Analysis of men socks niche for sale on Amazon

Analysis of men socks niche for sale on Amazon

As known, light industry is one of the most developed in Ukraine. Thus, according to the State Statistics Service, 2200 tons of wool were produced and more than 4 million US dollars were made exporting the goods in 2015. This is the potential that our manufacturers can fulfill by selling textiles on Amazon.

The issue of market potential for the sale of one’s goods is important in any kind of business. Many people abandoned the very idea of running a business when faced with a complete lack of customer’s interest in their products. We recommend that you first carry out the analysis, and only then start a business on Amazon or another website.

Continuation of topic: Analysis of the niche for selling your goods on Amazon or other foreign websites.

Imagine that you are a manufacturer of men wool socks of your own design. Sales in the retail network are going well, but you are interested in the opportunity to expand market outlet and increase the number of sales in the US market.

We recommend using this algorithm to analyze the success rate of a product line. What are the services to collect information? How to estimate your textile competitors? How to predict future sales of wool socks and profits on U.S. online websites?

We will give you the answers to these questions now!

At the time of this writing, there are plenty of resources and tools on the Internet that you can use to confirm or disprove an opinion about the potential of your socks for sale in America and the USA. Some of them will be used today in the study.

Excellent! The course is set. Now let’s find out how we can use and check it.

First steps:

1. Product demand

First step ­–– determine the type of product and check its popularity in Western online store. To do this, check how often people are interested in men wool socks when searching on the Internet.

Search statistics service will be of help for us. For example, using you can track the popularity of a search query in the desired region. It’s really useful when you need to determine the demand for men wool socks in different countries. It is based on the number of search queries from potential customers for a particular product.

For analysis, we use statistics from all over the world, since we do not plan to limit our market outlet to one country. The search should be carried out on several popular variations of the product name:

  • Men’s Merino Wool Socks, Men Wool Socks and others.

As a result, we see statistics on each query and its popularity in different countries during the last years:

According to the search query “Men Wool Socks” (red line), we see a stable trend for an increase in demand in October-January –– it means that now is the off-season and you can start promoting the product. Also, check other combinations of query:

  • men socks made of wool,
  • wool socks for men,
  • men wool socks Amazon.

You can keep in mind these query options and use them in the names and descriptions of your listings!

If you have several different types of products, you should repeat every step with each one of them to see the full picture.

2. Product price

Experience gained working with Western online stores suggests that the price for one unit may vary from $10 to $50. So, for the first listing on Amazon and sales testing, you can list socks with different prices depending on the number of units in the package. The peculiarity of the product allows you to form positions with different numbers of pairs, manipulating the total cost. Offers with multicolor socks are popular on the website.

Check the price of popular socks on Amazon:

For convenient information processing, we use analytical data on offers and sellers of wool socks, obtained using additional software. We get useful information about the number of monthly sales of textile packages, and about competitors who sell similar products, as well as their estimated profit.

Thus, we can estimate the approximate monthly turnover and, knowing manufacturing and delivery costs, offer a customer a competitive price. It depends on the peculiarities of your textile production and the margin.

3. Packing dimensions –– the third most important item of our study

Selling of goods to Western markets is associated with the need to transport and store products in stock. Accordingly, the larger size and weight of a product unit, the higher expenses. Our program allows you to reduce these expenses due to batch cargo delivery to the FBA warehouse. The weight of the package will be taken into account by a customer when making a decision as well.

4. Analyzing competitors

To assess the prospects of selling wool socks, you need to look at competitors and predict the expenses for market entry.

Without any programs, Amazon gives us some tips for analyzing niche competitors selling Men Socks, namely:

  • «Bestseller» products –– here you will actually find a product that is best sold in a particular category;
  • quantity and quality of reviews –– we advise you to pay attention to products with a large number of reviews –– those with more than 500 will be your main competitors;
  • BSR (Best Seller Rank) — the smaller BSR, the better. Products with the lowest BSR are bought more often than the products with the highest BSR.

In the category «Sports & Outdoors», socks are out of the 20 best products labeled «Bestseller», which makes this niche not so competitive.

The analysis showed that in this niche you can earn on average from $8,000 per month with an estimated 400 sales per month.

The best wool socks listing for men in the category «Clothing» has BSR 215. And one of the outsiders on the front page has BSR 3366 at «Sports & Outdoors». That indicates that competition in this niche is not high.

Always try to keep the BSR of your product below 5000 in the general category!

5. Product delivery

A review of popular products showed that socks are bought more often from those sellers who offer faster delivery within 1-3 days (or Amazon delivers it through FBA). This factor is called the “local seller” effect –– fast delivery as an alternative to going to the local store. A significant number of sellers work with Fulfilled by Amazon, thereby increasing their turnover. Our company helps you to start selling your product on Amazon using all its advantages –– learn more about the new offer from Partner Trade!

Conclusions about the prospects of selling men wool socks of domestic production on Amazon

Analysis of the niche in the categories «Sports & Outdoors» and «Clothing» showed that selling sets of men socks on Amazon is promising, both in terms of the number of sales and a possibility to combine the number of pairs in one package. In one of the latest publications about barcodes for Amazon, it was said that in case of a combination of socks colors and sizes, it would be necessary for each pair to have its own barcode.