insights
The Insights tab provides rich data about competitors and how well certain products and brands meet customer demand within a niche. The metrics and data points in the Insights tab include the following:
- Top products click share (top 5 and top 20)
- Number of products
- Average best-selling rate
- Percentage of products using Sponsored Products
- Average number of reviews
- Percentage of Prime
- Number of brands
- Average brand age by niche
- Top brands click share (top 5 and top 20)
- Average listing quality score
- Number of selling partners
- Average sales partner age in niche
- Number of new products launched (past 180 days and 360 days)
- Number of successful product launches (past 180 days and 360 days)
- Average Out-of-Stock (OOS) rate
The Insights tab provides an in-depth look at niche dynamics, including customer experience, saturation level, and new product launch potential. For example, the average OOS rate can help determine which products are in the greatest demand. Products with a high search growth and volume indicate a potential opportunity for you to meet customer demand and boost your sales numbers.
4. Trends
The Trends tab contains a customizable graph for analyzing two metrics. You can use this graph to adapt and optimize your sales strategy and examine seasonal customer behavior. In addition, it provides vital insights regarding historical average price, seasonality, and long-term niche performance. This information allows you to understand the fundamentals and finer details of a niche and whether expanding your business within that product category will likely result in success.
Partner With the Industry’s Leading Amazon Experts at Click Fluency
From metrics like Amazon’s Best Sellers ranking and click shares to search volume and launch data, Amazon’s Product Opportunity Explorer provides valuable insights for sellers regarding niche products. Finding niches with unmet customer demand is complex and time-consuming, but using Amazon’s POE can make the process much faster and more efficient.
If you’re still struggling to successfully manage your business on the world’s largest eCommerce platform, you’re not alone—and we can help. Schedule your free Amazon Discovery call now with the experienced team at Click Fluency.