Recently Amazon made it easier for sellers to grow their businesses and offer a great selection of products. They released a tool called Product Opportunity Explorer, which provides analytics of Amazon customer purchase and search behavior. At first look, it resembles Walmart’s Growth Opportunities section, and indeed, both functionalities have a lot in common, but when you look closely, there are some significant differences.
Product Opportunity Explorer is available for free to all sellers with professional Amazon accounts. You can access it through the Growth section. The main and quite powerful function of Opportunity Explorer is recommendations of niche products that you can add to your catalog. The default recommendations are based on the products you currently sell, but you can also search for new opportunities using keywords. The results are not just raw output of data, but each recommendation is scored with sales potential based on the historical data. This way, you can make a conscious decision about which new products to add and minimalize the risk that it will not sell.
Another useful analytic tool of Amazon Product Opportunity Explorer is the Trends section. This feature provides detailed data visualization for metrics such as historical search volume, conversion rate, and units sold for selected products. It can help you understand the customer’s demand for the coming season, price range, and product conversion over time.
If used wisely, this tool is really powerful and can help you build an outstanding catalog that will generate significant income. The data available on Product Opportunity Explorer is generated in real-time, accurate, and, most importantly, free for Amazon professional accounts. You can read more about this feature here.