SEATTLE--(BUSINESS WIRE)--Today at the Accelerate 2021 conference for third-party sellers, Amazon (NASDAQ: AMZN) announced Product Opportunity Explorer, a new tool that helps sellers identify opportunities to launch new, high-potential products to serve unmet customer demand.
Identifying and launching new products is key to retail success, but it can be costly and time consuming. 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. The tool helps sellers identify niches of emerging product opportunities by providing detailed data on search volume and growth, sales history, and pricing trends, so they can identify 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,” said Ben Hartman, Vice President of North America Selling Partner Services at Amazon. “This is another example of how we empower small businesses and entrepreneurs by providing them with powerful capabilities to reach more customers and grow.”
Product Opportunity Explorer was developed with product research and development in mind, offering rich, accurate data to help sellers understand, gauge, and evaluate product opportunities on Amazon. Sellers can assess the likelihood of a new product gaining traction with customers and forecast sales potential.
“We have built our business on Amazon, and our growth strategy is based on increasing the number of products we offer,” said John Broadbent of Silver Onyx, a seller with seven brands in Amazon’s store. “Product Opportunity Explorer will give us data and recommendations specifically relevant to our business, fueling our ability to develop and offer dozens of new products to our brand portfolio this year, such as successful new additions to our Nature’s Nutrition line.”
Amazon offers a range of tools and services to help sellers launch new products. When sellers identify new products they want to launch on Amazon, they can use the FBA New Selection program that offers benefits on storage and advertising costs to help them accelerate their early sales. Sellers enrolled in Brand Registry can use Amazon Vine to help them build a foundation of insightful customer reviews on their new selection for as little as $200 per enrolled product. On average, brands have found Amazon Vine helped grow their initial product sales by more than 15%.
Amazon is initially testing Product Opportunity Explorer in a beta program, with plans to make the tool available to all sellers in 2022. The tool is available at no charge in Seller Central, Amazon’s online business management resource for sellers.
Last year, Amazon invested more than $18 billion in logistics, tools, services, programs, and teams to help sellers get started, build their brands, and leverage Amazon’s scale to reach more customers. Amazon sellers have created an estimated 1.8 million U.S. jobs managing, operating, and supporting their Amazon-related businesses.
Learn more about Accelerate at https://www.amazonaccelerate.com/.