Amazon has introduced its Product Opportunity Explorer tool for third-party sellers to find ways to roll out products “to serve unmet customer demand.” The announcement came during the retail giant’s Accelerate 2021 conference for third-party sellers.
Amazon’s new Product Opportunity Explorer tool “helps take the guesswork out of identifying which products to launch by providing sellers with rich insights into what customers are searching for, clicking on, and buying, as well as not buying,” according to the company announcement.
Product Opportunity Explorer also helps sellers to find niches of emerging product opportunities through the use of detailed data on search volume and growth, sales history and pricing trends, which allows sellers to find and act on customer demand.
“Amazon has a long track record of inventing for sellers, and our Product Opportunity Explorer tool is our latest innovation that provides them with insights to help them bring new products to market faster and more efficiently,” Amazon Vice President of North America Selling Partner Services Ben Hartman said in the Wednesday (Oct. 20) announcement.
“This is another example of how we empower small businesses and entrepreneurs by providing them with powerful capabilities to reach more customers and grow,” he said.
Amazon also offers sellers the chance to use the Fulfillment By Amazon Selection program to boost early sales with lower storage and advertising costs and Brand Registry sellers can use Amazon Vine to establish more complete customer reviews for $200 per enrolled product.
New Amazon data unveiled this week shows their third-party marketplace sellers are achieving success even as lawmakers increase their focus on the retail giant’s private-label business practices.
Amazon’s third-party marketplace, which debuted in 2000, now includes millions of sellers and encompasses about 60% of the company’s annual sales. Amazon referred to the almost 2 million small and medium-sized businesses (SMBs) who sell on the company’s third-party marketplace as their “selling partners” in a report issued Tuesday (Oct. 19). Those partners have averaged $200,000 in sales in the 12 months that ended Aug. 31, up from $170,000 one year earlier.